Hdfc Bank Limited · NSE:HDFCBANK
Hdfc Bank — Q3 2025 Earnings Presentation
39 slides from Hdfc Bank's earnings presentation, Jan 22, 2025
Slide 1: Q3FY25 Earnings Presentation
Q3FY25 Earnings Presentation January 22, 2025
Slide 2: Key performance metrics for Q3 FY25
Key performance metrics for Q3 FY25 ➢ Deposits; average YoY ↑ ₹ 3.36 tn (15.9%) ; EOP YoY ↑ ₹ 3.50 tn (15.8%) ✓ Average deposits QoQ ↑ ₹ 0.99 tn (4.2%) ; EOP QoQ ↑ ₹ 0.64 tn (2.5%) ✓ Average CASA QoQ ↑ ₹ 0.09 tn (1.1%) ; EOP QoQ ↓ ₹ 0.11 tn (↓ 1.2%) ✓ Average time deposits QoQ ↑ ₹ 0.90 tn (5.8%) ; E
Slide 3: Key financial parameters for Q3 FY25
STANDALONE Key financial parameters for Q3 FY25 Average deposits at ₹ 24,528 bn, Profit after tax of ₹ 167 bn, EPS ↑ 4.2% QoQ ; average CASA 33% for the quarter ₹ 21.9 Average advances under Gross NPA at 1.42%, ex-agri management at ₹ 26,276 bn, 1.19% ↑ 2.5% QoQ Net interest margin of 3.43% Return o
Slide 4: Consolidated income statement
CONSOLIDATED Consolidated income statement P&L (₹ bn) Q3 FY24 Q2 FY25 Q3 FY25 QoQ YoY Net revenue 717.7 760.4 652.8 (14.2%) (9.0%) Operating expenses 459.3 488.1 373.5 (23.5%) (18.7%) Provisions 46.0 32.7 39.6 21.1% (13.9%) Profit before tax 212.4 239.6 239.7 0.0% 12.9% Consolidated profit 172.6 178
Slide 5: Income statement
STANDALONE Income statement P&L (₹ bn) Q3 FY24 Q2 FY25 Q3 FY25 QoQ YoY Net interest income 284.7 301.1 306.5 1.8% 7.7% Non-interest income 111.4 114.8 114.5 (0.3%) 2.8% Net revenue 396.1 415.9 421.0 1.2% 6.3% Operating expenses 159.6 168.9 171.1 1.3% 7.2% Provisions 42.2 27.0 31.5 16.7% (25.3%) Prof
Slide 6: Abridged balance sheet
STANDALONE Abridged balance sheet Balance sheet (₹ bn) Q3FY24 Q2FY25 Q3FY25 QoQ YoY Net Advances 24,461 24,951 25,182 231 721 Investments 6,749 7,240 8,119 879 1,370 Government and debt securities 6,556 7,030 7,913 883 1,356 Equity and other securities 193 210 206 (5) 13 Cash & equivalent 1,775 2,56
Slide 7: Capital and liquidity metrics
Capital and liquidity metrics Capital adequacy Liquidity coverage ratio 20.0% 19.8% 19.5% 19.3% 18.8% 128% 125% 18.4% 123% 121% 18.0% 115% 17.8% 17.8% 110% 17.3% 16.8% 16.8% Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Total Capital Tier 1 Capital 7 HDFC Bank P
Slide 8: Growth in deposits
BUSINESS GROWTH Growth in deposits Average Deposits EOP Deposits ₹ bn h 15.8% ₹ bn h 15.9% h 4.2% h 2.5% 24,528 25,001 25,638 22,831 23,540 23,798 23,791 21,171 21,836 21,729 22,140 20,385 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 8 HDFC Ba
Slide 9: Growth in advances
BUSINESS GROWTH Growth in advances Average advances under management EOP advances under management ₹ bn h 7.6% h 6.1% ₹ bn h 2.5% h 1.9% 26,334 26,839 25,287 25,758 25,750 24,374 25,125 25,327 25,639 26,276 23,266 24,414 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Sep'23 Dec'23 Mar'2
Slide 10: Retail branch driving deposits
HIGH QUALITY DEPOSIT FRANCHISE Retail branch driving deposits Retail / Wholesale Proportion of CASA deposits ₹ bn 38% 38% 36% 35% 34% 38% 17% 16% 16% 16% 16% 16% 83% 84% 84% 84% 84% 84% 5,987 5,964 6,081 6,056 5,700 5,799 3,100 2,673 2,754 2,671 2,477 2,558 Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24
Slide 11: Mix across segments
LOAN BOOK Mix across segments Balancing growth Composition of retail loans Dec’24 Loans (₹ bn) Dec'23 Sep'24 Dec'24 QoQ YoY Retail 12,206 13,156 13,425 2.0% 10.0% 15% 11% Retail Mortgages 7,449 8,028 8,171 1.8% 9.7% Retail Non-Mortgages 4,756 5,127 5,254 2.5% 10.5% 8% CRB 7,717 8,413 8,608 2.3% 11.6
Slide 12: Branch expansion and vintage
BUILDING FRANCHISE STRENGTH Branch expansion and vintage Branch network Branch vintage mix #s Dec’24 7,945 8,091 8,738 8,851 9,092 9,143 18% 18% 18% 18% 17% 17% 34% 34% 34% 34% 34% 34% 20% 20% 20% 20% 21% 21% 38% 28% 28% 28% 28% 28% 28% 24% Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 17% 15% Metro Urb
Slide 13: Net revenues
STANDALONE Net revenues Net revenue Net revenue mix ₹ bn 28% 28% 27% 26% 28% 27% 473 405 416 421 381 396 72% 72% 73% 74% 72% 73% Q2 Sep'23 Q3 Dec'23 Q4 Mar'24* Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24** Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 YoY 33% 26% 48% 23% 9% 6% QoQ 16% 4% 20% (14%) 3
Slide 14: Net interest income
STANDALONE Net interest income Net interest income Net interest margin (NIM) ₹ bn 3.43% 3.6% 3.7% 3.7% 3.6% 3.6% 3.6% 3.4% 3.5% 3.5% 3.4% 3.4% 3.4% 307 298 301 291 285 274 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 YoY 30%
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 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 8.2% 8.3% 8.4% 8.4% 8.3% 8.3% AUM mix Retail 48% 48% 49% 50% 50% 50% Mortgage 29% 29% 30% 31% 30% 30% 4.8% 4.9% 4.9% 4.9% 4.9% 4.9% Non-Mortgages
Slide 16: Other income
STANDALONE Other income Other income Fee income mix ₹ bn 182 8% 6% 6% 7% 6% 6% 15 18% 17% 15% 18% 18% 18% 111 76 115 115 107 107 34% 16 33% 35% 33% 34% 35% 15 18 15 20 3 1 10 15 11 2 15 14 12 12 14 19% 17% 21% 20% 19% 18% 80 81 82 69 69 70 21% 22% 26% 23% 24% 24% Q2 Sep'23 Q3 Dec'23 Q4 Mar'24* Q1 Ju
Slide 17: Operating expenses
STANDALONE Operating expenses Operating expenses Cost efficiency ₹ bn 180 ^ 169 171 40.4% 40.3% 41.3% 41.0% 40.6% 40.6% 166 160 154 111 108 109 112 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 102 106 Cost to income ratio 69* * 60 ^ 52 54 58 60 1.9% 1.9% 2.0% 1.9% 1.9% 1.9% Q2 Sep'23
Slide 18: Resilient asset quality
RISK MANAGEMENT Resilient asset quality Gross NPA and Net NPA GNPA by Segment 1.4% 2.0% 1.3% 1.4% 1.8% 1.8% 1.3% 1.2% 1.7% 1.2% 1.3% 0.4% 0.5% 0.8% 0.4% 0.8% 0.3% 0.3% Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 GNPA NNPA GNPA (ex-agri) Sep'24 Dec'24 Retail CRB CRB (ex-Agri) Corporate and other wholesale 1.1
Slide 19: Movement of NPAs
RISK MANAGEMENT Movement of NPAs ₹ bn 136 bps 40 142 bps (Ex-agri 119 bps) 88 31 - (Ex-agri : 65 bn) 343 360 GNPA as on Sep'24 Slippages Upgrades & Recoveries Write offs GNPA as on Dec'24 ₹ bn 133 bps 36 - 136 bps 78 29 (Ex-agri 119 bps) - (Ex-agri : 64 bn) 330 343 GNPA as on Jun'24 Slippages Upgrad
Slide 20: Credit cost and stock of provisions
RISK MANAGEMENT Credit cost and stock of provisions Credit cost Stock of provisions ₹ bn 610 608 606 607 49 bps 50 bps 43 bps 501 106 104 105 104 42 bps 42 bps 35 bps 36 bps 104 124 124 124 124 29 bps 29 bps 15 27 bps 150 149 145 138 135 233 231 235 239 244 Q3 Dec'23 * Q4 Mar'24 * Q1 Jun'24 Q2 Sep'2
Slide 21: Profitability
Profitability Standalone profit after tax Earnings per share* ₹ bn ₹ 21.1 21.6 21.7 21.3 22.1 21.9 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 EPS Standalone 168 167 ₹ 164 165 162 22.2 22.7 23.2 21.7 23.4 23.1 160 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 EPS Consol
Slide 22: Stake held in key subsidiary entities – December 31, 2024
GROUP COMPANIES Stake held in key subsidiary entities – December 31, 2024 Investment No. of 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 35 794.0 94.54% 4.7 193.0 5.9 HDF
Slide 23: Subsidiaries – Q3FY25 update – HDB Financial Services
GROUP COMPANIES Subsidiaries – Q3FY25 update – HDB Financial Services • 94.54% stake held by the Bank as of December 31, 2024 • 18.4 million customers serviced through a network of 1,792 branches across 1,168 cities/towns ‒ 0.9 million customers and 20 branches added during Q3 FY25 • Disbursement mo
Slide 24: Subsidiaries – Q3FY25 update – HDFC Life Insurance
GROUP COMPANIES Subsidiaries – Q3FY25 update – HDFC Life Insurance • 50.32% stake held by the Bank as of December 31, 2024 • 294k individual policies sold during the quarter, 2% higher than prior year; overall 11 mn lives insured during the quarter • Individual weighted received premium market share
Slide 25: Subsidiaries – Q3FY25 update – HDFC AMC
GROUP COMPANIES Subsidiaries – Q3FY25 update – HDFC AMC • 52.48% stake held by the Bank as of December 31, 2024 • Quarterly average AUM of ₹ 7.9 trillion; 11.5% market share • 65% of quarterly average AUM is equity oriented with 61% in actively managed equity oriented • 12.6 million unique investors
Slide 26: Subsidiaries – Q3FY25 update – HDFC ERGO General Insurance
GROUP COMPANIES Subsidiaries – Q3FY25 update – HDFC ERGO General Insurance • 50.48% stake held by the Bank as of December 31, 2024 • Q3FY25 Gross direct premium market share of 4.4% in overall industry and 6.9% amongst private sector insurers • Retail mix in business 57% for the quarter ended Decemb
Slide 27: Subsidiaries – Q3FY25 update – HDFC Securities Ltd
GROUP COMPANIES Subsidiaries – Q3FY25 update – HDFC Securities Ltd • 94.63% stake held by the Bank as of December 31, 2024 • 6.5 million customers serviced through a network of 135 branches across 108 cities • Around 97% of the active clients utilized the services offered through company’s digital p
Slide 28: ESG at HDFC Bank
ESG INITIATIVES ESG at HDFC Bank Environmental Social Governance Ratings • Target to be carbon neutral by • Leading responsibly • Commitment to principles of FY32 • Taking banking to the independence, accountability, unbanked; responsibility, transparency • Board approved ESG Risk and fair & timely
Slide 29: Balance sheet and capital productivity
COMPOUNDING VALUE Balance sheet and capital productivity Growth in assets and RoA 40,000 2.0 2.0 2.1 2.0 1.9 2.0 2.0 1.9 1.9 2.0 1.9 1.9 1.9 1.9 30,000 20,000 10,000 - FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Assets RoA % Healthy capital position and RoE 2
Slide 30: Book value performance
COMPOUNDING VALUE Book value performance Standalone book value per share ₹ 603 607 632 556 580 525 534 480 502 451 456 Q1 Jun'22 Q2 Sep'22 Q3 Dec'22 Q4 Mar'23 Q1 Jun'23 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Consolidated book value per share ₹ 631 657 601 625 553 576 519 543 471
Slide 31: APPENDIX
APPENDIX 31 HDFC Bank Presentation Q3 FY2025
Slide 32: Consolidated income statement 9MFY25
CONSOLIDATED Consolidated income statement 9MFY25 P&L (₹ bn) 9MFY24 9MFY25 YoY Net revenue 1,731.6 2,137.4 23.4% Operating expenses 1,031.4 1,327.0 28.7% Provisions 112.1 103.7 (7.5%) Profit before tax 588.1 706.7 20.2% Consolidated profit 464.4 519.6 11.9% 32 HDFC Bank Presentation Q3 FY2025 HDFC L
Slide 33: Income statement 9MFY25
STANDALONE Income statement 9MFY25 P&L (₹ bn) 9MFY24 9MFY25 YoY Net interest income 794.6 906.0 14.0% Non-interest income 310.7 336.0 8.1% Net revenue 1,105.3 1,242.0 12.4% Operating expenses 454.2 506.2 11.5% Provisions 99.8 84.6 (15.2%) Profit before tax 551.3 651.2 18.1% Profit after tax 443.0 49
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 9,953 31.9% Telecom 385 1.2% NBFC 1,656 5.3% Housing Finance Companies 360 1.2% Real Estate & Property Services 1,147 3.7% Capital Market
Slide 35: Top borrower exposure as a % of total exposure
Top 20 borrower exposure as a % of total exposure 11.0% 11.0% 11.0% 10.5% 10.3% 9.8% Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 35 HDFC Bank Presentation Q3 FY2025
Slide 36: Risk Weighted Assets
Risk Weighted Assets RWA to Total Assets Risk Weight Density* 65% 64% 65% 63% 63% 60% 68% 68% 69% 67% 67% 64% Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Dec'24 36 HDFC Bank Presentation Q3 FY2025 * Risk Weight Density = RWA / (FB + NFB (post CCF))
Slide 37: Corporate rating mix
Corporate rating mix Rating mix % of externally rated wholesale book (corporate & mid corporate) Sep’24 Dec’24 75.6% 76.1% 4.9% 4.3% 7.5% 7.9% 12.0% 11.8% AA and above A BBB BB and below AA and above A BBB BB and below 37 HDFC Bank Presentation Q3 FY2025 Certain figures reported above will not add-u
Slide 38: Deposits and advances trend
STANDALONE Deposits and advances trend ₹ tn ₹ tn 28% 29% 27% 25% 15% 16% 30% 28% 26% 24% 15% 16% 19% 21% 19% 19% 20% 21% 19% 17% 18% 17% 17% 14% 13% 14% 21.8 22.8 23.5 24.5 25.6 18.2 20.4 21.2 18.8 19.1 21.7 22.1 23.8 23.8 25.0 17.2 14.0 14.5 15.1 15.9 16.4 14.5 15.6 16.0 16.7 17.3 Average Deposits
Slide 39: Safe harbour statement
Safe harbour statement Certain statements are included in this release accounting standards, our ability to pay dividends, attacks by the United States, a United States-led which contain words or phrases, such as ‘will’, the impact of changes in banking regulations and coalition or any other country