Hdfc Bank Limited · NSE:HDFCBANK
Hdfc Bank — Q2 FY2027 Earnings Presentation
45 slides from Hdfc Bank's earnings presentation, Oct 17, 2026
Slide 1: Q2FY27 Earnings Presentation
Classification - Confidential Q2FY27 Earnings Presentation October 17, 2026 Classification - Confidential
Slide 2: Key performance metrics for Q2 FY27
Key performance metrics for Q2 FY27 ➢ Deposits; average YoY ↑ ₹ 4.56 tn (16.8%) ; EOP YoY ↑ ₹ 5.26 tn (18.8%) ✓ Average deposits QoQ ↑ ₹ 1.55 tn (5.1%) ; EOP QoQ ↑ ₹ 1.57 tn (4.9%) ✓ Average CASA QoQ ↑ ₹ 0.14 tn (1.5%) ; EOP QoQ ↑ ₹ 0.27 tn (2.6%) ✓ Average time deposits QoQ ↑ ₹ 1.41 tn (6.9%) ; EOP
Slide 3: Key financial parameters for Q2 FY27
STANDALONE Key financial parameters for Q2 FY27 Average deposits at ₹ 31,664 bn, Profit after tax of ₹ 195 bn, EPS ↑16.8% YoY ; ↑5.1% QoQ for the quarter ₹ 12.7 Average advances under Gross NPA at 1.11%, ex-agri management at ₹ 31,872 bn, ↑14.1% YoY ; ↑4.9% QoQ 0.87% Net interest margin of 3.16% ^ R
Slide 4: Income statement
STANDALONE Income statement P&L (₹ bn) Q2 FY26 Q1 FY27 Q2 FY27 QoQ YoY Net interest income 315.5 335.3 346.2 3.2% 9.7% Non-interest income 143.5 128.2 138.3 7.9% (3.6%) Net revenue 459.0 463.6 484.5 4.5% 5.6% Operating expenses 179.8 181.9 189.7 4.3% 5.5% Provisions 35.0 30.6 35.7 16.8% 2.1% Profit
Slide 5: Abridged balance sheet
STANDALONE Abridged balance sheet Balance sheet (₹ bn) Sep'25 Jun'26 Sep'26 QoQ YoY Net Advances 27,464 30,373 31,956 1,583 4,492 Investments 8,743 9,194 9,240 46 497 Government & debt securities 8,533 8,979 9,019 40 486 Equity & other securities 210 215 221 6 11 Cash & equivalent 1,652 2,236 2,503
Slide 6: Capital and liquidity metrics
Capital and liquidity metrics Capital adequacy Liquidity ratios 124% 120% 19.9% 20.0% 19.9% 19.7% 19.6% 116% 114% 115% 113% 18.9% 17.8% 17.9% 17.8% 17.7% 17.8% 17.2% Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26 Average LCR 118% 115% 115% 118% 119% 118% Jun'25 Sep'25 Dec'25 Mar'26 Jun'
Slide 7: Growth in deposits
BUSINESS GROWTH Growth in deposits Average Deposits EOP Deposits ₹ bn ₹ bn 16.8% 18.8% 5.1% 4.9% 30,115 31,664 28,511 31,708 33,274 27,524 31,053 27,105 26,576 28,601 27,641 28,018 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26 Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 7 HDFC Bank P
Slide 8: Growth in advances
BUSINESS GROWTH Growth in advances Average advances under management EOP advances under management ₹ bn ₹ bn 14.1% 15.3% 4.9 % 5.8% 31,272 33,074 30,573 29,644 30,386 31,872 29,460 28,641 28,688 27,423 27,946 27,820 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26 Jun'25 Sep'25 Dec'25
Slide 9: Retail branch driving deposits
HIGH QUALITY DEPOSIT FRANCHISE Retail branch driving deposits Average Retail / Wholesale Proportion of CASA deposits ₹ bn 10.8% 18% 17% 17% 18% 20% 20% 2.6% 7,058 7,008 7,163 6,390 6,527 6,617 82% 83% 83% 82% 80% 80% 2,980 2,964 2,995 3,545 3,245 3,356 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Ju
Slide 10: Mix across segments
LOAN BOOK Mix across segments Advances mix Composition of retail assets Sep’26 Loans (₹ bn) Sep'25 Jun'26 Sep'26 QoQ YoY Retail 15,554 16,315 17,378 6.5% 11.7% Mortgage 8,565 9,005 9,205 2.2% 7.5% 19% Retail Assets * 6,989 7,310 8,173 11.8% 16.9% 28% Small and mid-market 5,718 6,556 7,061 7.7% 23.5%
Slide 11: Retail Assets and Business Banking YoY growth
LOAN BOOK Retail Assets and Business Banking YoY growth Retail Assets Business Banking (excluding Agri, Payments and FCNR Leverage Loans) 28.1% 22.3% 11.3% 19.4% 19.8% 20.0% 9.1% 7.9% 7.1% 7.4% Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 Accelerating Year on Year growth 11
Slide 12: Branch expansion and vintage
BUILDING FRANCHISE STRENGTH Branch expansion and vintage Branch network Branch vintage mix #s Sep’26 YoY 9,499 9,545 9,616 9,689 9,694 9,706 QoQ 17% 17% 17% 17% 17% 17% 34% 33% 33% 33% 33% 33% 21% 21% 21% 21% 21% 21% 24% 23% 22% 28% 28% 29% 29% 29% 29% 19% 12% Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'
Slide 13: Net revenues
STANDALONE Net revenues Net revenue Net revenue mix ₹ bn YoY QoQ 29% 31% 29% 29% 28% 29% 532 459 459 463 464 485 71% 69% 71% 71% 72% 71% # Q1 Jun'25 * Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26 YoY 31% 10% 9% 5% (13%)^ 6% Net Interes
Slide 14: Net interest income
STANDALONE Net interest income Net interest income Net interest margin (NIM) ₹ bn 3.16% 3.5% 3.5% 3.5% YoY 3.4% 3.4% 3.4% 3.4% QoQ 3.4% 3.3% 3.3% 3.3% 3.2% 346 331 335 326 314 316 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26
Slide 15: Yield on assets and cost of funds
STANDALONE Yield on assets and cost of funds Yield on assets and cost of funds Key Balance Sheet Mix Particulars Sep'23 Mar'24 Mar'25 Mar'26 Jun'26 Sep'26 8.1% 7.8% 7.8% 7.8% 7.7% AUM Mix 7.6% Retail 53% 54% 55% 53% 52% 53% Mortgage 29% 30% 30% 29% 29% 28% 4.8% Retail Assets 24% 24% 25% 24% 23% 25%
Slide 16: Other income
STANDALONE Other income Other income Fee income mix ₹ bn 217 6% 7% 6% 6% 7% 8% 24 17% 16% 17% 17% 16% 15% 144 138 133 132 128 101 32% 32% 15 18 36% 34% 35% 36% 17 17 24 9 8 27 8 14 15 4 16 16 13 16 20% 19% 19% 19% 21% 20% 88 92 92 85 97 76 22% 24% 23% 25% 21% 24% Q1 Jun'25* Q2 Sep'25 Q3 Dec'25 Q4 Ma
Slide 17: Operating expenses
STANDALONE Operating expenses Operating expenses Cost efficiency ₹ bn ^ 190 # 180 180 185 182 39.6% 39.2% 39.2% 39.9% 39.2% 39.1% 174 122 122 113 115 116 118 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26 Cost to income ratio 62 65 64 63 64 68 1.9% 1.9% 1.9% 1.9% 1.8% 1.7% Q1 Jun'25 Q2
Slide 18: Resilient asset quality
RISK MANAGEMENT Resilient asset quality Gross NPA and Net NPA GNPA by Segment 1.2% 1.2% 1.2% 1.2% 1.0% 1.1% 1.2% 1.1% 1.1% 1.1% 0.7% 0.6% 0.4% 0.4% 0.4% 0.4% 0.4% Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 Jun'26 Sep'26 GNPA NNPA Retail Retail (ex-Agri) Others GNPA (ex-agri) 1.0% 1.0% 0.9% 0.9% 0.9% Stable
Slide 19: Movement of NPAs
RISK MANAGEMENT Movement of NPAs ₹ bn (Ex-agri 91 bps) 117 bps 61 37 24 111 bps (Ex-agri 87 bps) (Ex-agri : 54 bn) 358 358 GNPA as on Jun'26 Slippages Upgrades & Recoveries Write offs GNPA as on Sep'26 ₹ bn 40 117 bps (Ex-agri 91 bps) (Ex-agri 91 bps) 115 bps 80 23 (Ex-agri : 61 bn) 341 358 GNPA as
Slide 20: Credit cost and stock of provisions
RISK MANAGEMENT Credit cost and stock of provisions Credit cost Stock of provisions ₹ bn 722 718 715 724 735 55 bps 127 51 bps 113 115 115 119 44 bps 41 bps 40 bps 214 214 214 214 37 bps 35 bps 214 32 bps 29 bps # 167 157 157 156 154 21 bps 228 232 229 235 240 Q2 Sep'25 Q3 Dec'25 * Q4 Mar'26 Q1 Jun'
Slide 21: Profitability
Profitability Standalone profit after tax Earnings per share* ₹ bn ₹ 11.9 12.1 12.1 12.5 12.4 12.7 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26 195 EPS Standalone 192 191 * for the quarter 187 YoY 186 # bn 182 15.32 15.35 15.38 15.39 15.40 15.41 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Slide 22: Stake held in key subsidiary entities – September 30, 2026
GROUP COMPANIES Stake held in key subsidiary entities – September 30, 2026 Investment Total shares % Stake PAT of the Book value EPS (FTQ) Entity Amount outstanding held by company per share (₹) (₹ bn) by entity (mn) HDFC Bank (FTQ) (₹ bn) (₹) HDB Financial Services 29 830.8 74.08% 7.8 266.7 9.4 HDF
Slide 23: Subsidiaries – Q2FY27 update – HDB Financial Services
GROUP COMPANIES Subsidiaries – Q2FY27 update – HDB Financial Services • 74.08% stake held by the Bank as of September 30, 2026 • 24.8 million customers serviced through a network of 1,701 branches across 1,156 cities/towns ‒ Incrementally, 0.9 million customers have been added during Q2 FY27 • Q2FY2
Slide 24: Subsidiaries – Q2FY27 update – HDFC Life Insurance
GROUP COMPANIES Subsidiaries – Q2FY27 update – HDFC Life Insurance • 50.53% stake held by the Bank as of September 30, 2026 • 339k individual policies sold and overall 10.8 mn lives insured during the quarter • Individual weighted received premium market share of 16.2% for Q2FY27 • Q2FY27 performanc
Slide 25: Subsidiaries – Q2FY27 update – HDFC AMC
GROUP COMPANIES Subsidiaries – Q2FY27 update – HDFC AMC • 52.29% stake held by the Bank as of September 30, 2026 • Quarterly average AUM of ₹ 9.7 trillion; 11.1% market share • 67% of quarterly average AUM is equity oriented with 63% in actively managed equity oriented • 17.7 million unique investor
Slide 26: Subsidiaries – Q2FY27 update – HDFC ERGO General Insurance
GROUP COMPANIES Subsidiaries – Q2FY27 update – HDFC ERGO General Insurance • 50.24% stake held by the Bank as of September 30, 2026 • Q2FY27 Gross direct premium market share of 5.2% in overall industry and 7.7% amongst private sector insurers • Retail mix in business 58% for the quarter ended Septe
Slide 27: Subsidiaries – Q2FY27 update – HDFC Securities Limited
GROUP COMPANIES Subsidiaries – Q2FY27 update – HDFC Securities Limited • 93.93% stake held by the Bank as of September 30, 2026 • 8.3 million customers serviced through a network of 126 branches across 99 cities • Around 97% of the active clients utilized the services offered through company’s digit
Slide 28: Consolidated income statement
CONSOLIDATED Consolidated income statement P&L (₹ bn) Q2 FY26 Q1 FY27 Q2 FY27 QoQ YoY Net revenue 718.2 854.8 786.9 (7.9%) 9.6% Operating expenses 408.8 544.9 458.2 (15.9%) 12.1% Provisions 42.8 38.0 42.1 10.7% (1.7%) Profit before tax 266.6 271.9 286.6 5.4% 7.5% Consolidated profit 196.1 192.4 207.
Slide 29: ESG at HDFC Bank
ESG at HDFC Bank Environmental Social Governance Ratings & Indices FTSE4GOOD • Target to be carbon neutral by • Leading responsibly • Commitment to principles of Emerging FY32 independence, accountability, • Banking the unbanked through Indices • Board approved Environmental inclusive banking initia
Slide 30: Balance sheet and capital productivity
COMPOUNDING VALUE Balance sheet and capital productivity Growth in assets and RoA 50,000 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.0 1.9 1.9 1.9 1.8 40,000 30,000 20,000 10,000 - FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1 Jun'26 Q2 Sep'26 Assets ROA % Healthy capital position and RoE 18.0 18.2 16.8 16
Slide 31: Book value performance
COMPOUNDING VALUE Book value performance Standalone book value per share* ₹ 328 341 340 353 366 379 379 278 290 301 304 316 267 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q1 Jun'26 Q2 Sep'26 Consolidated book value per share* ₹ 354 3
Slide 32: Appendix
APPENDIX 32 HDFC Bank Presentation Q2 FY2027
Slide 33: Industry-wise distribution
CONSOLIDATED Industry-wise distribution* Total Total Industry (₹ bn) Outstanding As a (%) Industry (₹ bn) Outstanding As a (%) (FB + NFB) (FB + NFB) Consumer Loans 10,043 25.6% Housing Finance Companies 508 1.3% NBFC 2,186 5.6% Capital Market Intermediaries 506 1.3% Business Services 1,564 4.0% Chem
Slide 34: Top 20 borrower exposure as a % of total exposure
Top 20 borrower exposure as a % of total exposure 10.2% 9.7% 9.4% 9.2% 9.4% 9.5% Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 34 HDFC Bank Presentation Q2 FY2027
Slide 35: Risk Weighted Assets
Risk Weighted Assets RWA to Total Assets Risk Weight Density* 69% 70% 70% 69% 69% 68% 65% 65% 66% 65% 65% 64% Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 35 HDFC Bank Presentation Q2 FY2027 * Risk Weight Density = RWA / (FB + NFB (post CCF))
Slide 36: Corporate rating mix – September'26
Corporate rating mix – September’26 Rating mix % of externally rated wholesale book (corporate & mid corporate) 77.1% 12.0% 7.0% 3.9% AA and above A BBB BB and below 36 HDFC Bank Presentation Q2 FY2027 Certain figures reported above will not add-up due to rounding
Slide 37: HDFC Bank: 6 years in perspective
HDFC Bank: 6 years in perspective Sep-20 to Sep-26 37 HDFC Bank Presentation Q2 FY2027
Slide 38: Distribution: expanding foundational pillars, sustained productivity gains
Distribution: expanding foundational pillars, sustained productivity gains Enhanced investment in distribution Balanced growth across geographies 9,706 #s 49.9% 49.9% 5,430 50.1% 50.1% Sep'20 Branch count Sep'26 Sep'20 Sep'26 HDFC Bank Branch Share 3.6% 5.7%* SURU Metro/Urban Productivity gains – In
Slide 39: Brand value significantly enhanced; we own the brand since Jul'23
Brand value significantly enhanced; we own the brand since Jul’23 HDFC Bank top ranked Indian bank brand Kantar BrandZ Most Valuable Global Brands 2026 47.5 Brand value 20.3 (USD bn) Sep'20 Sep'26 Strong customer base aided by brand & distribution 103.6 58.6 63rd globally ranked brand and Only India
Slide 40: Deposits: significant growth and market share gains
Deposits: significant growth and market share gains Robust deposit growth; faster than system System Deposits 33,274 ₹ bn 2,88,405 ₹ bn 1,47,594 12,293 Sep'20 Sep'26 HDFCB Share 8.3% 11.5% Sep'20 Sep'26 CASA growth consistently higher than system System CASA Deposits* 10,519 ₹ bn 1,00,942 ₹ bn 61,88
Slide 41: Advances growth strong; Balance Sheet is granular
Advances growth strong; Balance Sheet is granular Strong broad based loan growth System advances growth 32,195 2,30,360 ₹ bn ₹ bn 1,05,013 10,478 Sep'20 Sep'26 Sep'20 Gross Advances Sep'26 HDFCB Share 10.0% 14.0% Average Deposits granularity key strength Mortgage in the mix now 1 adjusted for roundi
Slide 42: Capital and Risk Metrics: remains strong, built further resiliency
Capital and Risk Metrics: remains strong, built further resiliency Maintained strong capital ratios Low GNPA ratio; further improved post merger 19.1% 18.9% 1.37% 17.0% 17.1% 1.11% Sep'20 Sep'26 Sep'20 Sep'26 CET 1 Total CAR Proforma Strengthened Stock of Provisions Low and stable Net NPA ₹ bn Sep'2
Slide 43: Healthy profit growth; revenues primarily driven by NII
Healthy profit growth; revenues primarily driven by NII Strong revenue growth Revenue mix stable 1,870 ₹ bn 27% 28% 837 73% 72% Sep'20 Net Revenue (TTM) Sep'26 Sep'20 NII (TTM) Non-NII (TTM) Sep'26 Consistently healthy profit growth Steady growth in earnings 764 50 ₹ bn ₹ 26 285 Sep'20 PAT (TTM) Sep
Slide 44: Profitability metrics maintained, ROA in historical range
Profitability metrics maintained, ROA in historical range Cost efficiencies achieved while increasing NIM stable investments Pre-merger Post-merger 4.2% 4.1% 2.1% 3.4% 3.3% 1.8% Sep'20 Sep'21 Sep'22 Dec-22 to Q2FY24 Sep'24 TTM Sep'25 TTM Sep'26 TTM TTM TTM TTM Jun-23 Sep'20 Cost to Assets (TTM) Sep'
Slide 45: Safe harbour statement
Safe harbour statement We have included statements in this report which contain words or phrases such as “will”, “aim”, “will likely result”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “project”, “should”