Hdfc Bank Limited · NSE:HDFCBANK
Hdfc Bank — Q4 2026 Earnings Presentation
38 slides from Hdfc Bank's earnings presentation, Apr 18, 2026
Slide 1: Q4FY26 Earnings Presentation
Classification - Confidential Q4FY26 Earnings Presentation April 18, 2026 Classification - Confidential
Slide 2: Key performance metrics for Q4 FY26
Key performance metrics for Q4 FY26 ➢ Deposits; average YoY ↑ ₹ 3.23 tn (12.8%) ; EOP YoY ↑ ₹ 3.91 tn (14.4%) ✓ Average deposits QoQ ↑ ₹ 0.99 tn (3.6%) ; EOP QoQ ↑ ₹ 2.45 tn (8.6%) ✓ Average CASA QoQ ↑ ₹ 0.20 tn (2.2%) ; EOP QoQ ↑ ₹ 0.99 tn (10.3%) ✓ Average time deposits QoQ ↑ ₹ 0.79 tn (4.2%) ; EO
Slide 3: Key financial parameters for Q4 FY26
STANDALONE Key financial parameters for Q4 FY26 Average deposits at ₹ 28,511 bn, Profit after tax of ₹ 192 bn, EPS ↑12.8% YoY ; ↑3.6% QoQ for the quarter ₹ 12.5 Average advances under Gross NPA at 1.15%, ex-agri management at ₹ 29,644 bn, ↑10.0% YoY ; ↑3.5% QoQ 0.91% Net interest margin ^ (NIM) of 3
Slide 4: Income statement
STANDALONE Income statement P&L (₹ bn) Q4 FY25 Q3 FY26 Q4 FY26 QoQ YoY Net interest income 320.7 326.2 330.8 1.4% 3.2% Non-interest income 120.3 132.5 132.0 (0.4%) 9.7% Net revenue 441.0 458.7 462.8 0.9% 4.9% Operating expenses 175.6 187.7 184.8 (1.6%) 5.2% Provisions 31.9 28.4 26.1 (8.1%) (18.2%) P
Slide 5: Abridged balance sheet
STANDALONE Abridged balance sheet Balance sheet (₹ bn) Mar'25 Dec'25 Mar'26 QoQ YoY Net Advances 26,196 28,214 29,372 1,158 3,176 Investments 8,364 8,783 8,842 59 478 Government & debt securities 8,160 8,576 8,641 65 481 Equity & other securities 204 207 201 (6) (3) Cash & equivalent 2,396 1,752 2,9
Slide 6: Capital and liquidity metrics
Capital and liquidity metrics Capital adequacy Liquidity ratios 125% 124% 120% 20.0% 20.0% 119% 116% 19.6% 19.9% 19.9% 19.7% 114% 18.0% 17.7% 17.8% 17.9% 17.8% 17.7% Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Average LCR 119% 120% 118% 115% 115% 118% Dec'24 Mar'25 Jun'25 Sep'25 Dec'
Slide 7: Growth in deposits
BUSINESS GROWTH Growth in deposits Average Deposits EOP Deposits ₹ bn ₹ bn h12.8% h14.4% h3.6% h8.6% 25,280 26,576 27,105 27,524 28,511 24,528 31,053 27,641 28,018 28,601 25,638 27,147 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'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 h10.0% h10.2% h3.5 % h3.8% 28,688 29,460 30,573 28,641 29,644 27,733 27,820 26,955 27,423 27,946 26,839 26,276 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Dec'24 Mar'25 Jun'25
Slide 9: Retail branch driving deposits
HIGH QUALITY DEPOSIT FRANCHISE Retail branch driving deposits Average Retail / Wholesale Proportion of CASA deposits h12.3% ₹ bn 17% 17% 18% 17% 17% 18% h10.3% 7,058 6,390 6,527 6,617 6,056 6,305 83% 83% 82% 83% 83% 82% 3,141 2,980 2,995 3,545 2,671 2,964 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Q3
Slide 10: Mix across segments
LOAN BOOK Mix across segments Balancing growth Composition of retail assets Mar’26 Loans (₹ bn) Mar'25 Dec'25 Mar'26 QoQ YoY Retail 15,164 15,747 16,149 2.6% 6.5% 13% Mortgage 8,357 8,707 8,887 2.1% 6.3% Retail Assets 6,808 7,041 7,263 3.2% 6.7% 30% Small and mid-market 5,391 5,996 6,316 5.3% 17.2%
Slide 11: Branch expansion and customer relationships
BUILDING FRANCHISE STRENGTH Branch expansion and customer relationships Branch network Customer base #s #mn 9,143 9,455 9,499 9,545 9,616 9,689 17% 17% 17% 17% 17% 17% 34% 34% 34% 33% 33% 33% 21% 21% 21% 21% 21% 21% 97 101 93 71 83 28% 28% 28% 28% 29% 29% Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Me
Slide 12: Net revenues
STANDALONE Net revenues Net revenue Net revenue mix ₹ bn YoY 27% QoQ 27% 29% 31% 29% 29% 532 441 459 459 463 421 73% 73% 71% 69% 71% 71% # Q3 Dec'24 Q4 Mar'25** Q1 Jun'25* Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 YoY 6% (7%) 31% 10% 9% 5% Net Interest
Slide 13: Net interest income
STANDALONE Net interest income Net interest income Net interest margin (NIM) ₹ bn 3.38% 3.7% 3.6% YoY 3.5% 3.5% 3.5% QoQ 3.5% 3.4% 3.4% 3.4% 3.4% 3.4% 3.3% 326 331 321 314 316 307 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Slide 14: 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 Sep'25 Dec'25 Mar'26 8.3% 8.3% 8.1% 7.8% 7.8% 7.8% AUM Mix Retail 53% 54% 55% 54% 53% 53% Mortgage 29% 30% 30% 30% 30% 29% 4.9% 4.9% 4.8% Retail Assets 24% 24% 25% 24
Slide 15: Other income
STANDALONE Other income Other income Fee income mix ₹ bn 217 6% 6% 6% 7% 6% 6% 24 17% 13% 17% 16% 17% 17% 144 133 132 120 101 35% 32% 115 15 36% 36% 34% 35% 17 17 17 24 9 8 18 4 1 16 14 15 14 14 16 18% 20% 17% 19% 19% 19% 82 85 88 92 92 76 24% 28% 22% 24% 23% 25% Q3 Dec24 Q4 Mar'25**Q1 Jun'25* Q2 Se
Slide 16: Operating expenses
STANDALONE Operating expenses Operating expenses Cost efficiency ₹ bn ^ 180 180 185 # 171 176 174 39.8% 39.6% 39.2% 39.2% 39.9% 40.6% 115 116 122 112 114 113 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Cost to income ratio 60 61 62 65 64 63 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% Q3 Dec'24 Q4
Slide 17: Resilient asset quality
RISK MANAGEMENT Resilient asset quality Gross NPA and Net NPA GNPA by Segment 1.4% 1.3% 1.1% 1.2% 1.2% 1.2% 1.2% 1.1% 1.1% 1.1% 0.7% 0.7% 0.4% 0.5% 0.4% 0.4% 0.4% Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Dec'25 Mar'26 GNPA NNPA Retail Retail (ex-Agri) Others GNPA (ex-agri) 1.1% 1.1% 1.0% 1.0% 0.9% Stable
Slide 18: Movement of NPAs
RISK MANAGEMENT Movement of NPAs ₹ bn (Ex-agri 97 bps) 124 bps 62 46 27 115 bps (Ex-agri 91 bps) (Ex-agri : 54 bn) 352 341 GNPA as on Dec'25 Slippages Upgrades & Recoveries Write offs GNPA as on Mar'26 ₹ bn 45 (Ex-agri 99 bps) 124 bps 86 32 124 bps (Ex-agri 97 bps) (Ex-agri : 67 bn) 343 352 GNPA as
Slide 19: Credit cost and stock of provisions
RISK MANAGEMENT Credit cost and stock of provisions Credit cost Stock of provisions ₹ bn 720 722 718 715 56 bps 55 bps 51 bps 606 106 113 115 115 48 bps 108 41 bps 41 bps 214 214 214 37 bps 35 bps 214 124 29 bps # 21 bps 135 152 167 157 157 239 248 228 232 229 Q4 Mar'25 Q1 Jun'25* Q2 Sep'25 Q3 Dec'2
Slide 20: Profitability
Profitability Standalone profit after tax Earnings per share* ₹ bn ₹ 11.9 12.1 12.1 12.5 11.0 11.5 187 192 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 186 176 182 167 EPS Standalone YoY # bn 15.28 15.30 15.32 15.35 15.38 15.39 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'
Slide 21: Stake held in key subsidiary entities – March 31, 2026
GROUP COMPANIES Stake held in key subsidiary entities – March 31, 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 29 830.4 74.12% 7.5 248.9 9.0 HDFC Li
Slide 22: Subsidiaries – Q4FY26 update – HDB Financial Services
GROUP COMPANIES Subsidiaries – Q4FY26 update – HDB Financial Services • 74.12% stake held by the Bank as of March 31, 2026 • 22.9 million customers serviced through a network of 1,730 branches across 1,161 cities/towns ‒ Incrementally, 1 million customers have been added during Q4 FY26 • Q4FY26 perf
Slide 23: Subsidiaries – Q4FY26 update – HDFC Life Insurance
GROUP COMPANIES Subsidiaries – Q4FY26 update – HDFC Life Insurance • 50.21% stake held by the Bank as of March 31, 2026 • 390k individual policies sold and overall 12.2 mn lives insured during the quarter • Individual weighted received premium market share of 15.2% for FY26 • Q4FY26 performance high
Slide 24: Subsidiaries – Q4FY26 update – HDFC AMC
GROUP COMPANIES Subsidiaries – Q4FY26 update – HDFC AMC • 52.37% stake held by the Bank as of March 31, 2026 • Quarterly average AUM of ₹ 9.3 trillion; 11.4% market share • 65% of quarterly average AUM is equity oriented with 61% in actively managed equity oriented • 16.7 million unique investors; 2
Slide 25: Subsidiaries – Q4FY26 update – HDFC ERGO General Insurance
GROUP COMPANIES Subsidiaries – Q4FY26 update – HDFC ERGO General Insurance • 50.33% stake held by the Bank as of March 31, 2026 • Q4FY26 Gross direct premium market share of 4.7% in overall industry and 6.8% amongst private sector insurers • Retail mix in business 73% for the quarter ended March 31,
Slide 26: Subsidiaries – Q4FY26 update – HDFC Securities Ltd
GROUP COMPANIES Subsidiaries – Q4FY26 update – HDFC Securities Ltd • 94.01% stake held by the Bank as of March 31, 2026 • 7.8 million customers serviced through a network of 128 branches across 103 cities • Around 97% of the active clients utilized the services offered through company’s digital plat
Slide 27: Consolidated income statement
CONSOLIDATED Consolidated income statement P&L (₹ bn) Q4 FY25 Q3 FY26 Q4 FY26 QoQ YoY Net revenue 732.8 811.1 717.0 (11.6%) (2.2%) Operating expenses 439.0 505.2 405.9 (19.7%) (7.5%) Provisions 38.1 36.2 34.4 (5.0%) (9.7%) Profit before tax 255.7 269.6 276.7 2.6% 8.2% Consolidated profit 188.4 198.1
Slide 28: ESG at HDFC Bank
ESG at HDFC Bank Social Ratings & Indices Environmental Governance FTSE4GOOD Emerging Indices • Target to be carbon neutral by • Leading responsibly • Commitment to principles of March 31, 2026 FY32 • Banking the unbanked through independence, accountability, MSCI Emerging • Board approved Environme
Slide 29: Balance sheet and capital productivity
COMPOUNDING VALUE Balance sheet and capital productivity Growth in assets and RoA 50,000 2.0 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.0 1.9 1.9 40,000 30,000 20,000 10,000 - FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Assets ROA % Healthy capital position and RoE 20.4 18.0 18.0 18.2 17.4 16
Slide 30: Book value performance
COMPOUNDING VALUE Book value performance Standalone book value per share* ₹ 328 341 340 353 366 278 290 301 304 316 251 263 267 Q4 Mar'23 Q1 Jun'23 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 Consolidated book value per share* ₹ 354 3
Slide 31: APPENDIX
APPENDIX 31 HDFC Bank Presentation Q4 FY2026
Slide 32: Income statement FY26
Income statement FY26 P&L (₹ bn) FY25 FY26 YoY Net interest income 1,226.7 1,286.9 4.9% Non-interest income 456.3 625.3 37.0% Net revenue 1,683.0 1,912.2 13.6% Operating expenses 681.7 726.6 6.6% Provisions 116.5 233.9 100.8% Profit before tax 884.8 951.7 7.6% Profit after tax 673.5 746.7 10.9% 32 H
Slide 33: Consolidated Income statement FY26
Consolidated Income statement FY26 P&L (₹ bn) FY25 FY26 YoY Net revenue 2,870.2 3,099.7 8.0% Operating expenses 1,766.1 1,811.7 2.6% Provisions 141.8 266.6 88.0% Profit before tax 962.4 1,021.4 6.1% Consolidated profit 707.9 760.3 7.4% 33 HDFC Bank Presentation Q4 FY2026
Slide 34: 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 10,058 27.7% Capital Market Intermediaries 450 1.2% NBFC 1,855 5.1% Housing Finance Companies 397 1.1% Real Estate & Property Services 1
Slide 35: Top borrower exposure as a % of total exposure
Top 20 borrower exposure as a % of total exposure 9.8% 9.6% 9.7% 9.4% 9.2% 9.4% Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 35 HDFC Bank Presentation Q4 FY2026
Slide 36: Risk Weighted Assets
Risk Weighted Assets RWA to Total Assets Risk Weight Density* 69% 70% 70% 67% 68% 68% 66% 63% 64% 65% 65% 64% Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 36 HDFC Bank Presentation Q4 FY2026 * Risk Weight Density = RWA / (FB + NFB (post CCF))
Slide 37: Corporate rating mix – March’26
Corporate rating mix – March’26 Rating mix % of externally rated wholesale book (corporate & mid corporate) 76.8% 12.2% 6.9% 4.2% AA and above A BBB BB and below 37 HDFC Bank Presentation Q4 FY2026 Certain figures reported above will not add-up due to rounding
Slide 38: 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”