Hdfc Bank LimitedNSE: HDFCBANK

Financial Results for the quarter and half year ended September 30, 2025.

· Issued by Hdfc Bank Limited
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HDFS BANK LiMITED

c4N : LGS970¥H1sg49LC080618

Sandoz nouse, $h|veagar Estate, Dr. Annie Beeant Road. Worll, Mumbal TOO 018. Website: nttps://wwwhdrabank.com, Tel.: ozz- 6652 1000, Fax: 022- 2498 0739

UNAUDITED STANDALONE FINANCIAL RESULTS FOR YHE QUARTER AND HALF YEAR ENDED 0EPTEMBER 30, 2020

g in crore)



Quarter ended

Half year enaad

Year ended

31.03.2025

30.09.2025

TO.06.2025

30.09.2024

30.09.2025

30.09.292•

Unaud ted

Unaudited

Unaudited

Unaudited

Unaudited

Audited



lnteresl earned (a)+(b)+(c)*(d)

76690.70

59264.81

10285.48

554.79

UBS.62

14350.02

91040.72

45139.20

17977.92

6464 .29

11546.63

6314 7.J2

27923.60

3500.53

24423.07

5781.79

18641.28

186+1.GB

1536.37



19.9s°A

12.14

12.09

342B9.4B

4144Y.29

1.24"4

0.42%

a.‹s°z

507536.55

0.5Z

12.73•4

774Y0.20

74016.9J

154160.90

147050.05

30054 7.0•

a) IiJleresf / discoMnt on advances / bills

60192.64

59389.81

119457.40

1184 04.69

23&4•4.43

b) Income on inveslments

15070.08

12631.60

30355.56

25175.42

50319.69

c) lnferesl On balances will Reserve Bank of India and olher

6YO.t 7

674.74

224.96

1147.63

2506.31

nter-bank funds

2

d) others

Other Income (Refer noie 13)

1537.31

24 729.83

1320.76

14482.73

312Z.93

36079.85

262y.31

22150.84

' 6246.61

45632.28



85499.64

190240.75

169200.89

346149.32

Total Income {4)*(2)



4

Inleresf expended

4603:2.23

4390:3.01

91171.43

870B9.01

177846.95

5

Operaling expenses (i)+(ii)

17433.64

16890.89

35411.76

33511T0

68JT4.69

Tj Employees cost

6157.97

5985.30

1g619.26

11834.18

23900.fi3

'i) Other operating expenses

11270.87

109012.59

7X792.50

24677.32

44P74.36



Total Expenditure {4)+‹5) {excluding provisions and

63466.07

60793.90

126583.49

420640.51

246024.84



contlngencles)

Operating Profit before provisions and contingencles (3)•(6) Provisions {otfier Ifian lax) and Contingencies (Rofer note 8)



14441.63







J7942.16

48s90.GB

6302.52

100127.48

11049.42



Exceptional items

10

Profit from ordln ary actlvltles before tax (7)•(d)•(9)

21292.38

22005.28

4SY16.40





11

Tax Expense {Refer note 14)

3137.12

fi184.31

8918.91

10292.14

21130.70

12

Net Profit from ordlnary activities after lax (10)-(4 1)

16105.21

16620.97



32995.72



13

14

Mtraordinary items (nel of tax expense)

Net Profit for the period ('I2)g13)

181 SS.21

16820.97

36796.49

32995.72



15

Paid up equity share capital (Face Value of Y 1/• each)



763.OB

1536.37

763.06

76fi.22

16

Reserves excluding revalualion reserves

496854.21

17

Analytical Ratios and otf+er disc losures:

(i) Percentage of shares held by Govemmenl of India lii) Capital Adequacy Ratio

(iii) Eamings per share (EPS) (Face Value of T 1/- each):



19.BB•A

Nil

19.77°4

Nil





Nil 19.55°4

(Re(er note 6}

(a) Oasic EPS before & aPer extraordinary ilems (net of lax

11.86

11.04

24.00

21.68

44.15

expense) - not annualized

{b) Diluted EPS before & after extraordinary items (net of tax expense) - not annualized

1 J.79

10.99

23.85

21.59

43.9$

(iv) NPA Rafios:

ta) Gross NPAs

37040.80

34250.62

34289.48

34250.62

35222.64

(b) Nef NPAs

12275.99

10308.54

11447.:29

1030B.54

11320.43

(c) °é of Gross NPAs to Gross Advances

1.40"4

1.36•4

1.24•A

4.06°4

4.33°/

(d) °A of Net NPAs to Net Advances

(v) Return on assets (average) - not annualized

0.47°4

o.4a°z

0.44°A

o.49°a

0.42"A

o.ey°

0.41%

o.ss°

0.43°/

.s1

(vi) Nel wonh

508803.89

450136.68

507536.05

450136.68

488699.89

(vil) Oulstanding Redeemable Preference Shares

  1. Capilal Redemption Reserve

  2. Debf Equily Ratio

  3. Total Debls to Total Assets

0.61

12.90%

0.93

15.88°A

0f2



0.93

1?88%

0.74

14.01"

- De6/ represents 6orro+Yings w/f/i residua/ maIufi of more man one

j,ear Salad de6fs /epreren/s /ofaT 6o/rowings oF//ie Oank.





MUMBAI



O

Regd. Ofnco : kIDF0 Bank Ltd., kIDF0 Bank Houso, Sonapall Bapat Merg, Loemr Param Weat), Mumbai • 400914.

We understand your vyorld

SlandaTone Segment info+matjon in accordance wilh Ihe RBI guidelines and Accounting Slandord 7 - SegmenI Reporting oF ffie operating segments or the Bank is as under

g in crore)

Partlciiiars



j-jajr year enoed

Year ended

31.03.2025

TO.09.4025

30.06.XO25

TO.09.2024

30.09.2020

30.09,2024

unaudIted

Unaud+ted

Unaudlted

Unaudlted

Unaudltod

Audlied

deg ment Revenue

a) Treasury

20609.y2

28203.34

14567.80

48B9y.56

2fi888.39

62227.48

b) Relail BarJking:

75584.52

76191.18

70014.78

150775.70

138069.57

283434.79



} /yon 0igi/a/ Banking

2.62

75581.90

2.49

75188.69

2.20

700 J2.58

6.11

150770.59

3.90

J38065.67

8.59

283426.20

c) Wholesale Banking

42308.37

44790.Z2

47470.21

8709g.69

946•i4.16

191964.fi1

d) Olhor Banking Operations



8693.64

8716.64



18027.45

1674 0.77

35449.05

e)



Total

'I4783 8.9z

156958.88

fid0769.a0

Less: Infer Segment Revenue

56795.20

57758.3S

55269.T6

Income from Operatlo ns

91040.7y

99200.03

86499.64

segment Res ucts'

a) Treasury

4212.52

12776.86

743.83

1B989.38

2450.16

4605.36

b) Reteil Banking:

9098.86

3381.70

6915.89

42480.56

12737.4 7

27309.4 1

(i) Digital Banking"

(0.44)

/0.20,t

0.12

(0.6#)

o.of

0.04

by h« oeiI»l Banking

9099.30



6915.77

1P48J.PO

12737.12



8922.62

3698.39

11864.31

12621.01

22640.49

44543.96

c) Wholesale Bending

d) Other Banking Operations

2790.10

2016.76

3075.19

4806.86

6634 .73

14363.75

e) Unallocalea

(601.03

(581 38

(593 94

(4 182.41

(1171 69)

(2344 12

Total Profit Before Tax

24423.OF

M 29Z.33



4SJ'15.40

43287.86

88478.06

Segment Assets

a) Treasury

921265.72

1024344.73

826913.16

921265.7 2

825913.16

901874.12

b) Refail Banking:

1528244.81

1528136.60

1'i66708.32

1528244.81

1466708.32

1533890.27



# Non Digital Banking

108.45

7528736.36

88.0‹f

75280d7'.56

60.89

1486847.43



J5:28136.36

1466647.43

1533809.12

c) Moiesale Banking

J4244é0.B4

4269139.B2

1263373.GB

J421440.84

J763373.GB

1247937.9T

d) Olher Banking Opera(ions

111367.06

110B54.B8

105B40.37

114367.06

1058é0.37

412358.81

e) Unallocated

20689.94

21601.63

26229 94

20689 94

26229 94

24137 77

Total

4003008.37

3954076.66

3680065.37

4003008.37

3688065.37

3940496.9'4

Seqment LiabTIltIes'

a) Treasury

87053.07

84020.0d

68586.20

87053.07

68566.20

83340.18

b) Relail Banking:

23fi3971.83

23Z2644.57

2142405.13



2353971.83

2t42405.t3

2312515.g5

§} 0/gifa/ 0a King"

I 4'•/.76

93.5T

65.56

by Non 0ig/fa/ Bank/ng

y353857. 07

2322551. 06

2142339.57

c) ^/hoTesaje Banking

99s474.90

066071.31

950205.19

096474.90

950205.19

966136.34

d) Other Banking Operations

4046.$4

9263.99

8899.59

4046.64

8099.59

8513.16

e) Unallocaled

390fi3.44

49441 01

fi4498.50

39053.44

54408.50

48268.77

Total

u400fl99.IB

3431436.52

3224894.61

4480599.7B

322459•4.61

34087'74.32

S Capital, Employees stock options outstandlng and Reserves

5ZZ408.fi9

522640.14

463470.76

fi22408.59

463470.76

501424.62

6 Total(4)*(s)

400:j008.37

3964076.66

3b#8066.s7

d003008.07

368B065.37

39101g8.9+

'/n/oma/ion abowl 0@ifa/ Banking Sagmen! reported asa sub-segment o/Relai/ 8an/‹ing °egmen/ is re/aledla 0/s la/ Banking uc//s ofMe Bank.

'8egmenl Reru7fs and Liabi7ilies For he gunner ended June TO, 2025 and fja/Fyear ended 8epfem6er 40, 2025 are a/Ier considering Me impact o//I'oa/ir+g provisions in The respective segmen/s.

Business Segmenls have been identified and reported taking inla account Ihe target customer profi|e, the nature of groducls arid services, the differing risks and relums. the organisalion stnJclure, Ilje internal business reporting system and the guidelines prescribed by the RBI. The Segment Aseels and Segmenf Liabililies exclude transfers belween seqments and are transfer p+iced on a gross basi*.

BAI

uuuBA



@andalone slalement of Assets an6 Liabilities is given below:



Partlculars

As at

30 09 2025

As at

a0 09 2024

As at

31 03 2025

Unaudited

Unaudited

AudIted

CAPITAL AND LIABILITIES

Capital

1538.37

763.OB

765.22

3228.04

3B0'2.49

Employees slock options oMlstanding

5183.53

Reserves and sMrglMs

516600.69

459479.64

496654.21

Deposils

2801788.77

2500088.47

2714714.90

Borrowings

509597.06

58*i656.08

547930.90

Ofher liabilifies and provisions

169213 96

138980 36

146428 52

Total

400z008.37

368g065.37

3910496.94

•SsETs

133187.66

194458.26

144355.03

Cash and balances wilh Reserve Bank of India

Balances wilh banks and money at call and short notice

3495d.62

618B1.14

9521fi.60

Investments

874321.25

7240J5.07

836359.6B

Advances

27'i6359.7B

24951:20.34

2619608.61

Fixed assets

13B54.09

12829.4fi

13655.40

OIher assets

203330 07

J9976114

201004 57

Total

•4003008.37

3688065.37

39'l019g.94

Standalone statement of Cashflows is given below:

g in crore)





31.03.2026

30 09 2025

TO 09 202a

Unauditod

Unaud‹ted

Audited

Cash flows from operating activities:

Prolit before income tax



43207.B6

8B478.06

Ad|ustmenis for:

Depreciation on fixed assels

1812.01

1691.44

3379.47

(Profit) / loss on revaluation of investments

(z0e7.57)

(469. 48

268.40

Amortisation of premium / (discounf) on investmenfs

323.8Z

(Mg79

(27.87

Profit on sale of fixed assets

(69.16)

(9.86

(22.65

(Profit) / loss on safe of inveslment in subsidiary

Provision / charge for non performing assets

(9,128.40)

5280.22

6447.48

8.00

1274 5.31

Floading provisions

Provision / (vrrile•back) for standard assejs and contingencies Dividend from subsidiaries

9,000.00

3661.93

(1144.95)

(1065.87

(1631.'i4

(1547.48)

(2187.01

Employee slack options / unils expense

4001.76

940.39

1800.70

Adjustments for:

53888.55

48966.91

103436.54

Increase in investments

{36613.BE

(17434.47

(130200.37

Increase in advances Increase in deposits Increase in other assets

Increase in other Tiabililies and provisions

(132032.33

87073.88

(4455.11

10062 76

(17126.34

120301.90

(4833.81

#056.64

(140903.36

334928.62

(7342.45

1063406

(23076.40

146980.68

462s83.O2

Direct taxes paid (net of refunds)

(7565 91

(11066.04

(17375.71

Net cash flow (used in) / from operatic g activities

(29642.01

125864.79

145177.31



(943.84

257.39

(80.87

9,750.00

1631 44

(1441.69



(1,309.77

1547 4B

(3198.69

90.45

(1,309.77

192.00

2187 01

Purchase of fixed assets

Proceeds from sale of fixed assels

nvesTmenl in subsidiaries

Proceeds from sale of investment in subsidiary (net)

Dividend from subsidiaries

Net cash flow from / (used in) invesung activities

10619.12



(20 09.00

Cash flows from financ ing activities:

Proceeds from issue of share capital Decrease in olher borrowings Dividend paid during lfie period

Net cash flow used in financing activities

3589.34



(20705.98

3918.40

(76636.24

(14826.19

6346.50 (14'i429.18 (14826.19

(55782.24

(87544.08

(122900.87

Effect of fluclualion in foreign currency Translation reserve

376.73

36.87

193.63

Net Increase / (decrease) In cash and cash equivalents

(74428.40

47191.96

20423.27

Cash and cash equivalents at the boglnning of the year

239570.68

219147.41

219147.41

Cash and cash equivalents at the end of the period

165142.z8

206339.57

239570.68



MuMBAl



Cash and casfi equivalents includes Cash and balances wilh Reserve Bank of India and Balances filh banks and money af call and short nolice



a

The atiove sIandaone financial resuls have been approved by the Board of Oiremors at iIs meeting held on October 18, 2o2•'. the flnanciaT results Tar he quarter and fjaTT year ended September 30, 2025 have been subjected Ioa "Limiled R evievY' by Ihe joint slatulory audilors of the Bank via. Batliboi & P urohil, Chartared AccounlanTg end B S R & Co. LLP Chartered Account anIs. The previous period results were reviewed / audifed by lhe Bank's joint slefutory auditors - Price Waterhouse LLP, Chartered Accountants and Balliboi & Purohit, cnartere0 Accountants.

These financial resulls have been prepared in accordance with lhe recognitjon and measuremenf principles laid down in Accounting Sfandards specified under Section 133 of the Companies Act, 2013, Ihe relevant provisions of Ifie Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of lnd*a (The RBI") from fime to time and other accounting pñnciples generally accepted in India, and are in compliance with the presentation and disclosure requiremenls of ffie Regulalion 33 and Regulation 52 read Cth Regulation 63 of Ihe Secuñfies and Exchange Board of India (Listing Oblieations and Disclosure Requlremen Is) Regulations, 2015 ("SEBI Regulations") as amended including relevant circulars issued by The 8EBI from lime fa Time, to the extenl applicable. Basis nature of fhe Bank's business, applicable ratios under the said regulations are disclosed.

5 The Bank has applied its significant accounting policies in the preparation of these financial results consislent wilh those Followed In the annual financial statements for the year ended March 31. 2025. Any circular / direction ›ssued by RBI is implemented prospectively when ii becomes applicable, unless specifically required under those firauTars / directions.

During the quarter ended September 30, 2025, lhe shareholders of fhe Bank have approved. through postal ballol, jhe issuance of bonus shares, in the proportion of 1 :4 , i.e. 1 (One) bonus equity sfiare of £ 1 each for every 1 (One) fully pal0-up equily share held as on Ihe record date. Accordingly, tfie Bank has allotted 7.6T,70,39,761 eguily shares as bonus shares on August 20.2025 by utilisation of share premium. All shares and per share information in the financial results reflect Ilie effect of bonus shares issuance

Duñng the quarter and half year ended September 30, 202a, the Bank has allotted 1,87.4fi,t47 and 3,44,37,119 equily shares respectively, pursuant to Ihe exercise of options / units under the approved employee stock oplion schemes / employee sfock incentive masler scheme.

During Ihe half year ended September 30. 2025, the Bank has made a floating provision of Y 9.000.00 crore in line with the Board approved policy.

Details of resolulion plan Implemented under lho Resolulion Framework for GOVlD-19-relalea Slress as per RBI circulars dated August 06, 2020 (Resolution Framework 1.0) and May 05, 2021 (Resolulion Framework 2.0) as af September 30, 2022 are giyen below:

Exposure to

Of (A), aggregate

Of {A) amount

Of (A) amount

i-xposure to

accounts classified

debt that slipped

wrilten off during

paid by the

accounts

as Standard

mo NPA dgñDg

fhe half-year'

borrowers during

classified as

consequent to

fhe half-year

the fialf-year

Slanda+d

"mplementalion of

ended

consequent Io

Type ol Bo+rower

resduIon plan -Position as af The

Sopember 30,

2025

impteme+itatTon of resolulion plan

end of Ihe previous

- PosilJon as at

hell-year l.e. Mamh

the end of this

31. Z02•i (A)

haif-year i.e.

September 30.

2025"

Personal Loans

z.eus.Z•

80.36

462.53

2 343.34

Corgorate persons

226.46

0 45

28.79

197 22

Of which, MSME*

25.99

0. 45

•4.68

21.18

Others

242.98

7.72



1.62

68.01

167.25

Total

4,350 67

88.fi3

20 18

559 33

2,T07.81

' Represents debl thai slipped Info NPA and was svbsequonlly urltlen ofT during the half- per ended Geplember 30, 202S.



Details of loans Iransfe+red / acquired during lhe quarter ended Sepfember 30, 2025 as per RBI Master Direclion on Transfer of Loan Exposures daled September 24, 2021 are given below:

(§ Details of non-performing assets (NPAS) transferred: T in crore except number of accounts

Particulars

To Assat

Reconstruction Compan Yes

(ARTS

To germlttea transferees

T••th•‹ transferees

Number of eacounts

444 oo

Aggregate pnncipal outstanding of loans lransferred



We+ghted average residual lenor of the loans transferred {In years)

13 TO

Nef book value of loans Transferred (af the time of transfer)

1.87

Aggregate consideration

47.%

Additional consideralion realised in respect of accounts transferred in earlier years

g.82

Above excludes sale of wrillen-off accounts.

Eye Bank has reversed The excess provision of W I 6.09 crore to Prefil and Loss aecount on sale of the aforesaid loans

  1. Details of loans not in default IransFerred Through assignment / participation are given below

    Panic uTars

    value

    Aggregale amounf of loans transferred g in crore)

    1 768.SP

    Weighted average residual malunly (‹n years)

    7.89

    Weighfed average holding penod (in years)

    4 40

    Retention of beneficial economic Interest

    10°4

    Tangible secunly coverage

    100°X

    The loans transferred are not rated as fhese are to non-corporate borrowers.



    BAI



    MUMBAI



    o

  2. Details of ralings or S ecuñly Receipts (SRs) outstanding as on September 30, 2025 are given below: (T i0 Cr0re)

    Rat|ng

    Ratlng Agency

    Recovery raling

    Gross Value ol

    Ou tstandTn g SRs

    RR4

    india Ratings

    2I2"A- *i0"A

    161.77

    RR1

    Inaia Ratings

    100°A-150°â

    44 14

    RR5

    CRISIL

    Upto 25"A

    16.36

    RR1+

    india Ratings

    More than 150a

    a.1s

    RR1

    CRiSiL

    100•A-150"A

    1 D.

    Unraled

    mo.4o

    Total

    4 ,078 48

  3. The Bank has not acquired any stressed loan and loan not in default.

11 Other income includes commission income from non-fund based banking activilies, fees, earnings from foreign exchange and derivative lransaclions, profit and loss (including revaluation) from Tnveslrnents, dividends from subsidia+ies and recoveries from accounts previously wriften off.

,z During Itie quaner ended September 30, 2025, the Bank has acquired 71,678 equily shares in HDFC Capilal Advisors Limited {'HCAL") for consideration of T 80.87 crore. Post this acquisition, Itie Bank's shareholding n HCAL was 89.68°A as at Sepfember 30, 20Z5.

  1. On June 25, 702fi, the Bank's subsidiary company, HDB financial Services Limited ("HDBFS") launched its Initial public offering {'IPO™), comprised of a fresh issuance of equity shares aggregating to Y 2,fi00.00 crore and an offer for sale ("OFS") of equily shares by Ihe Bank, aggregating Io ¥ 10.000.00 crore. Under the OFS, the Bank divested 13,54 ,35,13fi equily shares of T 10 each of HDBFS af T 740/- per share, fora consideration aggregafing to T 10,000.00 crore. Consequently, the net gain la The Bank on sale of shares unaer Ihe OFS is Y 9.120.40 crore (defore tax and net of estimated IPO related expenses) du+ing the half year ended Seplember 30, 202a.

  2. Provision for tax dufing ttre nalt year ended September 30, z025 is net of wñte back o( proxtskitt to ledger required oT 7 4 ,4 4q.4s crore, pursuant to favourable oiaers received.

  3. Figures of the previous periods have been regrouped 7 reclassified wherever necessary to conform to current period's classification.

  4. T 40 million = Y 1 crore



Place: Mumbal

Date: October 48, 20z5

Seshidhar JagdTshan Managing Director DiN-08614396

MUMBAI



B SR & Co. LLP

Chartered Accountants

14t1i Floor, Central B Wing & North C Wing Nesco IT Park 4, Nesco Center

Wester n Express Highway, Goregaon (East) Mumbai - 400063, India

Batliboi & Puroliit Chartered Accountants National Insurance Building, 2" Floor, 204, DN Road, Fort, Mumbai - 40000.1

Independent Auditors' limited review report on unaudited standalone financial results of HDFC Baulk Limited for the qua rter ended 30 September 2025 and year to date results for the period from 1 April 2025 to 30 September 2025 pursuant to Regulation 33 aha negulation 52(4) read with Regulations 63 of the Securities and Exchunq•e Board of India (Listing Obligation and Disclosure Requirements) Req•ulutions, 2015, as amended

To the Board of Directors of HDFC Bank Limited

  1. We have reviewed the accompanying statement of unaudited standalone financial results of HDFC Bank Limited (hereinafter referred to as "the Bank") for the quarter ended 3.0 Sep teinber 20.25 and year to date results for the period from 1 April 2025 to 30 September 2025 ("the Statement") being submitted by the Bank pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"). We have initialed the Statement for identification purposes only.

  2. This Statement, which is the responsibility of the Bank's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 "Interim Financial Reporting" ("AS 25"), prescribed under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, the guidelines and directions issued by the Reserve Bank of India ("RBI ' uidelines") as applicat^1e, ui.u other accounting principles generally accepted ni I.idia and in compliance with Regulation 33 and Regulation 52(4) read with Regulations 63 of the Listing Regulations, 20.15, as amended. Our responsibility is to issue a report on the Statement based on our review.

  3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.



    B SR & Co. LLP

    Chartered Accoiintants

    Batliboi & Purohit Chartered Accountants

  4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Accounting Standard, RBI Guidelines, as applicable and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terns of Regulation 33 and Regulation 52(4) read with Regulations 63 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accoidance with the relevant prudential norms issued by the Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters.

The standalone financial results of the Bank for the quarter ended 30 June 2025 were reviewed jointly by one of the joint auditors along with predecessor auditor whose report dated 19 July 2025 had expressed an uninodjfied conclusion. The standalone financial results of the Bank for the year 31 March 2025 were audited jointly by one of the joint auditors along with predecessor auditor whose report dated 19 April 2025 had expressed an unmodified opinion. The standalone financial results of the Bank for corresponding quarter ended 30 September 2024 and corresponding period from 1 April 2024 to 30 September 2024 were reviewed jointly by one of the joint auditors along with predecessor auditor whose report dated 19 October 2024 had expressed an unmodified conclusion.

For B SR & Co. LLP

Chartered Accountants

Finn's Re ratiqi No. 10I248W/W-100022

Su I ' - Soni

P i ier

eirbership No. 041870

UDIN: 25041870BMOMLX2228

Place: Mumbai

Date: 18 October 2025

For Batliboi & Puroliit

Char-telled Accoti/itan/s firm's Registration No. 101048W



la nak Mehta '

Partner Membership No. 116976

UDIN: 25116976BMOKRM4583

Place: Mumbai Date: 18 October 2025

MUMBAt




HDFC BANK LIMITED

Sandoz House, 0hivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 01B. Website: https://www.ndfcbank.com, Tel.: 022-6652 1000, Fax: 0 gfl-2496 0739

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2025

g in crore)

Particulars

Quarter ended

Half year ended

Year ended

30.09.2025

30.06.20X5

30.09.2024

30.09 2020

30.09.2024

31.03 2020

Unaudited

Unaudited

unaudited

unaudited

Unaudlted

Audited



Imerest earned (a)+(b)+(c)+(d)

  1. InTeresl / discounl on advances / b7TTs

  2. income on invesffnents

  3. Interest on balances with Reserve Bank of India and ofher

    inler-bank funds

  4. Ofhers

Other income (a)+(b)

  1. Premium and other operating income from insurance busines s

  2. Others (Refer nole 6) Total incom e (1)+(g) lnteresf expended

Operating expenses (i)*{ii)*(iii)

7) Employees cosl

  1. Claims and benejts paid and olher expenses penaining to

    insurance business

  2. Other operating expenses

Total expenditure (4)*(0) (excluding provisions and contingencles)

Operating profit before provisions and contingencies {3)-(6) Provisions (olher lhan tax) and contingencies (Refer note 11) Exceptional items

Profit from ordinary activities before tax and minority interest (7)•(8)•(9)

Tax expense

Net profit from ordlnary activities after tax and before minority

interns I (10)•(11)

Mraordinary items (net of fax expense)

Net profit for the period before mInority interest (12)-(J 3)

Less: Minority inferest

Net profit for the period (14)-(IN)

Paid up equily share capital (Face value of T 1/- each) Reserves excluding revaluation reserves

Analytical Ratios and other dTscT ›:•ro'. :

  1. Percentage of shares held by ñovnnment of India

    [ii) Earnings ger share (EPS) (Face value oT T 1/- oach): (Refer note 7)

    1. Basic EPS before & afler extraordinary items (net of lax expense) - not annu alized

    2. Diluted EPI2 before & afler extraordinary Items (net of tax expense) - not annualized

86993.B4

87a71.87

83001.Y2

174365.71

464547.92

336367.48

63309.67

64147.91

62707.35

1y7457.58

J245B0.J7

251953.60

21328.37

Z0017.17

17826.68

42145.54

35300.75

73912.07

736.86

026.44

649. 0

1565.30

1485.52

3172.52

2

1616.94

31566.79

1Ti80.35

45683.10

4618.59

3845fi.02

3497.2?

77249.89

3170.46

73905.31

7329.24

134548.TO

20510.43

16073.37

19106.1?

36563.80

33714.BE

785B9.17

44056.36

29609.73

19346.89

40666.OSI

40190.45

55959.33



118560.60

133054.97

4214s6.74

251618.60

238453.23

d70915.93

4

46740.86

47706.51

45414.21

94449.3f

89993.71

183894.TO



40879.05

49183.00

48808.24

90062.0t'

95381.77

176605.07

9347.56

8897.4G

8519.34

18215.02

J680B.4"

34135.75

1898B.69

28072.92

2B396.69

47061.61

5614B.24

94437.39

12572.80

12212.62

11BB9.21

24765.42

23394.12

48031.93



87619.91

96891.51

94219.45

184511.42

185345.48

360499.77



30940.72

36163.46

27237.29

6T104.18

63107.76

110416.66



4281.83

15313.63

326B.87

19595.40

6411.96

14174.61



10

26658.89

20849.83

23968.42

47fi08.72

46695.79

96242.OF



42

6'29S. j 2

20363.77

3759.40



5340.98

18627.44

10054.52

37464.20

10880.30

38815.49

2280J.88

734a0.4 7

13

14

20363.77

17090.43

18627.44

0745'4.20

35BI S.4S

73440.17

15

16

753,10

19610.67

B32.02

16257.91

801.53

17825.91

15BS.62

38868.58

1514.73

343 00.7B

2647.92

70792.25

7

1536.37

T66.7TI

763.08

1536.37

763.OB

765.22

18

19

Nil

Nil

Nil



Nii

517218.96

Nii

12.70

10.61

41.70

23.39

22.54

46.41

12.71

10.56



23.27

22.44

46.20

M







eg pCc "

Regd. Orflce : HDFC Bank M4., nDFc Bank Houso, Senapati Bapat Marg, Lower Parel (Wesl), Mumbai • 400g13.

Consolidated Segment informalion in accordance with the RBI guidelines and Accounting Standard 17 - 6eg ment Reporling of the operating segments of the Group is as under:

g in crore)



Ouarter ended

Half year ended

Year ended

34.03.2025

30.09.292S

TO.06.2025

30 09.2024

30.09.2025

30 09.2024

Unaudited

Unaudited

Unaudited

Unaudlted

Unaudited

Audited

Segment Revenue

20609.22

26104.21

14567.80

46713.43

29BB8.39

62227.46

a) Treasury

Retail Banking:

g Digital Banking*

755B4.52

2.62

75191.18

2.49

70014.78

2.20

150775.70

5.JT

138069.07

8.90

263434.79

8.59

ZST 88.69

7001fi•.58

y 207y0.59

Y38065. 67

283426.20

(ii) Non Dipital Banking

75661.90

e) Wholesale eanking

42308.37

44790.22

•7'/ TO.27

87098.59

9d644. J6

1B1064.5J

d) Other Banking Operations

9333.01

8693.64

8716.61

18027.45

167J0.7/

35449.05

e) Insurance Business""

2279B.91

31619.24

31439.60

54418.15

61072.23

107630.27

4721.00

4414.63

4517.50

9135.83

6,180.11

17136.34

f} Olhers^

g) Unallocated Total

175305.83

190813.32

176726.50

366169.1s

348565.23

697842,44

Less Inter fiTeg ment Revenue

56795.20

57758.35

55269.76

114553.55

11014 2.00

226926.51

Income from Operations

118560.63

103054.97

121456.74

251615.60

238'450.23

470915.93

2 Segment Results""

4212.52

40597.73

743.B3

1q810.US

7450.16

^605.36

Treasury

Relail Banking:

9098.86

3381.70

6915.B9

12480.56

12737.17

X7309.11

} Digital Banking"

(0.44

(0.20)

0.IN

(0.64)

0.05

0.04

{ii) Non Digital Banking

9099.30

338Y.90

B915.77

12481.20

7ZZ37.T2

yf309.0y

c) Wholesale Banking

8922.62

3698.39

11B64.31

12621.01

226•0.49

44043.96

d) Olher Banking Operations

2790.10

2016.76

3075.19

4806.86

6631.73

14363.75

e) Insurance Busines s""

1746.19

1644.92

1163.42

3391.12

2524.23

5953.61

f} Olhers"

489.63

91.71

799.72

581.33

883.70

1810.3B

g) Unallocajed

(601.03

(561.36)

(593.94)

(4182.41

(1171.69)

(2344.12

Total Profit Before Tax and Mlnor+fy Interest

26658.89

20849.83

23968,42

47508.72

46695,79

96242.06

Segment Assets

a) Treasury

921265.72

1024344.73

820913.16

9Z126fi.72

825913.16

991874.12

b) Retail Banking:

1528244.81

t828135.60

146670B.32

1528244.81

146670B.3X

1533890.27

{# 0igi/a/ Banking"

708.05

88.0d

60.89

108.AS

60.B9

8).15

(ii) Non Digital Banking

7528!36.36

1628047.56

Jd6664f.43

1528136.36

!4666d7.43

T633809.JZ

c) Wholesale Banking

Yd2T§d0.BE

1:269439.82

4263373.58

1424#40.B4

1263373.58

1247937.97

d) Other Banking Operations

111367.06

110054.08

105840.37

111367.06

10fi840.37

11Z35B.81

e) Insurance Business""

395094.85

390123.07

359068.23

395094.85

369066.23

372256.74

Olhers"

Unallocated

116638.18

fi0689.94

111848.31

24601.63

104664.33

26229.94

116638.18

20669.94

104654.33

26229.94

109861.74

74137.77

Total

4514741.40

4456048.04

41617B7.9a

451+741.40

4151787.93

4392417.42

Seqment L iabililies"""

a) Treasury

87053.07

84025.64

685B6.TO

87053.07

68686,20

83340.1B

b) Retail Banking:

2353971.83

232y644.57

2142405.13

2353971.83

2142405.13

2312515.85

114.76

93.5Y

65.06

114.Y6

62.06

86.4'6

{i) Digital Banking"

i/ Non Digital Banking

Z353B57.07

23ZZ561.06

2142339.57

2353657.07

2142339.57

Z812429.69

c) Wholesale Banking

996#74.90

966071.31

950:205.19

996d74.90

950205.19

956136.34

d) Oiher Banking Operations

4046.54

9253.99

8899.59

4046.54

6899.59

B513.1B

e) Insurance Business'"

379244.74

374742.75

346528.53

379214.74

346528.53

35B56B.57



Olhers^

905B2.91

8675J.07

83430.04

905B2.94

83430.04

869:26.10

g) Unallocaled

39053 44

4944101

54498 TO

39053.44

04498.60

48268.77

Total

8950397.43

3892900.34

3604553.18

3980397.43

3684553.18

38S4268.99

Capital, Employees stock options outstanding, Reserves



and Minority Interest



564343.97

563147.70

497234.75

564343.97

497234.75

538148.43



Total t4)*(0)



Business Segments riava bean identified and reported taking into account the larget customer profile, the nature ol produce and services, be differing risks and returns, the organisa+ion structure, the internal business reporting syslem and the guidelines prescribed by tha RBI. The Segmenl Assets and Segment Liabililies exclude transfers between segments and are fransfar

BA1

HuHBA1



Notes :

1 Consolidated stalement of Assets and Liabilities is given below

in crore)



As at

30.09.2025

As at

30.09.2024

As at

31.03.2025

Unaudited

Unaudited

AudIted

CAPITAL AND L]ABILIT EN

Capital

1536.37

760.08

766.22

Employees stock oplions oulstanding

4183.5?

3226.04

3805.19

s37607.51

477794.04

547216.98

Reserves and surplus

21016.fi6

15449.09

16359.0fi

Minoñty interest

Deposils

2798169.83

2486324.92

2710898.2?



Olher liabilities and provisions

599507.24

209125.38

666038.B8

480896.0<

63460S.57

18B163.66

Policyholders' runds

343594.08

3t1293 34

3206015?

Total

4514741.40

4161787.93

4392417.42

ASSETS

Cash and balances with Reserve Banls of India

133210.73

194486.02

14d390.25

Balances wilh banks and money at call and short nolice

43B47.44

74899.37

a05557.65

investments

1250390.77

1061584.96

11B6472.B9

Advances

2B'23902.56

2593627,71

2724936.16

Fixed assets

15537.75

14170.63

152fi7.94

Other assets

217852 45

216019.24

245800.53

Total

40J4Y41.CIO

4161787.93

4392417.42

Gonsolifiated statement of Cashflows is given below:

N in crores

Part‹cutars

naff year enoed

Year ended

30.09.2026

TO.09.2024

31 03 2020

Unaud ted

Unaudited

Audited

C ash tlows from operatlog activities:

ConsoTidaled profit before income tax and after minority inlerest

45923.10

45161.06

93594.13

Ad}ustment for•

Depreciation on fixed assets

2064.48

1888.04

3805.23

tProfil) / loss on revaluation of inveslments

(3440.62

(9654.26

3909.1C

Amonisafion of premium on investments

379.34

(4 67.81

87.07

Profil on sale of fixed assets

(60.52

(10.52

(22.03

(Prolil) / loss on sale of investment in subsidiary Provision / charge for non performing assets

(6949.27

6973.56

I648%l

8.Of

11386.24

Floating provisions

9000.00

Provision / (write-back) for standard assets and contingencies

3621.90

(1236.99

(1210.63

Employee slack oplions / unils expense

4128 1?

1052 13

2086 OF

58637.07

44700.60

117642.16

Increase in investments

{fi9467.24

(39018.35

(J80362.67

Increase in advances

(135993.25

(29800.16

(469948.22

Increase in deposits

87271.60

119437.64

334010.95

Increase In other assels

(5074.33

(5306.95

(40829.67

Increase in ofher liabilities and provisions

7937.04

6663.7i

13117.9e

Increase in policyholders' funds

23377.42

29426 30

43289 99

{233M.69

926J02.BB

146950.52

Direct taxes paid {nef of refunds)

(8740.82

(4 2303.16

(197O8.68

Net cash tJows (used in) / from operating activities

(32052.51

113799.72

127241.BX

Cash flows from Investing actTvitTes:

Purchase of fixed assets

(1385.60

(1792.03

(4075.69

Proceeds from sale of fixed assets

263.00

42.26

100.72

Proceeds from sale of lnveslmenl in subsidiary (net)

9755.00

-

192.06

lnveslmenf in subsidiaries

(80.87

(67.47

(67.47

Net cash flow horn / (used In) Investing act]vlt]es

8S51.08

(1817.24

(3850.64

AI

a

MUMBAI p



f in crore]



HaH yea

r ence0

Year enden

30.09.2020

30 09,2024

34 03 2026

Unaudited

Unaudited

Audited

Cash flows from financlng activities:

Increase in minorify interest

401.39

1054.32

2382.88

Proceeds from issue of share capilaT

634fi.14

3918.4C

6346.50

Proceeds from issue of Tier 1 and Tier 2 capilal instruments

400.00

500.00

1182.00

Redemption of Tier 1 and Tier 2 capital inslrumenfs

(200.00

{500.00

Decrease in other borrowings

(36214.34

(64919.96

(97062.73

Dividend paid during the year

(20705.96

(14026.19

(14826.19

Net cash flow used in financIng activities

{49773.79

t74474.W

t4 02477.84

Effect of flucluation in foreign currency translation reserve

3B4.74

41.8*

199.73

Net increase In cash and cash equivalents





21113.39

C ash and cash equivalents at the beginning of the year

249947.90

228 834.01

228834,51

C ash and cas h eguivalents at the end of the period

477007.87

26638 fi.89

2499#7.90

Casfi and cash epu/va/ends includes casfi and balances with ffie RBI and da/ancer wi/fi dams arid money at ca// ¥ sfiort notice.

The above financial results represent lhe consolidated financial resulfs of HDFC Bank Limited, ils subsidiañes (together referred to as the "Group") and HDB Employee Welfare Trust ("EWT"). These financial results have been approved by lhe Board of Directors at its meeting held on October 1e, 2025. The financia| results for the quarter and ha|f year ended September 30, 2025 have deen subjected to a *Limited Review' by the joint statutory auditors of the Bank viz. Bal)iboi & Purohit, Chartered Accountants and B S R & Co. LLP Chartered Accountants. The previous period results were reviewed / audited by the Bank's jojnt statutory auditors - Price Waterhouse LLP, Chañered Accountants and Batliboi & Purohit, Chartered Accountanfs.

These financial results have been prepared in accordance with the recognition and measurement principles laid down in Accounting Standards specified under Section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India ("the RB|") from time to time, the |nsurance Regu|atory and Development Authority of India ("IRDAI") (Preparation of

-inanciaI Statements and Auditors Report of Insurance companies) Regulations, 2002 ("IRDAI Guide|ines") to the extent applicable for insurance enlifies and other accounting pñnciples generally accepfed in India and these financial results are in compliance with the presentation and djsc|osure requirements of the Regu|ation 33 and Regu|ation 52 read with Regu|ation 63 of the Securities and Exchange Board of Indja (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Regulations') as amended including relevant circulars issued by tfie SEBI from time to time, to the extent app|icab|e.

  1. The Group has applied significanI accounfing policies in the preparation of these consolidated financia| resu|ts consistent with Ijose fo||owed in the annual conso|idated financia| statements for the year ended March 31, 2025. Any relevant circu|ar / direction issued by the RBI and other reguIafor(s) is implemented prospectively when it becomes applicab|e, unless specifica|ly required under that cjrcu|ar / direction.

  2. On June 25, 2025, the Bank's subsidiary company, HDB Financial services Limited ("HDBF S") launched its inifial public oPering ("IPO"), comprised ofa fresh issuance of equity shares aggregating to 7 2,500.00 crore and an offer for sale ("OFS") of equify shares by the Bank, aggregating to T 10,000.00 crore. Under the OFS, tfje Bank divesled t3,51,35,135 equity shares of T 10 each of HDBFS al T 740/- per share, fora consideration aggregating

    to £ 10, 000.00 crore. In the Consolidated Financials, profif on sale of investment is considered as lhe difference between the sale consideratjon and the Bank's share in the carrying amount of HDBFS's net assets (to the extent of sale), as of the date of sale. Consequently, the nef gain to the Bank in the Consolidated Financials, on sale of shares under the OFS is T 6,949.27 crore (before tax and net of estimaled IPO related expenses) during the half year ended September 30, 2025.

  3. During the quarter ended September 30, 2025, the shareholders of the Bank have approved, through posta| ballot, the issuance of bonus shares, in the proportion of 1 :1, i.e. 1 (0 ne) bonus equity sfiare of T 1 each for every 1 (One) fully paid-up equify share held as on the record date. Accordingly, the Bank has allolted 7,67,70,39,761 equity shares as bonus shares on August 28, 2025 by utilisation of share premium. API shares and per share information in the financial results reflect the effect of bonus shares issuance retrospectively.

MU AI

MUMBAI





During the quarter and ha|f year ended September 30, 2025, the Bank has allotted 1,87,45,147 and 3,44,37,119 equity shares respectjve|y, pursuant to the exercise of options / units under the approved employee stock option schemes / emp|oyee stock incentive master scheme.

  1. During the quarter ended September 30, 2025, lhe Bank has acquired 71,678 equity shares in HDFC Capital Advisors Limited ("HCAL") for consideration of £ 80.87 crore. Post this acquisition, the Bank*s shareho)d ng in HCAL was 89.66% as at September 30, 2025.

  2. Olher income includes commission income from non-fund based banking activities, fees, earnings from foreign exchange and derivative transactions, profit and |oss (inc|uding revaluation) from investments, and recoveries from accounts previously wñtten off.

  3. During tfie half year ended September 30, zo25, the Bank has made a floating provision of £ 9,ooo.00 crore in Ijne with the Board approved po|icy.

  4. In accordance with the RB| guidelines, banks are required to make consolidated Pillar 3 disclosures including )everape ratio, |iquidity coverage ratio and nef stab|e furjdinp ratio under the Base| III Framework. These disclosures would de available on tfie Bank's website at the foI|owing link: htlps://https://www.hdfcbank.com/personal/resources/regulatory-disclosures.Tlje disclosures have not been reviewed by the stafufory auditors.

  5. Figures of the previous periods have been regrouped / reclassified wherever necessary o conform to current period's classification.

  6. T 10 million = Z 1 crore



Place: Mumbai

Dale: October 18, 2020

Sashidhar Jagdishan Managing Director DIN-08614396

AI

O MUMBAI



B SR & Co. LLP

Chartered Accountants

l4th Floor, Central B Wing & North C Wing Nesco IT Park 4, Nesco Center

Western Express Highway, Goregaon (East) Mumbai - 400063, India

Datliboi & Puroliit Chartered Accountants National Insurance Building, 2"' Floor, 204, DN Road, Fort, Mumbai - 400001

Independent Auditors' limited review report on unaudited consolidated financiaI results of HDFC Bank Limited for the quarter ended 30 September 2025 and yeur to date results for the period from 1 April 2025 to 30 September 2025 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015, as amended

To the Board of Directors of HDFC Bank Limited

i. We have reviewed the accompanying statement of unaudited consolidated financial results of HDFC Bank Limited (hereinafter referred to as "the Parent"/ "the Bank"), and its subsidiaries (the Parent and its subsidiaries together refei i ed to as "the Group") for the quarter ended 3.0 September 2025 and year to date results for the period from I April 2025 to 30 September 2025 ("the Staternetit"), being submitted by the Parent pursuant to the requirements ofRegulation 33 and Regulation 52(4) read with Regulations 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"), except for the disclosures prescribed by the Reserve Bank of India ("the 'RBI") relating to consolidated Pillar 3 disclosures as at 30 Septeinher 2025, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations as would be disclosed on the Parent's website and in respect of which a link has been provided inNote 12 to the Statement and have not been reviewed by us. We have initialed the Statement for identification purpose only.

  1. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance witli the recognition and measurement principles laid down in Accounting Standard 25 "Interim Financial Report ing" ("AS 25"), prescribed under Section 133 of the Companies Act, 20.13, the relevant prov isions of the Banking Regulation Act, 1949, the circulars, the guidelines and directions issued by the RBI ("the RBI Guidelines") as applicable, and guidelines issued by Insurance Regulatory and Developin ent Authority of India ("the IRDAI Guidelines") as applicable, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulations 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

  2. We conducted out review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A i-eview of interim financial information consists ofmaking inquiries, primarily ofpersons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accoi dance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. According Iy, we do not express an audit opinion.

    We also performed procedures in accordance with the circular issued by the Securities and Exchange Boar d of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

    BAA


    B SR & Co. LLP

    Chartered Accountants

  3. The Statement includes the results of the entities refer red in Annexure I.

    Batliboi & Purohit Chartered Accountants

  4. Based on oui i'eview conducted and procedures performed as stated in paragi-apli 3 above and based on the consideration of the revlew reports of auditors referred to in paragraph 6, 7 and 8 below, nothing has come to our attention that causes us to believe that the accoinpany'•s Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Accounting Standard, the RBI Guidelines, the I RDAI guidelines, as applicable and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in tei'ins of Regulation 33 and Regulation 52(4) read witli Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, except for the disclosures relating to consolidated Pillar 3 dISclosure as at 30 Septeinber 2025, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel III Capital Regulations as would be disclosed on the Parent's website and in respect of which a link has been provided in Note 1.2 to the Statement and have not been reviewed by us, or that it contains any ir aterial misstatenient.

  5. The Statement includes the consolidated interim financial information of one subsidiary and the standalone interim financial information of four subsidiaries whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 1,33,267.08 crore as at 30 Septeinber 2025 and total revenues (before consolidation adjustments) of Rs. 5,808.8 1 crore and Rs. 11,628.67 crore, and total net profit after tax (before consolidation adjustments) of Rs. 827.06 crore and Rs. 1,648.99 crore, for the quarter ended 30 September 2025 and for the period from 1 April 2025 to 30 September 2025, respectively, and cash flows (net) of Rs. 1,098.82 crore for the period from 1 April 2025 to 30 September 2025, as considered in the Statement. This interim financial information has been reviewed by other auditors whose review reports leave been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the review reports of the other auditors and the procedures perform ed by US as stated in pa s mph 3 above.

    Our conclusion on the Statement is not modified in respect of this matter.

  6. The Statement includes the consolidated interim financial information of one subsidiary and the standalone interim financial information of two subsidiaries whose interim financial infoi'ination reflect total assets (before consolidation adjusenents) of Rs. 8,764.09 crore as at 30 Septeinber 2025 and total revenues (before consolidation adjustments) of Rs. 1,398.64 crore and Rs. 2,856.45 crore and total net profit afier tax (before consolidation adjustments) of Rs. 730.67 crore and Rs. 1,484.3 5 crore for the quarter ended 30 September 2025 and for the period from 1 April 2025 to 30 September 2025, respectively and the cash flows (net) of Rs. 42.86 crore for the period from 1 April 2025 to 30 September 2025, as considered in the Statement has been reviewed by one of the joint auditors of the Parent and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in i-espect of these subsidiaries, is based on the review reports issued by the said auditors of these subsidiaries and the procedures performed by us as stated in paragraph 3 above.

    Our conclusion on the Statement is not ir odified in respect of this matter.



    B SR & Co. LLP

    CUa 1ei ed Acco HJtants

    Datliboi & Purohit

    Chartered Accountants

  7. The Statement includes the consolidated interim financial information of one subsidiary and the standalone interim financial information of one subsidiary whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 4,02,778.55 crore as at 30 September 2025 and total revenues (before consolidation adjustments) of Rs. 23,052.01 crore and Rs. 54,884.50 crore, and total net profit after tax (befoi'e consolidation adjustments) of Rs. 6.12.69 crore and Rs. 1,336.50 crore, for the quarter ended 30 Septernber 2025 and for tae period from 1 April 2025 to 30 September 2025, respectively, and cash flows (net) of Rs. 288.84 crore for the period from 1 April 2025 to 30 September 2025, as considered in the Statement has been reviewed by one of the joint auditors of the Parent along with other joint auditor of the respective subsidiaries and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based on the review reports issued by the said joint auditors of these subsidiaries and the procedures performed by us as stated in paragraph 3 above.

    Our conclusion on the Statement is not modified in respect of this matter.

  8. The Statement includes the interim financial information of Employee Welfare Trust which has not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 847.56 crore as at 30 September 2025 and total revenues (before consolidation adjustments) of Rs. (65.00) crore and Rs. 20.80 crore, and total net profit / (loss) after tax (before consolidation adjustments) ofRs. (58.25) crore and Rs. 11.70 crore, for the quarter ended 30 September 2025 and for the period fi-oin 1 April 2025 to 30 September 2025 respectively, and cash flows (net) of Rs. 0.61 crore foi' the period from 1 April 2025 to 30 September 2025, as considered in the Statement. According to the information and explanations given to us by the Parent's nianase'Tlef1t, this interim

    financial information is not material to the Group.

    Our conclusion on the Statement is not modified in respect of this matter.

  9. The joint statutory auditors ofHDFC Life Insurance Company Limited (' HDFC Life') vide their review report dated 16 October 2025 have expressed an unmodified conclusion and have reported that "the actuarial valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 30 September 2025 is the responsibility of HDFC Life's Appointed Actuary (the "Appointed Actuary"). The actuarial valuation of these liabilities for life poljcies in force and for policies in respect of which preiniuin has been discontinued but liability exists as at 30 Septeinher 2025 has been duly certified by the Appointed Actuary and in her opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India ("IRDAI") and the Institute of Actuaries of India in concurrence with the IRDAI. We have relied upon the Appointed Actuary's certificate in this regard for forming our conclusion on the valuation of liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists, as contained in the group reporting pack of HDFC Life."



    Our conclusion on the Statement is not modified in respect of this matter.



    3

    Chartered Accountants

    Cliai tered Accountants

  10. The joint statutory auditors of HDFC ERGO General Insurance Company Limited ('HDFC ERGO') vide their review report dated 14 October 2025 have expressed an unmodified conclusion and have reported that "the valuation of Incurred but Not Reported ("IBNR") and Incurred but Not Enough Reported ("IBNER") liabilities for non-life policies is the i-esponsib ility of HDFC ERGO's Appointed Actuary (the "Appointed Actuary"). The outstanding claims reserves that are estimated using statistical methods, Premium Deficiency Reserve ("PDR"), IBNR and IBNER reserve as at 30 September 2025 have been certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India (the "Authority") and the Institute of Actuaries of India in concurrence with the Authority. We have relied upon the Appointed Actuary's certificate in this regard during our i'eview of the valuation of liabilities for outstanding claims reserve that are estimated using statistical methods, PDR, IBNR and IBNER Reserve, as contained in the group reporting pack of HDFC ERGO."

    Our conclusion on the Statement is not modified in respect of this matter.

  11. The consolidated financial results of the Group for the quaitei- ended 30 June 2025 were reviewed jointly by one of the joint auditors along with predecessor auditor whose report dated 19 July 2025 had expressed an unmodified conclusion. The consolidated financial results of the Group for the year ended 31 March 2025 were audited jointly by one of the joint auditors along with predecessor auditor whose report dated 19 April 2025 had expressed an unmodified opinion. The consolidated financial results of the Group for the com esponding quarter ended 30 September 2024 and corresponding period from 1 April 2024 to 30 September 2024 were reviewed jointly by one of the joint auditors along with predecessor auditoi- whose report dated 19 October 2024 had expressed an unmodified conclusion.

For B SR & Co. LLr



Cliai-lc•i -ed Accountants

Finn's Re tioi¿No. 101248W/W-100022

S r Soni'

iner

Membership No. 041870

UDIN: 25041870BMOMLW5172

Place: Mumbai

Date: ] 8 October 2025

For Batliboi & Purohit

Chartered Accountants



Firm's Registration No. 101048 W

Janak Mehta

Partner Membership No. 116976

UDIN: 25116S76BMOKRN6079

Place: Mumbai Date: 18 October 2025

MUMBAI


Chartered Accountants Chartered Accountants

Annexure I

List of entities included in the Statement.

Parent entity

HDFC Bank Limited

Subsidiaries

Sr. No.

Name of the entity

Relationship

1

HDFC Life Insurance Company Limited ('HDFC Life')

Subsidiary

2

HDB Financial Services Limited ('HDBFS')

Subsidiary

3

HDFC Securities Limited ('HSL')

Subsidiary

4

HDFC Asset Management Company Limited

('HDFC AMC')

Subsidiary

5

HDFC Ergo General Insurance Company Limited

('HDFC Ergo')

Subsidiary

6

HDFC Sales Private Limited

Subsidiary

7

HDFC Capital Advisors Limited

Subsi diary

8

HDFC Trustee Company Limited

Subsidiary

9



Grilia Pte. Limited (located in Singapore)

Subsidiary

Griha Investments (located in Mauritius)

Subsidiary

11

HDFC International Life and Re Company Limited

(located in Dubai)

Subsidiary of HDFC Life

12

HDFC Pension Management Company Limited

Subsidiary ofHDFC Life

13

HDFC AMC International (IFSC) Limited

(located in GIFT City)

Subsidiary of HDFC AMC

14

HDFC Securities IFSC Limited (located in GUT City)

Subsidiary ofHSL

15

HDB Employee Welfare Trust ('Employee Welfare

TrHS ')

Consolidated as a

subsidiary



B t



5