Hdfc Bank LimitedNSE: HDFCBANK

Financial Results for the quarter ended June 30, 2025

Jul 19, 2025 at 10:50 AM UTC · Issued by Hdfc Bank Limited

Watch Hdfc Bank explain itHDFC Bank Limited (HDB) Q1 2027 Earnings Call · Replay · Jul 18

HDFC BANK LIMITED

ciN: LssseonHI ss4puco#os1 a

sandoz House. Shivs agar Estate, Dr. Anme Bes ant Roao, Worii, Mumbai 400 018. Website: https:T/www.h drcbank.com, Tel.: 022- 66 €2 1000, Fax: 072- 24g6 0739

UNAUDjTED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2025

g in crore)

Quarter ended

Year ended

30.06.2025

31.03.2025

30.06.2024

31.03.2025

UnaudIted

Audited

UnaudIted

Audited

(Refer note 5)

Interesl earned (a)+(d)+(c)+(d)

77470.20

77460.11

73033.14

300517.04

a) Inlerest / discount on advances / bills

60192.64

60415.79

58714.88

238444.43

b) Income on investments

15070.08

14427.17

12543.02

53319.69

c) Interesf on balances wilh Reserve Bank of India and olher

670.17

601.12

472.B9

2506.31

inter•bank funds

6) Others

1537.31

2016.03

1301.55

6246.61

Other Income (Refer note 11 and 12)

21729.83

12027.8 6

10668.11

45632.28

Total Income (1)+(2}

99200.03

89487.99

83701.25

346149.32

Inferest expended

46032.23

45394.31

43196.00

177846.95

Operating expenses (i)+(ii)

17433. g4

17556.98

16620.61

68174.89

i) Employees cost

6157. 97

6115.94

5848.88

23900.53

ii) Other operating expenses

11275.87

11441.04

10771.73

44274.36

Total Expenditure (4)+(5} (excluding provisions and

63466.07

62951.29

59816.61

246021.84

contingencies)

Operating Profit before provisions and contingencies (3)-(6)

35733.96

26536.70

23B84.64

100127.48

Provisions (other fhan tax) and Contingencies (Refer note 9)

14441.63

3193.05

2602.06

11649.42

Exceptional ifems

Profit from ordinary activities before tax {7)-(8)-(9)

21292.33

23343.65

21Z8SB8

88478.06

Tax Expense (Refer nofe 13)

3137.12

5727.51

5107.83

21130.70

Net Profit from ordinary activities aher tax (10)-(11}

18155.21

17616.14

16174.75

67347.36

Exfraordinary items (net of Fax expense)

Net Profit for the period (12)-(13}

18155.21

17616.14

1617a.75

67347.36

Paid up equity share capital (Face Value of T 1/- each)

766.79

765.22

760.81

765.22

Reserves excluding revaluation reserves

496854.21

Analytical Ratios and other disclosures:

(i) Percentage of shares held dy Government of India

Nil

(i) Capital Adequacy Ratio

19.88%

19.55%

19.33%

19.55%

(iii) Earnings per share (EPS) fFace Value of £ 1/- each):

(a) Basic EPS before & after extraordinary ilems (net of tax expense) - nof annualized

23.71

23.03

?1.2S

88.29

(d) Diluted EPS before 8 after extraordinary ilems (net of tax

23.58

22.93

21.19

8lA0

expense) - not annualized

(iv) NPA Ratios:

(a) Gross NpAs

37040.80

35222.64

33025.69

352g2.64

(b) Net NPAs

12275.99

11320.43

9508.44

11320.43

1.40%

1.33%

j .03%

1.33%

(d) % of Net NPAs to Nef Advances

0.47%

0.43%

0.39%

0.43%

(v) Return on assets (average) not annualized

0.48%

0.47%

1.91%

(vi) Net worth

508803.89

468899.69.

4447 93.21

488899.89

(vii) Outstanding Redeemable Preference Shares

CapitaT Redemption Reserve
Debt Equity Ralio

0.61

0.74

1.02

0.74

(x) Tolal Debts to Total Assets

12.90%

14.01%

16.80%

14.0t %

- Debt represents 6or/owings with residual maturity of more than one

year. Ta!al debts represents |ota! borrowings oFI/ie Bank.

Z MUMBAI

BAl

Standalone Se8ment informalion in accordance with the RBI guidelines and Accounting Standard 17 - Segment Reporting of the operating segments of the Bank is as under:

g in crore)

Particulars

Quarter ended

Year ended

31.03.2025

30.06.2025

31.03.2025

30.06.2024

Unaudited

Audited

(Refer note 5)

Unaudlted

Audited

Segment Revenue

Treasury

28283.34

16910.36

15320.59

62227.48

b) Retail Banking:

75191.18

73391.30

6805479

283434.79

(i) Digital Banking"

2.49

2.TO

1.70

8.59

//# Avon Digital Banking

7fi 88.69

7388B. 9O

68o53. 09

283#26.No

,) Wholesa|e Banking

d4790.22

49637.35

47173.95

191964.51

d) Other Banking Operations

8693.64

9573.11

7994.16

36449.05

e) Unallocated

Tota|

156958.38

149512.12

138543.49

573075.83

Less: Inter Segment Revenue

57758.35

60024.13

54842.24

226926.51

Income from Operations

99200.03

89487.99

83701.25

346149.32

2 Segment Results*

a) Treasury

12776.86

1230.69

1706.33

4605.36

b) Retail Banking:

3381.70

8148.74

5821.28

27309.11

(i) Digital Banking*

/o,2o$

0.02

(0.07)

0.04

(ii} Non Digital Banking

330Y. 90

5821.35

c) Wholesa|e Banking

3698.39

10406.43

10776.18

44543.96

d) Otfier Banking Operations

2016.76

4143.85

3556.54

14363.75

e) Unallocaled

(58 t38)

(586.06)

(577.75)

(2344.12)

Total Profit Before Tax

21293.33

23343.65

2'1282.58

88478.06

3 Segment Assets

a) Treasury

1024344.73

991874.12

796772.25

991874.12

b) Retai| Banking:

1528135.60

1533890.27

1432329.21

1533890.27

/} Digital Banking"

88.04

BE.Y5

60.68

8 T. YS

(ii) Nan Digital Banking

1528047,56

1533809.12

1432268.53

1533809.12

c) Wholesale Banking

1269139.82

1247937.97

1210807.95

1247937.97

d) Other Banking Operations

110854.86

112358.81

102452.02

112358.81

e) Unaltocared

21601.63

24137.77

24888.10

24137.7T

Total

3954076.66

3910198.94

3567249.53

3910198.94

Segment Liabilities'

a) Treasury

84025.64

83340.18

65421.51

B3O40. 18

b) Retail Banking:

2322644.57

2312515.85

2066184.21

2312515.85

(i) Digital Banking"

93.51

86.16

65.58

86.I 6

ti7/ Non Digital Banking

232255 ,06

2312429. 69

2066a GB. 63

231y429.69

, Wholesale Banking

966071.31

966136.:3<

917628.00

956136.34

d) Offer Banking Operations

9253.99

8513.18

8040.78

8513.1

e) Unalocaed

4944d.OF

4B2b6.77

51292.7 6

48268.77

Total

3431436.52

3408774.32

3108567.26

3408774.32

5 Capital, Employees stock options outstanding and Reserves

522640.14

501424.62

458682.27

501424.62

6 Total (4)+(5}

3954076.66

3910198.94

3567249.53

3910198.94

"lnforrnaâon about O*g//a/ Banklng Segmen! reported as a su6-segmenf af Retail Banking Segmenf is re/afed to Digital Banking t/nifs of Me Bank. Segment Results and liabilities for the period ended June TO, 202a are aF/er ronsidezing he impact o///oaâng provisions in Me respecâve segmen/s.

Business Segments flave been idenfified and reported taking into account the target customer profile, the nature of products and services, the differing risks and returns, the organisation structure, the internal business reporting system and the guidelines prescribed by the RBI. The Segment Assets and Segment Liabilities exclude transfers between segments and are Transfer priced on a gross basis.

Notes :

1 Standalone Statement of Assets and Liabilities is given below:

g in crore)

Parttculars	As at 30.06.2025	As at 30.06.2024	As at 31.03.20z5
Parttculars	Unaudited	Unaudited	Audited
CAPITAL AND LIABILITIES
Capital	766.79	760.81	765.22
Employees stock opfions oulslanding	4043.72	3056.11	3805.19
Reserves and surplus	517829.63	454865.35	496854.21
Deposits	2764089.02	237908d.53	271'4714.90
Borrowings	510056.21	fi99337.16	547930.90
Other liabilities and provisions	157291.29	130145.57	146128.52
Total	3954076.66	3567249.53	3910198.94
AT SETS
Cash and balances with Reserve Bank of India	142538.15	144716.50	144355.03
Balances with banks and money at call and short notice	60057.11	37147.05	95215.65
Investments	896663.53	708016.66	836309.68
Advances	2628434.20	2463520.82	2619608.61
Fixed assets	13784.70	12022.78	13655.40
Other assefs	212598.97	201025.70	201004.57
Total	3954076.66	3567249.53	3910198.94

2 The above standalone financial results fiave been approved by the Board of Directors at its meeting held on Ju|y 19, 2025. The financia) results for fhe quarter ended June 30, 2025 have been subjected ]o a "Limited Review™ by the joint stautory auditors of the Bank viz. Price Waterhouse LLP, Chartered Accountants and Batliboi 6 Purohit, Chartered Accountants. The financial results for the quarter ended June 30, 2024 were reviewed by the Bank's joint statutory auditors - M M Nissim & Co LLP, Chartered Accountanls and Price Waterhouse LLP, Chartered Accountants.

3 These financial resulfs 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 |ndia ("the RBI") from time to time and other accounting principles generally aocepted in India, and aeincomp#aucewiIhihe pesenawon and dscosurerequiremensoC+te Regulaton33 and Reguatons2rea6wilh Regua#on63(2) oChe Securities and Exchange Board of India (Listing Obligations and Disc|osure Requirements) Regulations, 2015 ("SEBI Regulations") as amended

including relevant cjrcu|ars issued by tfie SEBI from time to time.

The Bank has app|ied its significant accounting po|icies. in lhe preparation of tljese financial results consistent wiIfi those followed in the annual financial statements for lhe year ended March 31, 2025. Any circular / direction issued by RBI is implemented prospectively wfien it becomes applicable, unless specifically required under those c|rcuIars / directions.

The (gures for the quarter ended March 31, 2025 are tfie balancing figures between audited figures jn respect of the financial year 202425 and the published yeaT to date figures upto December 31, 2024.

6 The Board of Directors at its meeting held on July 19, 2025, dec|ared a special interim dividend of T 5.00 per equily share pre-bonus issuance. Effect of the dividend has been reckoned in determining capital funds in the computation of capital adequacy ratio as at June 30, 2025.

The Board of Directors at its meeting held on July 19, 2025, approved issuance of bonus shares, in the proportion of 1:1, i.e. 1 (One) bonus equity share of T 1 each for every 1 (One) fully paid-up equity share held as on the record date, subject lo statutory and regulatory approvals as applicable as well as approval of shareholders of the Bank ]o be obtained by way of postal ballot.

8 During the quarter ended June 30, 2025, the Bank aIIoI1ed 1,56,91,972 equity shares, pursuant to the exercise of options / units under the approved employee stock oplion schemes / employee stock incentive master scfieme.

During the quarter ended June 30, 2025, lhe Bank has made a floating provision of T 9,000.00 crore in ]ine with the Board approved policy.

Details of loans transferred / acquired duñng the quarter ended June 30, 2025 as per RBI Masfer Direction on Transfer of Loan Exposures dated September 24, 2021 are given below:

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

Particul ars	To Asset Reconstruetion Companies (ARCs)	To permitted transferees	To other transferees
Number of accounts	365	-
Aggregate principal outstanding of loans transferred	49.34	-
Weighted average residual tenor of the loans {ransferred (in years)	15.60	-
Net book value of loans transferred (at the time of Transfer)
Aggregate consideration	34.83	-
Addilional consideration realised in respect of accounts transferred in earlier years	6.55

Above excludes sale of written-off accounts.

The Bank has reversed the excess provision of T 34.83 crore to Profil and Loss account on sale of the aforesaid loans.

BAI

MUMBAI

Details of loans not in default transferred through assignment / participation are given below:

PartjcuT ars	Value
^98regate amount of loans transferred g in crore)	3,274.63
Weighted average residua\| matur fy (in years)	9.50
Weighted average holding period (in yearsJ	3.09
Refention of beneficial economic interesf	10%
Tanglble security coverage	100%

The loans transferred are not rated as these are fo non-corporate borrowers.

Defai|s of ratings of Security Receipls (SRs] outstanding as on June 30, 20z5 are given below'

Rating	Rating Agency	Recovery rating	Gross Value of o utstandin g
RR4	India Ratings	25%- 50%	126.76
RR1	India Ratings	100%-150%	46.45
RR3	CRISIL	50% - 75%	20.20
RR1+	India Ralings	More than 150%	0.15
RR1+	ICRA	More than 150%
RR3	India Ratings	50% - 75%	36.22
Unrated			730.4 0
			110.66
		Total	1,078.84

Investment made in the SRs are guaranteed by Government of India. Pursuant to regulatory norms, The ARC sha|| obtain initial rating of SRs from an approved credit rating agency wifhin a period of six months from the date of acquisition of assets by it.

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

Other income includes commission income from non-fund based banking activifies, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments, dividends from subsidiaries and recoveries from accounts previous|y wñtten off.
On June 25, 2025, the Bank's subsidiaTy company, HOB Financiat Services limited g'HDBFS launched its inifial public offering ("IPO"), comprised of a fresh issuance of equity shares aggregafing to T 2,500.00 crore and an offer for sale ("OFS") of equity shares by the Bank, aggregating lo T 10,000.00 crore. Under the OFS, the Bank divested 13,51,35,135 equity shares of T 10 each of HDBFS at £ 740/- per share, for a consideration aggregating lo T 10,000.00 crore. Consequently, the net gain to the Bank on sale of shares under the OFS is £ 9,128.40 crore (before tax and net of eslimated IPO related expenses) during the quaner ended June 30, 2025. As a result of lhe sale of shares by the Bank and fresh allotment of shares by HDBFS under tbe BPO , the looding of the Bank in HDBFS stood at 74.19°/• as on June 30, 2025 (94.32% as on March 31, 2025).
Provision for tax during the quarter ended June 30, 2025 is net of write back of provision no longer required of T 1,144.46 crore, pursuant to favourable orders received.
Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period's classification.
T 10 million = £ 1 crore

P|ace: Mumbai Date: July 19, 20Z5

Sashidhar Jagdishan Managing Director DTN-08614396

BAI

Price Watei•liouse LLP Chartered Accountants NESCO, IT Building III,

8'" Floor, NESCO IT Park,

Goregaon (East), Mumbai - 4ooo63

Batliboi & Purohit Chartered Accountants National Insurance Building,

2nd FIOor, 204, D N Road, Fort, Mumbai - 4ooooi

INDEPENDENT AUDITORS' REVIEW REPORT ON UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 3°› *°*5› OF HDFC BANK LIMITED PURSUANT TO THE REGULATION 33 AND REGULATION s READ WITH REGULATION 63(*) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS), REGULATIONS, 2O*5 (AS AMENDED)

To the Board of Directors HDFC Bank Limited

We have reviewed the accompanying unaudited standalone financial results of HDFC Bank Limited (the "Bank") for the quarter ended June 3o, 2025, which are included in the accompanying 'Unaudited Standalone Financial Results for the quarter ended June 3o, 2025' (the "Statement") being submitted by the Bank pursuant to the requirements of Regulation 33 and Regulation 5z read with Regulation 63(•) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, rois, as amended (the "Listing Regulations, 2Ois"J, including relevant circulars issued by the Securities and Exchange Board of India ("SEBI") from time to time. We have initialed the Statement for identification purposes only.

The Statement is the responsibility of the Bank's Management and has been approved by the Bank's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard •s "Interim Financial Reporting" ("AS s"), prescribed under Section i33 of the Companies Act, 2O+3 (the "Act"), the relevant provisions of the Banking Regulation ACt, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India ("RBI") from time to time ("RBI Guidelines") and other accounting principles generally accepted in India, and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation sc read with Regulation 63(°) Of the Listing Regulations, z s including relevant circulars issued by the SEBI from time to time. Our responsibility is to issue a report on the Statement based on our review.
We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) zero, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. This standard requires that we plan
and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of Bank personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit. Accordingly, we do not express an audit opinion.
Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in accordance with the applicable accounting standards and other recognised accounting practices and policies, and has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation s• read with Regulation 63(c) of the Listing Regulations, sois, including relevant circulars issued by the SEBI from time to time, and 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 accordance with the relevant prudential norms issued by the RBI in respect of Income recognition, asset classification, provisioning and other related matters.

Price Waterhouse LLP Chartered Accountants NESCO, IT Building III, 8"' Floor, NESCO IT Park,

Goregaon (East), Mumbai - 4ooo63

Batliboi & Pui•ohit Chartered Accountants National Insurance Building,

2nd Floor, 2Oq, D N Road, Fort, Mumbai - 4ooooi

s The standalone financial results of the Bank for the quarter ended June 3o, z 4 were jointly reviewed by M M Nissim & Co LLP and Price Waterhouse LLP, who issued their unmodified conclusion, vide their report dated July 2o, zO24 Accordingly, Batliboi & Purohit do not express any conclusion on the figures reported for the quarter ended June 3o, zo24 in the Statement. Our conclusion is not modified in respect of this matter.

For Price Waterhouse LLP Chartered Accountants

Firm Registration Number: 3 +ii2E/E3OO264

Sharad Vasant Partner

Membership Number: ioiii9 UDIN: sio iigBMlFEH5O72

Place: Mumbai Date: July i , 2025

For Batliboi & Purohit Chartered Accountants

Firm Registration Number: iolo48W

Janak Mehta Partner

Membership Number: ii6 76 UDIN: 25!I6976BMOKQS6977

Place: Mumbai Date: July ig, 2025

HDFC BANK LIMITED

CIN : L65920MH1994PLC080618

Sandoz House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018. Website: https://www.hdfcbank.com, Tel.: 022-6652 1000, Fax: 022-2496 0739

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2025

(T in crore)

Particulars

Quarter ended

Year ended

30.06.2025

31.03.2025

30.06.2024

31.03.2025

Unaudited

Audited

(Refer note 5)

Unaudited

Audited

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

Interest / discount on advances / bills
Income on investments
Interest on balances with Reserve Bank of India and other inter-bank funds
Others

Other income (a)*(b)

Premium and other operating income from insurance business
Others (Refer note 6 and 8) Total income (1)*{2)
Interest expended
Operating expenses (i)+(ii)+(iii)
1. Employees cost
2. Claims and benefits paid and other expenses pertaining to insurance business
3. Other operating expenses

Total expenditure (4)+(5) (excluding provisions and contingencies)

Operating profit before provisions and contingencies (3)-(6) Provisions (other than tax) and contingencies (Refer note 9) Exceptional items

Profit from ordinary activities before tax and minority

interest (7)-(B)-(9) Tax expense

Net profit from ordinary activities after tax and before minority interest (10)-{11)

Extraordinary items (net of tax expense)

Net profit for the period before minority interest (12)-(13) Less: Minority interest

Net profit for the period (14)-(15)

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

Analytical Ratios and other disclosures:

Percentage of shares held by Government of {ndia
Earnings per share (EPS) (T) (Face value of £ 1/- each):
1. Basic EPS before & after extraordinary items (net of tax expense) - not annualized
2. Diluted EPS before & after extraordinary items (net of tax expense) - not annualized

87371.87

64147.91

20817.17

826.44

1580.35

45683.10

16073.37

29609.73

133054.97

47708.51

49183.00

8897.46

28072.92

12212.62

96891.51

36163.46

15313.63

20849.83

3759.40

17090.43

832.52

16257.91

766.79

Nil 21.23

21.12

86779.34

64006. 90

19733.02

761.74

2277.68

33489.42

25635.74

7853.68

120268.76

46986.21

43903.80

8809.68

22543.14

12550.98

90890.01

29378.75

3805.36

25573.39

6288.82

19284.57

449.69

18834.88

765.22

Nil 24.62

24.52

81546.20

61875.82

17474.07

636.42

1559.89

35450.29

14606.73

20843.56

116996.49

44579.50

46546.83

8289.07

26752.55

115o4.g

91126.03

25870.46

3143,09

22727.37

5539.32

171B8.05

171BB.05

713.20

16474.BE

760.81

Nil 21.67

21.59

336367.43

251953.60

73912.07

3172.52

7329.24

134548.50

78589.17

55959.33

470915.93

183894.20

176605.07

34135.75

94437.39

48031.93

360499.27

110416.66

14174.61

96242.05

22801.88

73440.17

2647.92

70792.25

765.22

51721s.g8

Nil 92.81

92.39

BAI

Regd. Office : HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013.

Consolidated Segment information in accordance with the RBI guidelines and Accounting Standard 17 - Segment Reporting of the operating segments of the Group is as under:

R in crore)

Particulars	Quarter ended			Year ended 31.03.2025
	30.06.z025	31.03.2025	30.06.2024	Year ended 31.03.2025
	Unaudited	Audited (Refer note 5)	Unaudited	Audited
I Segment Revenue
a) Treasury	26104.21	16910.36	15320.59	62227.48
b) Retail Banking:	75191.18	73391.30	68054.79	283434.79
(i) Digital Banking*	2.49	2.40	Y.70	8.59
(ii) Non Digital Banking	75188.69	73388.90	68053.09	283426.20
c) Wholesale Banking	44790.22	49637.35	47173.95	191964.51
d) Other Banking Operations	8693.64	9573.11	7994.16	35449.05
e) Insurance Business**	31619.24	26408.60	29632.63	107630.27
f} Others'	4414.B3	4372.17	3662.61	17136.34
g) Unallocated
Total	190813.32	180292.89	171B3B.73	697842.44
Less: Inter Segment Revenue	57758.35	60024.13	54842.24	226926.51
Income from Operations	133084.97	120268.76	116996.49	470915.93
2 Segment ResuIts"""
a) Treasury	10597.73	1230.69	1706.33	4605.36
b) Retail Banking:	3381.70	8148.74	5821.28	27309.11
(i) Digital Banking"	(0.20)	0.02	(0.07)	0.04
(ii) Non Digital Banking	33B1.90	8148.72	5821.35	27309.07
c) Wholesale Banking	3698.39	10406.43	10776.18	44543.96
d) Other Banking Operations	2016.76	4143.85	3556.54	14363.75
e) Insurance Business"	1644.92	1871.17	1360.81	5953.61
f} Others'	91.71	358.57	83.98	1810.38
g) Unallocated	(581.38)	(586.06)	(577.75)	(2344.12)
Total Profit Before Tax and Minority Interest	20849.83	25573.39	22727.37	96242.05
3 Segment Assets
a) Treasury	1024344.73	991874.12	796772.25	991874.12
b) Retail Banking:	1528135.60	1533890.27	1432329.21	1533890.27
(i) Digital Banhing"	88.04	81.15	60.68	81.15
{//} /ion Digital Banking	1528047.56	y533809.12	1432268.53	1533809. 12
c) Wholesale Banking	1269139.82	1247937.97	1210807.95	1247937.97
d) Other Banking Operations	110854.88	112358.81	102452.02	112358.81
e) Insurance Business"	390123.07	372256.74	341114.28	372256.74
f) Others^	111848.31	109961.74	98174.13	109961.74
g) Unallocated	21601.63	24137.77	24888.10	24137.77
Total	4456048.04	4392417.42	4006537.94	4392417.42
4 Segment Liabilities"
a) Treasury	84025.64	83340.18	65421.51	83340.18
b) Retail Banking:	2322644.57	2312515.85	2066184.21	2312515.85
(i) Digital Bashing"	93.51	86.16	65.58	86.16
(ii) Non Digital Banking	232255f.06	2312429. 69	2066ff 8.63	23y2429.69
c) Wholesale Banking	966071.31	956136.34	917628.00	956136.34
d) Other Banking Operations	9253.99	8513.18	8040.78	8513.18
e) Insurance Business"*	374712.75	358568.57	329394.05	358568.57
f} Others^	86751.07	86926.10	78346.75	86926.10
g) Unallocated	49441.01	48268.77	51292.76	48268.77
Total	3892900.34	3854268.99	3516308.06	3854268.99
Capital, Employees stock options outstanding, Reserves and Minority Interest	563147.70	53B14B.43	490229.88	538148.43
6 Total (4)*(5)	4456048.04	4392417.42	4006537.94	4392417.42

"/nforrnafion abou/ Diciital Banking Segment reported as a sub-segment a(Re!ail Banking Segment is related la Digital Banking Units of the Bank.

"" Includes the operations of HDFC Life Insurance Company Cimifed (consolidated) ("HDFC Life") and HDFc eRco ‹General Insurance Company Limited ("HDFC Ergo"/.

"""Segment Pesu/is and Lia6i/ifies for the period ended June 30, 2025 are afler considering file impacf of/7oa/ing provisions in //je respecfive segments.

^ Inc/udes /fje operañons otffje conso/ida/ed en/ifies at the Bank, not covered in any off/je above segments.

Business Segments have been identified and reported taking inlo account the target customer profile, the nature of products and services, the differing risks and returns, the organisation structure, the internal business reporting system and he guidelines prescribed by the RBI. the Segment Assets and Segment Liabilities exclude transfers between segm enIs and are transfer priced on a gross basis.

Charlered Acc «i tants

MUMBAI

Notes :

Consolidated Statement of Assets and Liabilities is given below

(T in crore)

As at

30.06.2025

As at

30.06.2024

As at

31.03.2025

Unaudited

Audited

CAPITAL AND LIABILITIES

Capital

766.79

760.81

765.22

3056.11

3805.19

Employees stock options outstanding

4043.72

Reserves and surplus

537823.51

472019.13

517218.98

Minority interest

20513.68

14393.83

16359.04

Deposits

2756487.50

2376845.66

2710898.23

Borrowings

599612.81

673354.23

634605.57

Other liabilities and provisions

198051.73

171096.04

188163.s6

Policyholders' funds

338748.30

295012.13

320601.53

Total

4456048.04

4006537.94

4392417.42

ASSETS

Cash and balances with Reserve Bank of India

142561.88

144747.07

144390.25

Balances with banks and money at call and short notice

72050.90

46361.08

105557.65

Investments

1265771.54

1030476.45

1186472.89

Advances

2735109.92

2557381.27

2724938.16

Fixed assets

15439.01

13293.51

15257.94

Other assets

225114.79

214278.56

215800.53

Total

4456048.04

4006537.94

4392417.42

The above financial results represent the consolidated financia] results of HDFC Bank Limited, its subsidiaries (together referred to as the "Group") and HDB Employee Welfare Trust ("EWT"). These financial results have been approved by the Board of Directors at its meeting held on July 19, 2025. The financial results for the quarter ended June 30, 2025 have been subjected to a "Limited Review" by the joint statutory auditors of the Bank viz. Price Waterhouse LLP, Chartered Accountants and Batliboi & Purohit, Chartered Accountants. The financial results for the quarter ended June 30, 2024 were reviewed by the Bank's joint statutory auditors - M M Nissim & Co LLP, Chartered Accountants and Price Waterhouse LLP, Chartered Accountants.
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 RBI") from time to time, the Insurance Regulatory and Development Authority of India ("IRDAI") (Preparation of Financial Statements and Auditors Report of Insurance companies) Regulations, 2002 ("IRDAI Guidelines") to the extent applicable for insurance entities and other accounting principles generally accepted in India and these financial results are in compliance with the presentation and disclosure requirements of the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Regulations") as amended including relevant circulars issued by the SEBI from time to time.
The Group has applied significant accounting policies in the preparation of these consolidated financial results consistent with those followed in the annual consolidated financial statements for the year ended March 31, 2025. Any relevant circular
/ direction issued by the RBI and other regulator(s) is implemented prospectively when it becomes applicable, unless specifically required under that circular / direcfion.
The figures for the quarter ended March 31, 2025 are the balancing figures between audited figures in respect of the financial year 2024-25 and the published year to date figures upto December 31, 2024.
On June 25, 2025, 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 7 2,500.00 crore and an offer for sale ("OFS") of equity shares by the Bank, aggregating to I 10,000.00 crore. Under the OFS, the Bank divested 13,51,35,135 equity shares of 7 10 each of HDBFS at £ 740/- per share, for a consideration aggregating to 7 10,000.00 crore. In the Consolidated Financials, profit on sale of investment is considered as the difference between the sale consideration 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 net gain to the Bank in the Consolidated Financials, on sale of shares under the OFS is I 6,949.27 crore (before tax and net of estimated IPO related expenses) during the quarter ended June 30, 2025.
As a result of the sale of shares by the Bank and fresh allotment of shares by HDBFS under the IPO, the holding of the Bank in HDBFS stood at 74.19% as on June 30, 2025 (94.32% as on March 31, 2025).
MUMBAI
During the quarter ended June 30, 2025, the Bank allotted 1,56,91,972 equity shares pursuant to the exercise of options / units under the approved employee stock option schemes / employee stock incentive master scheme.
Other income includes commission income from non-fund based banking activities, fees, earnings from foreign exchange and derivative transactions, profit and loss (including revaluation) from investments, and recoveries ffom accounts previously written off.
During the quarter ended June 30, 2025, the Bank has made a floating provision of 7 9,000.00 crore in line with the Board approved policy.
In accordance with the RBI guidelines, banks are required to make consolidated Pillar 3 disclosures including leverage ratio, liquidity coverage ratio and net stable funding ratio under the Basel III Framework. These disclosures would be available on the Bank's website at the following link: https://www.hdfcbank.com/personal/resources/regulatory-disclosures. The disclosures have not been subjected to audit or review by the statutory auditors.
Figures of the previous periods have been regrouped / reclassified wherever necessary to conform to current period's classification.
T 10 million = T 1 crore

Place: Mumbai Date: July 19, 2025

Sashidhar Jagdishan Managing Director DIN-08614396

8"' Floor, NESCO IT Park,

Goregaon (East), Mumbai - qooo63

2nd Floor, zo4. D N Road,

Port, Mumbai - 4ooooi

INDEPENDENT AUDITORS' REVIEW REPORT ON UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 3°› ^°z5, OF HDFC BANK LIMITED PURSUANT TO THE REGULATION 33 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS), REGULATIONS, z° s (AS AMENDED)

To the Board of Directors HDFC Bank Limited

i. We have reviewed the accompanying tinaudited consolidated financial results of HDFC Bank Limited tthe "Parent or the Bank") and its subsidiaries tthe Parent and its subsidiaries together referred to as "the Group") and the Employee Welfare Trust for the quarter ended June 3 , s, which are included in the accompanying 'Unaudited Consolidated Financial Results for the quarter ended June 3o, zoos' (the "Statement") being submitted by the Bank pursuant to the requirements of Regulati » 33 Of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 20 s. as amended (the "Listing Regulations, z s"), including relevant circulars issued by the Securities and Exchange Board of India ("SEBI") from time to time, except for the disclosures relating to consolidated Pillar 3 dlsClosure as at June 3o, 2025, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel Ill Capital Regulations as would be available on the Bank's website and in respect of which a link has been provided in the Statement and have not been reviewed by us. We have initialed the Statement for identification purposes only.

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 with the recognition and measurement principles laid down in Accounting Standard s "Interim Financial Reporting" ("AS s"), prescribed under Section 33 Of the Companies Act, z !3 ("the Act"), the relevant provisions of the Banking Regulation ACt, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time ("RBI Guidelines") and other accounting principles generally accepted in India, and is in compliance with the presentation and disclosure requirements of Regulation s3 of the Listing Regulations, rois including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.

We conducted our review of the Statement in accordance with the Standard on Review Engagements (* ) *4* , 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of
material misstatement. A review is limited primarily to inquiries of Bank personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, zoos
The Statement includes the results of the entities referred in Annexure I.

5- Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in accordance with recognition and measurement principles laid down in AS s. prescribed under Section i33 Of the Act, the RBI Guidelines and other accounting principles generally accepted in

India, and has not disclosed the information required to be disclosed in terms of Regulation 33 Of the Listing Regulations, zois, including relevant circulars issued by the SEBI from time to time, and 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 accordance with the relevant prudential norms issued by the RBI in

8"' Floor, NESCO IT Park,

Goregaon (East), Mumbai - 4oOO63

end Floor, 2o4, D N Road,

Fort, Mumbai - 4oo ooi

respect of Income recognition, asset classification, provisioning and other related matters, except for the disclosures relating to consolidated Pillar 3 disclosure as at June 3o, zO2s, including leverage ratio, liquidity coverage ratio and net stable funding ratio under Basel 111 Capital Regulations as would be available on the Bank's website and in respect of which a link has been provided in the Statement and have not been reviewed by us.

6. The standalone unaudited financial information of 7 Subsidiaries and consolidated unaudited financial information of 3 subsidiaries reflect total assets of Rs 549,148.39Crores and net assets of m. 52,804 93 crores as at June 3o, 2025, total revenue of Rs 39, io.i6 crores and total net profit after tax of Rs. 2,2 9.42 crores for the quarter ended June 3o, sows, as considered in the Statement. These standalone/consolidated unaudited financial information have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion, have been furnished to us by the 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 reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

7- The Statement includes the unaudited financial information of Employee Welfare Trust which have not been reviewed by their auditors, whose unaudited financial information reflect total assets of 9is.8z crores and net assets of Rs. 8o8.67 crores as at June 3o, zo s, total revenue of Rs. 8s.8i crores and total net profit after tax of Rs. 69 9s crores, as considered in the Statement. According to the information and explanations given to us by the Management, this unaudited financial information are

not material to the Group.

The following other matter paragraph has been included in the review report on the consolidated special purpose financial information of HDFC Life Insurance Company Limited (the 'Parent' or the 'Holding Company' referred to in its report), a subsidiary of the Bank, issued by their auditors, vide their report dated July i6, z s
"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 3o June ao s is the responsibility of the Parent's Appointed Actuary (the "Appointed Actuary"). The actuarial valuation of these liabilities for life policies in force and for policies in respect of which premium has been discontinued but liability exists as at 3o June zoos 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 Special Purpose Financial Information. Our conclusion is not modified in respect of this matter."
The following other matter paragraph has been included in the review report on the special purpose financial information of HDFC ERGO General Insurance Company Limited (the 'Company' as referred to in its report), a subsidiary of the Bank, issued by their auditors, vide their report dated July iz, s'
"The valuation of Incurred but Not Reported ("IBNR") and Incurred but Not Enough Reported ("IBNER") liabilities for non-life policies is the responsibility of the Company's Appointed Actuary (the "Appointed Actuary"). The outstanding claims 7esein'es that are estimated using statistical methods, Premium Deficiency Reserve ("PDR"), IBNR and IBNER reserve as at 3 June zoos 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 certifieate in this regard during our review of the valuation of liabilities
BAI

8'" Floor, NESCO IT Park,
Goregaon (East), Mumbai - 4°OO63
and Floor, s o4, D N Road, Fort, Mumbai - 4ooooi
for outstanding claims reserve that are estimated using statistical methods, PDR, IBNR and IBNER Reserve, as contained in the Statement. Our conclusion is not modified in respect of this matter."
The consolidated financial results of the Bank for the quarter ended June 3o, sO 4 were jointly reviewed by M M Nissim & Co LLP and Price Waterhouse LLP, who issued their unmodified conclusion, vide their report dated July 2o, 2O*4 Accordingly, Batliboi & Purohit do not express any conclusion on the figures reported for the quarter ended June 3o, 2024 in the Statement.

Our conclusion is not modified in respect of the matters mentioned in paragraph 6 to io above.

For Price Waterhouse LLP Chartered Accountants

Firm Registration Number: 3 I1I2E/E3OO264

Sharad Vasant Partner

Membership Number: ioni9 UDIN: *5* i**9BMIFEG6g 7

Place: Mumbai Date: July i9, 2025

For Batliboi & Purohit Chartered Accountants

Firm Registration Number: ioio48W

Janak Mehta Partner

Membership Number: i16 76 UDIN: "s'i6976BMOKQT83l6

Place: Mumbai Date: July ig, oops

8"' Floor, NESCO IT Park,

Goregaon (East), Mumbai - 4ooo63

Aiinexui•e I List of entities Included in the Statement

Parent Company HDFC Bank Limited Subsidiaries

end Floor, zoq, D N Road, Fort, Mumbai - qooooi

SrNo.

Name of the Entity

Relationship

HDFC Life Insurance Company Limited

Direct Subsidiary

HDB Financial Services Limited

Direct Subsidiary

HDFC Securities Limited

Direct Subsidiary

HDFC Asset Management Company Limited

Direct Subsidiary

HDFC Ergo General Insurance Company Limited

Direct Subsidiary

HDFC Sales Private Limi'ted '

Direct subsidia

HDFC CapitalAdvisors Limited

Direct Subsidiary

HDFC Trustee Company Limited '

Directsubsidiary

Griha Pte Limited (located in Singapore)

Direct subsidiary

Griha Investments (located in Mauritius)

Direct Subsidiary

HDFC International Life and Re Company Limited (located in

Dubai)

Indirect Subsidiary

HDFC Pension Management Company Limited

Indirect Subsidiary

HDFCAMC International (IFSC) Limited (located in Gift City)

Indirect Subsidiary

HDFC Securities IFSC Limited (located in Gift Cir)

Indirect subsidiary

Overs

Sr. No.

Name of the Entity

Relationship

HDB Employee Welfare Trust

Employee Welfare Trust

O# ‹'/ 'O

MU BAI