Hdfc Bank LimitedNSE: HDFCBANK

Q2FY26 Earnings Presentation.

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Classification - Confidential

Q2FY26 Earnings Presentation

Classification - Confidential

October 18, 2025


Key performance metrics for Q2 FY26

  • Deposits; average YoY ↑ ₹ 3.56 tn (15.1%) ; EOP YoY ↑ ₹ 3.02 tn (12.1%)

    • Average deposits QoQ ↑ ₹ 0.53 tn (2.0%) ; EOP QoQ ↑ ₹ 0.38 tn (1.4%)

    • Average CASA QoQ ↑ ₹ 0.17 tn (1.9%) ; EOP QoQ ↑ ₹ 0.12 tn (1.3%)

    • Average time deposits QoQ ↑ ₹ 0.36 tn (2.0%) ; EOP QoQ ↑ ₹ 0.26 tn (1.4%)

  • AUM; average YoY ↑ ₹ 2.31 tn (9.0%) ; EOP YoY ↑ ₹ 2.35 tn (8.9%)

    • Average AUM; QoQ ↑ ₹ 0.52 tn (1.9%) ; EOP QoQ ↑ ₹ 0.87 tn (3.1%)

  • Gross Advances; EOP YoY ↑ ₹ 2.50 tn (9.9%) ; EOP QoQ ↑ ₹ 1.16 tn (4.4%)

  • Asset quality continues to remain stable; GNPA ratio at 1.24%; ex-agri at 0.99%

  • PAT for the quarter ₹ 186 bn; RoA of 1.93%; RoE of 14.4%; Standalone EPS ₹ 12.1 for the quarter

2



HDFC Bank Presentation Q2 FY2026

Key financial parameters for Q2 FY26



Average deposits at ₹ 27,105 bn,

↑15.1% YoY ; ↑2.0% QoQ

Average advances under

management at ₹ 27,946 bn,

↑9.0% YoY ; ↑1.9% QoQ

Net interest margin (NIM) of 3.27%

Core cost-to-income ratio of 39.2%

Profit after tax of ₹ 186 bn, EPS

for the quarter ₹ 12.1

Gross NPA at 1.24%, ex-agri 0.99%

Return on assets of 1.9%

Capital adequacy ratio at 20.0%

of which CET1 at 17.5%

Income statement

P&L (₹ bn)

Q2 FY25

Q1 FY26*

Q2 FY26

QoQ

YoY

Net interest income

301.1

314.4

315.5

0.4%

4.8%

Non-interest income

114.8

217.3

143.5

(34.0%)

25.0%

Net revenue

415.9

531.7

459.0

(13.7%)

10.4%

Operating expenses

168.9

174.3

179.8

3.1%

6.4%

Provisions

27.0

144.4

35.0

(75.8%)

29.6%

Profit before tax

220.0

212.9

244.2

14.7%

11.0%

Profit after tax

168.2

181.6

186.4

2.7%

10.8%

Balance sheet (₹ bn) Sep'24 Jun'25 Sep'25 QoQ YoY

Abridged balance sheet

Net Advances

24,951

26,284

27,464

1,180

2,513

Investments

7,240

8,967

8,743

(224)

1,503

Government & debt securities

7,030

8,765

8,533

(232)

1,503

Equity & other securities

210

202

210

8

0

Cash & equivalent

2,564

2,026

1,652

(374)

(912)

Fixed & other assets

2,126

2,264

2,171

(93)

45

Total assets

36,881

39,541

40,030

489

3,149

Deposits

25,001

27,641

28,018

377

3,017

Borrowings

5,856

5,101

5,096

(5)

(760)

Equity & reserves

4,635

5,226

5,224

(2)

589

Other liabilities

1,389

1,573

1,692

119

303

Total liabilities & equity

36,881

39,541

40,030

489

3,149



Capital and liquidity metrics

Capital adequacy

Liquidity coverage ratio

19.3% 19.8% 20.0% 19.6% 19.9% 20.0%

17.3%

17.8%

18.0%

17.7%

17.8%

17.9%

123% 128% 125% 119% 124% 120%

Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

Total Capital Tier 1 Capital



Growth in deposits

Average Deposits EOP Deposits

12.1%

1.4%

15.1%

2.0%

₹ bn ₹ bn

23,791

25,001

28,018

27,641

27,147

25,638

22,831

23,540

24,528

27,105

26,576

25,280

Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25



Growth in advances

Average advances under management EOP advances under management

9.0%

₹ bn

8.9%

₹ bn

1.9% 3.1%

25,327

25,639

26,276

26,955

27,423

27,946

25,750

26,334

26,839

27,733

27,820

28,688

Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25



Retail branch driving deposits

Average Retail / Wholesale Proportion of CASA deposits

7.4%

1.3%

₹ bn

15%

16%

17%

17%

18%

17%

85%

84%

83%

83%

82%

83%

5,964

6,081

6,056

6,305

6,390

6,527

2,673

2,754

2,671

3,141

2,980

2,964

Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

Retail
Wholesale

Jun'24 Sep'24 Dec'24 Mar'25 Jun'25 Sep'25

CA
SA

CASA %

36%

35%

34%

35%

34%

34%

Time deposits EOP : QoQ ↑ ₹ 0.26 tn (1.4%) ; YoY ↑ ₹ 2.36 tn (14.6%)

Balancing growth

Mix across segments

Composition of retail assets

Sep'25

13%

30%

18%

16%

23%

Loans (₹ bn)

Sep'24

Jun'25

Sep'25

QoQ

YoY

Retail

14,478

15,215

15,554

2.2%

7.4%

Mortgage

8,028

8,428

8,565

1.6%

6.7%

Retail Assets

6,449

6,787

6,989

3.0%

8.4%

Small and mid-market

4,888

5,523

5,718

3.5%

17.0%

Business Banking

3,439

3,944

4,107

4.1%

19.4%

Commercial Transportation

1,449

1,578

1,612

2.1%

11.2%

Corporate & other wholesale

6,968

7,082

7,416

4.7%

6.4%

Advances under management

26,334

27,820

28,688

3.1%

8.9%

IBPC/BRDS/Securitisation

(1,144)

(1,288)

(997)

(22.6%)

(12.9%)

Gross Advances

25,190

26,532

27,692

4.4%

9.9%

Retail : Wholesale mix*

57% : 43%

57% : 43%

56% : 44%

PL
AL/TW
Payments
Agri
Other retail

*As per Basel classification

10



HDFC Bank Presentation Q2 FY2026

Certain figures reported above will not add-up due to rounding

Branch expansion and customer relationships

Branch network Customer base

#s #mn

8,851

9,092

9,143

9,455

9,499

9,545

18%

17%

17%

17%

17%

17%

34%

34%

34%

34%

34%

33%

20%

21%

21%

21%

21%

21%

28%

28%

28%

28%

28%

28%

Jun'24

Sep'24 Metr

Dec'24

o Urban

Mar'25 Jun'25 Semi-Urban Rura

Sep'25

l

65

77

90

96

99

YoY

991

1,147

1,052

717

648

453

QoQ

113

241

51

312

44

46

Sep'21 Sep'22 Sep'23 Sep'24 Sep'25

Distribution strength enables reach for customer engagement

11



HDFC Bank Presentation Q2 FY2026

Net revenues

Net revenue

26%

74%

Q1 Jun'24

Net revenue mix

31%

69%

Q2 Sep'25

₹ bn

28% 27% 27% 29%

72% 73% 73% 71%

#

Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25

Net Interest Income Non Interest Income

532

405

416 421 441

459

Q1 Jun'24

Q2 Sep'24 Q3 Dec'24 Q4 Mar'25

Q1 Jun'25*

Q2 Sep'25

12



YoY

23%

9%

6%

(7%)

31%

10%

QoQ

(14%)

3%

1%

5%

21%

(14%)

HDFC Bank Presentation Q2 FY2026

* excluding transaction gains, YoY growth is 9% & QoQ growth is flat

# excluding transaction gains

Net interest income

Net interest income Net interest margin (NIM)

₹ bn

3.27%

321

314

316

307

301

298

3.7% 3.7% 3.6% 3.7%

3.5%

3.5%

3.4%

3.5%

3.5%

3.4% 3.4%

3.3%

Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

YoY

26%

10%

8%

10%

5%

5%

QoQ

3%

1%

2%

5%

(2%)

0%

13



HDFC Bank Presentation Q2 FY2026

Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

NIM NIM (IEA)

IEA: Interest Earning Assets

Yield on assets and cost of funds

Yield on assets and cost of funds

8.4% 8.3% 8.3% 8.3% 8.1%

7.8%

4.9% 4.9% 4.9% 4.9% 4.8% 4.6%

Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25* Q1 Jun'25 Q2 Sep'25

Yield on Assets Cost of Funds (incl. Shareholders' Funds)

Key Balance Sheet Mix

Particulars

Sep'23

Sep'24

Dec'24

Mar'25

Jun'25

Sep'25

AUM Mix

Retail

53%

55%

55%

55%

55%

54%

Mortgage

29%

30%

30%

30%

30%

30%

Retail Assets

24%

25%

25%

25%

25%

24%

Small and mid-market

17%

19%

19%

19%

20%

20%

Business Banking

12%

13%

13%

13%

14%

14%

Commercial Transportation

5%

6%

6%

6%

6%

6%

Corporate & other wholesale

30%

26%

26%

26%

25%

26%

CASA ratio

38%

35%

34%

35%

34%

34%

Borrowings as a % of Total Liabilities

21%

16%

15%

14%

13%

13%

14



HDFC Bank Presentation Q2 FY2026

* Yield on asset excludes interest income of ₹ 7 bn on Income Tax refund Certain figures reported above will not add-up due to rounding

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

Other income

Other income Fee income mix

₹ bn

217

24

120

101

107

20

115

16

15

3

115

18

14

1

17

4

14

144

15

24

16

14

2

16

70

81

82

85

76

88

7% 6% 6% 6% 6% 7%

18%

18%

17%

13%

17%

16%

33%

19%

23%

34%

18%

24%

36%

17%

24%

35%

18%

28%

36%

19%

22%

34%

19%

24%

Q1 Jun'24 Q2 Sep'24 Q3 Dec24 Q4 Mar'25 Q1 Jun'25*

Q2 Sep'25

Q1 Jun'24 Q2 Sep'24 Q3 Dec24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

Fees & Commissions
FX & Derivative income

Net trading & MTM income
Other Miscellaneous Income

YoY

16%

7%

3%

(34%)

104%

25%

QoQ

(41%)

8%

(0%)

5%

81%

(34%)

15



HDFC Bank Presentation Q2 FY2026

Third Party Products Retail assets Payments

Retail liabilities Wholesale

* excluding transaction gains, YoY growth is 18% & QoQ growth is 5%

Operating expenses

Operating expenses

₹ bn

Cost efficiency

166 169 171

176 174 180

^

#

%

41.0% 40.6% 40.6% 39.8% 39.6

39.2%

Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

Cost to income ratio

1.9% 1.9% 1.9%

1.9% 1.9% 1.9%

62

60

60

58

61

65

108

112

109

113

114

115

Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

Staff costs
Other operating expenses

Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

16



HDFC Bank Presentation Q2 FY2026

Cost to assets

# including transaction gains cost to income would be 32.8%

Resilient asset quality

Gross NPA and Net NPA GNPA by Segment

1.2%

0.4%

0.5%

0.4%

0.5%

0.4%

1.4% 1.4% 1.3% 1.4%

1.3%

1.4%

1.2%

1.2%

0.8%

0.8%

Sep'24 Dec'24 Mar'25 Jun'25 Sep'25

GNPA (ex-agri)

1.2%

1.2%

1.1%

1.1%

1.0%

GNPA
NNPA

Jun'25 Sep'25

Retail Retail (ex-Agri) Others

Stable asset quality across segments

Movement of NPAs

₹ bn

370

343

68

74

(Ex-agri 114 bps)

140 bps 124 bps (Ex-agri 99 bps)

33

(Ex-agri : 63 bn)

GNPA as on Jun'25 Slippages Upgrades & Recoveries Write offs GNPA as on Sep'25

30

370

352

90

₹ bn

(Ex-agri 113 bps)

133 bps

(Ex-agri : 68 bn)

42

140 bps

(Ex-agri 114 bps)

GNPA as on Mar'25 Slippages Upgrades & Recoveries Write offs GNPA as on Jun'25

Credit cost and stock of provisions

Stock of provisions Credit cost

₹ bn

43 bps

50 bps

48 bps

56 bps

606

105

606

108

124

607

104

124

124

138

135

135

152

167

239

244

239

248

228

720

722

106

113

214

214

51 bps

29 bps

36 bps

29 bps

41 bps

37 bps

Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25*

Credit cost
Credit cost (net of recoveries)

Q2 Sep'25

Sep'24 Dec'24 Mar'25 Jun'25 Sep'25

Specific
Contingent
Floating
General

27 32 32 37 35

₹ bn

70%

ex-agri 70%

68% 68% 67% 67%

Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25*

Credit cost

Q2 Sep'25

Sep'24 Dec'24 Mar'25 Jun'25 Sep'25

Specific PCR

*excludes contingent provision of ₹ 17 billion & floating provision of ₹ 90 billion



Profitability

162

Q1 Jun'24

Standalone profit after tax

₹ bn

186

Q2 Sep'25

Earnings per share*

182

168 167 176

Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25

₹

10.6

11.0 11.0 11.5 11.9

12.1

Q1 Jun'24

Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25

Q2 Sep'25

EPS Standalone

# bn

15.20

15.24 15.28 15.30 15.32

15.35

Q1 Jun'24

Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25

Q2 Sep'25

Average number of shares

20



YoY

35%

5%

2%

7%

12%

11%

HDFC Bank Presentation Q2 FY2026

HDFC Limited merged with HDFC Bank effective July 1, 2023. Prior period numbers are not comparable.

* for the quarter

* EPS for the periods prior to Q2 Sep'25 are adjusted for bonus share issuance Average number of shares for periods prior to Q2 Sep'25 are adjusted for bonus share issuance

Stake held in key subsidiary entities - September 30, 2025

Entity

Investment Amount (₹ bn)

Total shares outstanding by entity (mn)

% Stake held by HDFC Bank

PAT of the company

(FTQ) (₹ bn)

Book value per share (₹)

EPS (FTQ)

(₹)

HDB Financial Services

29

829.6

74.19%

5.8

233.1

7.0

HDFC Life Insurance

56

2,156.1

50.25%

4.5

78.5

2.1

HDFC AMC

2

214.0

52.42%

7.2

361.9

33.6

HDFC ERGO General Insurance

28

725.8

50.33%

1.8

72.4

2.5

HDFC Securities

13

17.9

94.11%

2.1

1,971.0

118.2

All others

4

0.6

Total

132

Subsidiaries - Q2FY26 update - HDB Financial Services

  • 74.19% stake held by the Bank as of September 30, 2025

  • 21.0 million customers serviced through a network of 1,749 branches across 1,157 cities/towns

    - Additionally 0.8 million customers engaged during Q2 FY26

  • Q2FY26 performance highlights

    • Loan book of ₹ 1,114 bn up by 13.0% YoY and 1.9% sequentially

    • Gross Stage 3 assets at 2.81% compared to 2.56% in the prior quarter

    • Net interest margin of 7.9% improved QoQ and YoY

    • Net profit of ₹ 5.8 bn with EPS of ₹ 7.0

    • RoA of 1.9%; Book value per share at ₹ 233.1

    • RoE of 12.2%; Capital adequacy ratio at 21.8%

      Subsidiaries - Q2FY26 update - HDFC Life Insurance

  • 50.25% stake held by the Bank as of September 30, 2025

  • 322k individual policies sold and overall 11.1 mn lives insured during the quarter

  • Individual weighted received premium market share of 17% for H1FY26

  • Q2FY26 performance highlights

    • Net Premium Income of ₹ 188 bn up by 13% YoY and AUM at ₹ 3.6 tn up by 11% YoY

    • New Business Premium of ₹ 89 bn with new business margin at 24%

    • Value of new business for the quarter ₹ 10.1 bn

    • PAT of ₹ 4.5 bn up by 3% YoY

    • Solvency Ratio at 175% as of September 30, 2025

    • Embedded value at ₹ 595 bn improved 14% YoY

      Subsidiaries - Q2FY26 update - HDFC AMC

  • 52.42% stake held by the Bank as of September 30, 2025

  • Quarterly average AUM of ₹ 8.8 trillion; 11.4% market share

  • 65% of quarterly average AUM is equity oriented with 61% in actively managed equity oriented

  • 14.5 million unique investors; 25% penetration in the Mutual Fund industry

  • Q2FY26 performance highlights

    • Total income of ₹ 11.2 bn, grew 6% over prior year

    • Net profit of ₹ 7.2 bn, grew 24% over prior year

    • EPS of ₹ 33.6

      Subsidiaries - Q2FY26 update - HDFC ERGO General Insurance

  • 50.33% stake held by the Bank as of September 30, 2025

  • Q2FY26 Gross direct premium market share of 4.5% in overall industry and 7.0% amongst private sector insurers

  • Retail mix in business 51% for the quarter ended September 30, 2025

  • Distribution network of 299 branches and 608 digital offices

  • Q2FY26 performance highlights

    • Gross written premium of ₹ 40.1 bn; down 22% YoY

    • Net profit after tax of ₹ 1.8 bn compared to profit of ₹ 2.0 bn in the prior year

    • EPS of ₹ 2.52

    • Solvency Ratio at 210% as of September 30, 2025

      Subsidiaries - Q2FY26 update - HDFC Securities Ltd

  • 94.11% stake held by the Bank as of September 30, 2025

  • 7.4 million customers serviced through a network of 130 branches across 104 cities

  • Around 96% of the active clients utilized the services offered through company's digital platforms.

  • Q2FY26 performance highlights

    • Net revenue of ₹ 7.0 bn lower by 23% YoY

    • Net profit of ₹ 2.1 bn lower by 33% YoY

    • EPS of ₹ 118

    • Book value per share at ₹ 1,971 as of 30th September, 2025

Consolidated income statement

P&L (₹ bn)

Q2 FY25

Q1 FY26

Q2 FY26

QoQ

YoY

Net revenue

760.4

853.5

718.2

(15.9%)

(5.5%)

Operating expenses

488.1

491.8

408.8

(16.9%)

(16.2%)

Provisions

32.7

153.1

42.8

(72.0%)

30.9%

Profit before tax

239.6

208.5

266.6

27.9%

11.3%

Consolidated profit

178.3

162.6

196.1

20.6%

10.0%

27



HDFC Bank Presentation Q2 FY2026

Certain figures reported above will not add-up due to rounding



ESG at HDFC Bank

Ratings & Indices

September 2025

S&P Corporate Sustainability Assessment (85th percentile)

ESG Score: 80/100; Low ESG Risk

MSCI AC Asia Leaders Index

September 2025

FTSE4GOOD Emerging Market Index September 2025

Environmental

  • Target to be carbon neutral by FY32

  • Board approved ESG Risk Management Policy focusing on enhanced environmental and

    social due diligence for lending

  • Board approved Sustainable Finance Framework, along with a second party opinion

  • Sustainable finance portfolio stood at 18.69% of the total loan book

  • Enhanced assessment and disclosure of Financed Emissions

  • Increased RE mix to 3.2% from 0.4% in the previous year

Social

  • Leading responsibly

    • Taking banking to the unbanked;

    • Supporting businesses;

    • Enabling smart banking;

    • Empowering communities

  • Gender diversity target 27% by FY27

  • CSR initiatives cumulatively

    impacted over 100 mn beneficiaries

  • People and work culture: Nurture, Care & Collaborate

  • 2-tiered governance structure for Diversity, Equity & Inclusion - at the corporate & regional level

Governance

  • Commitment to principles of independence, accountability, responsibility, transparency and fair & timely disclosures

  • Diversified and skilled board

  • CSR & ESG Committee of

    Board oversee the ESG

    strategy along with the ESG Apex Council

  • Highest governance score of 1 by ISS, 2025

  • ET Awards:

Selected as the 'Conscious Corporate of the Year' for its work in CSR & ESG



28



HDFC Bank Presentation Q2 FY2026

Balance sheet and capital productivity

Growth in assets and RoA

50,000

40,000

30,000

20,000

10,000

-

2.0 1.9 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.0 1.9

1.9 1.9

FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Assets RoA %

Q1

Jun'25

Q2

Sep'25

Healthy capital position and RoE

13.7

13.2

12.8

12.2

20.4

18.0

18.0

18.2

16.3

16.8

16.6

16.9

17.4

16.1

14.6

14.7

14.4

14.9

16.4

16.9

16.7

16.4

16.3

17.2

17.4

17.5

FY15

FY16

FY17

FY18

FY19

FY20

CET1 %

FY21

FY22

RoE %

FY23

FY24

FY25

Q1

Jun'25

Q2

Sep'25

20.0

15.0

10.0

5.0

-

Book value performance

Standalone book value per share*

₹

341

340

328

316

301

304

290

278

263

267

251

240

228

Q2 Sep'22 Q3 Dec'22 Q4 Mar'23 Q1 Jun'23 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

Consolidated book value per share*

354

354

341

329

316

313

301

288

277

272

260

248

236

Q2 Sep'22 Q3 Dec'22 Q4 Mar'23 Q1 Jun'23 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25

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