Classification - Confidential
Q4FY26 Earnings Presentation
Classification - Confidential
April 18, 2026Key performance metrics for Q4 FY26
Deposits; average YoY ↑ ₹ 3.23 tn (12.8%) ; EOP YoY ↑ ₹ 3.91 tn (14.4%)
Average deposits QoQ ↑ ₹ 0.99 tn (3.6%) ; EOP QoQ ↑ ₹ 2.45 tn (8.6%)
Average CASA QoQ ↑ ₹ 0.20 tn (2.2%) ; EOP QoQ ↑ ₹ 0.99 tn (10.3%)
Average time deposits QoQ ↑ ₹ 0.79 tn (4.2%) ; EOP QoQ ↑ ₹ 1.46 tn (7.7%)
AUM; average YoY ↑ ₹ 2.69 tn (10.0%) ; EOP YoY ↑ ₹ 2.84 tn (10.2%)
Average AUM; QoQ ↑ ₹ 1.00 tn (3.5%) ; EOP QoQ ↑ ₹ 1.11 tn (3.8%)
Gross Advances; average YoY ↑ ₹ 2.98 tn (11.6%) ; EOP YoY ↑ ₹ 3.17 tn (12.0%)
Average Gross Advances; QoQ ↑ ₹ 1.08 tn (3.9%) ; EOP QoQ ↑ ₹ 1.15 tn (4.1%)
Asset quality continues to remain stable; GNPA ratio at 1.15%; ex-agri at 0.91%
PAT for the quarter ₹ 192 bn; RoA of 1.96%; RoE of 14.1%; Standalone EPS ₹ 12.5 for the quarter
2
HDFC Bank Presentation Q4 FY2026
STANDALONE
Key financial parameters for Q4 FY26
Average deposits at ₹ 28,511 bn,
↑12.8% YoY ; ↑3.6% QoQ
Average advances under management at ₹ 29,644 bn,
↑10.0% YoY ; ↑3.5% QoQ
Net interest margin ^ (NIM) of 3.38%
Core cost-to-income ratio of 39.9%
Profit after tax of ₹ 192 bn, EPS for the quarter ₹ 12.5
Gross NPA at 1.15%, ex-agri 0.91%
Return on assets of 1.96%
Capital adequacy ratio at 19.7%
of which CET1 at 17.3%
3 HDFC Bank Presentation Q4 FY2026
Standalone Indian GAAP figures (bn = Billion); ₹ = Rupees; ^based on total assets
STANDALONE
Income statement
P&L (₹ bn) | Q4 FY25 | Q3 FY26 | Q4 FY26 | QoQ | YoY |
Net interest income | 320.7 | 326.2 | 330.8 | 1.4% | 3.2% |
Non-interest income | 120.3 | 132.5 | 132.0 | (0.4%) | 9.7% |
Net revenue | 441.0 | 458.7 | 462.8 | 0.9% | 4.9% |
Operating expenses | 175.6 | 187.7 | 184.8 | (1.6%) | 5.2% |
Provisions | 31.9 | 28.4 | 26.1 | (8.1%) | (18.2%) |
Profit before tax | 233.5 | 242.6 | 251.9 | 3.8% | 7.9% |
Profit after tax | 176.2 | 186.5 | 192.2 | 3.1% | 9.1% |
STANDALONE
Balance sheet (₹ bn) Mar'25 Dec'25 Mar'26 QoQ YoY
Abridged balance sheet
Net Advances | 26,196 | 28,214 | 29,372 | 1,158 | 3,176 |
Investments | 8,364 | 8,783 | 8,842 | 59 | 478 |
Government & debt securities | 8,160 | 8,576 | 8,641 | 65 | 481 |
Equity & other securities | 204 | 207 | 201 | (6) | (3) |
Cash & equivalent | 2,396 | 1,752 | 2,985 | 1,233 | 589 |
Fixed & other assets | 2,146 | 2,140 | 2,450 | 310 | 304 |
Total assets | 39,102 | 40,889 | 43,649 | 2,760 | 4,547 |
Deposits | 27,147 | 28,601 | 31,053 | 2,452 | 3,906 |
Borrowings | 5,479 | 5,211 | 4,894 | (317) | (585) |
Equity & reserves | 5,015 | 5,424 | 5,629 | 205 | 614 |
Other liabilities | 1,461 | 1,653 | 2,073 | 420 | 612 |
Total liabilities & equity | 39,102 | 40,889 | 43,649 | 2,760 | 4,547 |
Capital and liquidity metrics
Capital adequacy
Liquidity ratios
20.0% 19.6% 19.9% 20.0% 19.9% 19.7%
125%
119%
124% 120%
116% 114%
18.0%
17.7%
17.8%
17.9%
17.8%
17.7%
Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Average LCR
119% 120% 118% 115% 115% 118%
Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Total Capital Tier 1 Capital
Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
NSFR
BUSINESS GROWTH
Growth in deposits
Average Deposits EOP Deposits12.8%
₹ bn
14.4%
₹ bn
3.6%
8.6%
24,528
25,280
26,576
27,105
27,524
28,511
25,638
27,147
27,641
28,018
28,601
31,053
Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
BUSINESS GROWTH
Growth in advances
Average advances under management EOP advances under management10.0%
₹ bn
10.2%
₹ bn
3.5 % 3.8%
26,276
26,955
27,423
27,946
28,641
29,644
26,839
27,733
27,820
28,688
29,460
30,573
Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26 Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
HIGH QUALITY DEPOSIT FRANCHISE
2,671
2,995
2,964
2,980
3,141
3,545
6,056
6,617
6,527
6,390
6,305
7,058
Retail branch driving deposits
Average Retail / Wholesale Proportion of CASA deposits12.3%
₹ bn
82%
83%
83%
82%
83%
83%
18%
17%
17%
18%
17%
17%
10.3%
Q3 Dec'24 | Q4 Mar'25 | Q1 Jun'25 | Q2 Sep'25 | Q3 Dec'25 | Q4 Mar'26 |
Retail | Wholesale |
Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
CA SACASA % | 34% | 35% | 34% | 34% | 34% | 34% |
Time deposits EOP ; QoQ ↑ ₹ 1.46 tn (7.7%) : YoY ↑ ₹ 2.75 tn (15.5%)
LOAN BOOK
Balancing growthMix across segments
Composition of retail assets
Mar'26
13%
30%
18%
16%
23%
Loans (₹ bn) | Mar'25 | Dec'25 | Mar'26 | QoQ | YoY |
Retail | 15,164 | 15,747 | 16,149 | 2.6% | 6.5% |
Mortgage | 8,357 | 8,707 | 8,887 | 2.1% | 6.3% |
Retail Assets | 6,808 | 7,041 | 7,263 | 3.2% | 6.7% |
Small and mid-market | 5,391 | 5,996 | 6,316 | 5.3% | 17.2% |
Business Banking | 3,827 | 4,348 | 4,594 | 5.7% | 20.0% |
Commercial Transportation | 1,564 | 1,647 | 1,722 | 4.5% | 10.1% |
Corporate & other wholesale | 7,177 | 7,717 | 8,108 | 5.1% | 13.0% |
Advances under management | 27,733 | 29,460 | 30,573 | 3.8% | 10.2% |
IBPC/BRDS/Securitisation | (1,298) | (1,015) | (973) | (4.1%) | (25.0%) |
Gross Advances | 26,435 | 28,446 | 29,600 | 4.1% | 12.0% |
Retail AUM Mix | 55% | 53% | 53% |
10
HDFC Bank Presentation Q4 FY2026
Certain figures reported above will not add-up due to rounding
BUILDING FRANCHISE STRENGTH
Branch expansion and customer relationships
Branch network Customer base#s #mn
9,143 | 9,455 | 9,499 | 9,545 | 9,616 | 9,689 | |||||
17% | 17% | 17% | 17% | 17% | 17% | |||||
34% | 34% | 34% | 33% | 33% | 33% | |||||
21% | 21% | 21% | 21% | 21% | 21% | |||||
28% | 28% | 28% | 28% | 29% | 29% | |||||
Dec'24 | Mar'25 Metr | o | Jun'25 Urban | Sep'25 Semi-Urban | Dec'25 Rura | l | Mar'26 | |||
71
83
93
97
101
YoY | 1,052 | 717 | 648 | 453 | 473 | 234 |
QoQ | 51 | 312 | 44 | 46 | 71 | 73 |
Mar'22 Mar'23 Mar'24 Mar'25 Mar'26
Distribution strength enables reach for customer engagement11
HDFC Bank Presentation Q4 FY2026
STANDALONE
Net revenues
Net revenue | 27% 73% Q3 Dec'24 | Net revenue mix | 29% 71% Q4 Mar'26 | ||
₹ bn | 27% 29% 31% 29% 73% 71% 69% 71% # Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Net Interest Income Non Interest Income | ||||
532 | |||||
421 | 441 459 459 | 463 | |||
Q3 Dec'24 | Q4 Mar'25** Q1 Jun'25* Q2 Sep'25 Q3 Dec'25 | Q4 Mar'26 |
12
HDFC Bank Presentation Q4 FY2026
* excluding transaction gains, YoY growth is 9% & QoQ growth is flat
YoY | 6% | (7%) | 31% | 10% | 9% | 5% |
QoQ | 1% | 5% | 21% | (14%) | (0%) | 1% |
# excluding transaction gains
** excluding transaction gains, net trading and MTM gains, YoY growth is 10% and QoQ growth is 4%
STANDALONE
Net interest income
Net interest income Net interest margin (NIM)3.38%
₹ bn
326
331
321
314
316
307
3.6%
3.7%
3.5%
3.5% 3.4% 3.5% 3.5%
3.4%
3.4%
3.3%
3.4%
3.4%
Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
YoY | 8% | 10% | 5% | 5% | 6% | 3% |
QoQ | 2% | 5% | (2%) | 0% | 3% | 1% |
13
HDFC Bank Presentation Q4 FY2026
Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
NIM NIM (IEA)
IEA: Interest Earning Assets
STANDALONE
Yield on assets and cost of funds
Yield on assets and cost of funds Key Balance Sheet Mix7.8%
7.8%
7.8%
4.9%
4.9%
4.8%
4.6%
4.5%
4.4%
Particulars | Sep'23 | Mar'24 | Mar'25 | Sep'25 | Dec'25 | Mar'26 |
AUM Mix | ||||||
Retail | 53% | 54% | 55% | 54% | 53% | 53% |
Mortgage | 29% | 30% | 30% | 30% | 30% | 29% |
Retail Assets | 24% | 24% | 25% | 24% | 23% | 24% |
Small and mid-market | 17% | 18% | 19% | 20% | 20% | 21% |
Business Banking | 12% | 12% | 13% | 14% | 14% | 15% |
Commercial Transportation | 5% | 5% | 6% | 6% | 6% | 6% |
Corporate & other wholesale | 30% | 28% | 26% | 26% | 27% | 26% |
CASA ratio | 38% | 38% | 35% | 34% | 34% | 34% |
Borrowings as a % of Total Liabilities | 21% | 18% | 14% | 13% | 13% | 11% |
8.3% 8.3% 8.1%
Q3 Dec'24 Q4 Mar'25*
Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Yield on Assets Cost of Funds (incl. Shareholders' Funds)14
HDFC Bank Presentation Q4 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
STANDALONE
Other income
Other income Fee income mix₹ bn
18
1
14
24
101
24
9
8
14
15
16
14
4
16
92
88
92
82
85
76
17%
217
6% 6% 6% 7% 6% 6%
115
120
17
144
15
133 132
36%
17 17
17%
24%
23%
24%
22%
19%
19%
19%
35%
34%
36%
17%
16%
17%
25%
20%
32%
17%
28%
18%
35%
13%
Q3 Dec24 Q4 Mar'25**Q1 Jun'25* Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Fees & Commissions FX & Derivative incomeNet trading & MTM income Other Miscellaneous Income
YoY | 3% | (34%) | 104% | 25% | 16% | 10% |
QoQ | (0%) | 5% | 81% | (34%) | (8%) | (0%) |
15
HDFC Bank Presentation Q4 FY2026
Q3 Dec24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Third Party Products Retail assets Payments
Retail liabilities Wholesale
*excluding transaction gains, YoY growth is 18% & QoQ growth is 5%
** excluding transaction gains, net trading and MTM gains, YoY growth is 10% and QoQ growth is 2%
STANDALONE
Operating expenses
Operating expenses₹ bn
Cost efficiency
171
60
63
62
61
64
65
112
113
114
116
115
122
176 174 180 180 185
^
#
40.6% 39.8% 39.6% 39.2% 39.2% 39.9%
Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Cost to income ratio
1.9% 1.9% 1.9% 1.9% 1.9% 1.9%
Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Staff costs Other operating expensesQ3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Cost to assets
16
HDFC Bank Presentation Q4 FY2026
Q3 Dec'25 excludes estimated impact of employee benefits under new labour code # including transaction gains cost to income would be 32.8%
RISK MANAGEMENT
Resilient asset quality
Gross NPA and Net NPA GNPA by Segment1.2%
1.2%
1.2%
0.4%
0.5%
0.4%
0.4%
0.4%
1.3% 1.4%
1.2%
1.1%
1.1%
1.1%
0.7%
0.7%
Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
GNPA (ex-agri) | ||||
1.1% | 1.1% | 1.0% | 1.0% | 0.9% |
Dec'25 Mar'26
Retail Retail (ex-Agri) Others
Stable asset quality across segmentsRISK MANAGEMENT
Movement of NPAs
₹ bn
(Ex-agri 97 bps)
124 bps
(Ex-agri : 54 bn)
46
115 bps (Ex-agri 91 bps)
352
341
27
62
GNPA as on Dec'25 Slippages Upgrades & Recoveries Write offs GNPA as on Mar'26
343
352
86
₹ bn
(Ex-agri 99 bps)
124 bps
(Ex-agri : 67 bn)
45
32
124 bps
(Ex-agri 97 bps)
GNPA as on Sep'25 Slippages Upgrades & Recoveries Write offs GNPA as on Dec'25
RISK MANAGEMENT
Credit cost and stock of provisions
Stock of provisions Credit cost₹ bn
56 bps
55 bps
48 bps
51 bps
41 bps
37 bps
41 bps
35 bps
29 bps
21 bps
720 | 722 | 718 | 715 | |||
106 | 113 | 115 | 115 |
606
108
214
214
214
214
124
135
152
167
#
157
157
239
248
228
232
229
Q4 Mar'25 Q1 Jun'25*
Q2 Sep'25 Q3 Dec'25*
Q4 Mar'26
Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
Credit cost Credit cost (net of recoveries)32 37 35 38
₹ bn
26
Specific Contingent Floating Generalex-agri | 71% | 71% | 70% | 70% | 71% |
68% 67% 67% 66% 67%
Q4 Mar'25 Q1 Jun'25 *
19
HDFC Bank Presentation Q4 FY2026
Q2 Sep'25 Q3 Dec'25*
Credit cost
Q4 Mar'26
Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
Specific PCR
*Q1 Jun'25 - excludes contingent provision of ₹ 17 billion & floating provision of ₹ 90 billion
*Q3 Dec'25 - excludes release of provision in respect of large borrower group on fulfilment of condition
Profitability
167 Q3 Dec'24 | Standalone profit after tax | ₹ bn 192 Q4 Mar'26 | Earnings per share* | |||
186 187 176 182 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 | ₹ | |||||
11.0 | 11.5 | 11.9 12.1 12.1 | 12.5 | |||
Q3 Dec'24 | Q4 Mar'25 | Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 | Q4 Mar'26 | |||
EPS Standalone | ||||||
# bn | ||||||
15.28 | 15.30 | 15.32 15.35 15.38 | 15.39 | |||
Q3 Dec'24 | Q4 Mar'25 | Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 | Q4 Mar'26 | |||
Average number of shares |
20
YoY | 2% | 7% | 12% | 11% | 12% | 9% |
HDFC Bank Presentation Q4 FY2026
* 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
GROUP COMPANIES
Stake held in key subsidiary entities - March 31, 2026
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 | 830.4 | 74.12% | 7.5 | 248.9 | 9.0 |
HDFC Life Insurance | 56 | 2,157.6 | 50.21% | 5.0 | 82.0 | 2.3 |
HDFC AMC | 2 | 428.4 | 52.37% | 6.2 | 215.5 | 14.6 |
HDFC ERGO General Insurance | 28 | 725.8 | 50.33% | 1.6 | 75.2 | 2.2 |
HDFC Securities | 13 | 17.9 | 94.01% | 2.7 | 2,012.0 | 150.3 |
All others | 4 | 0.7 | ||||
Total | 132 | |||||
GROUP COMPANIES
Subsidiaries - Q4FY26 update - HDB Financial Services
74.12% stake held by the Bank as of March 31, 2026
22.9 million customers serviced through a network of 1,730 branches across 1,161 cities/towns
- Incrementally, 1 million customers have been added during Q4 FY26
Q4FY26 performance highlights
Loan book of ₹ 1,185 bn up by 10.9% YoY and 3.4% sequentially
Gross Stage 3 assets at 2.44% improved over prior quarter
Net interest margin of 8.2% improved sequentially and over prior year
Net profit of ₹ 7.5 bn, up 41% YoY and 17% QoQ
RoA of 2.5%; EPS of ₹ 9.0; Book value per share at ₹ 248.9
RoE of 14.8%; Capital adequacy ratio at 21.4%
GROUP COMPANIES
Subsidiaries - Q4FY26 update - HDFC Life Insurance
50.21% stake held by the Bank as of March 31, 2026
390k individual policies sold and overall 12.2 mn lives insured during the quarter
Individual weighted received premium market share of 15.2% for FY26
Q4FY26 performance highlights
Premium earned of ₹ 264 bn, grew 10% over prior year and AUM at ₹ 3.8 tn up by 12% YoY
New Business Premium of ₹ 115 bn with new business margin at 24%
Value of new business for the quarter ₹ 12.6 bn
PAT of ₹ 5.0 bn up by 4.0% YoY
Solvency Ratio at 177% as of March 31, 2026
Embedded value at ₹ 621 bn improved 12% YoY
GROUP COMPANIES
Subsidiaries - Q4FY26 update - HDFC AMC
52.37% stake held by the Bank as of March 31, 2026
Quarterly average AUM of ₹ 9.3 trillion; 11.4% market share
65% of quarterly average AUM is equity oriented with 61% in actively managed equity oriented
16.7 million unique investors; 27% penetration in the Mutual Fund industry
Q4FY26 performance highlights
Total income of ₹ 10.6 bn, grew 4% over prior year
Operating profit of ₹ 8.2 bn, up 16% over the prior year
EPS of ₹ 14.6
GROUP COMPANIES
Subsidiaries - Q4FY26 update - HDFC ERGO General Insurance
50.33% stake held by the Bank as of March 31, 2026
Q4FY26 Gross direct premium market share of 4.7% in overall industry and 6.8% amongst private sector insurers
Retail mix in business 73% for the quarter ended March 31, 2026
Distribution network of 256 branches and 714 digital offices
Q4FY26 performance highlights
Gross written premium of ₹ 43.8 bn; grew 14% YoY
Net profit after tax of ₹ 1.6 bn compared to profit of ₹ 0.7 bn in the prior year
EPS of ₹ 2.20
Solvency Ratio at 207% as of March 31, 2026
GROUP COMPANIES
Subsidiaries - Q4FY26 update - HDFC Securities Ltd
94.01% stake held by the Bank as of March 31, 2026
7.8 million customers serviced through a network of 128 branches across 103 cities
Around 97% of the active clients utilized the services offered through company's digital platforms.
Q4FY26 performance highlights
Net revenue of ₹ 8.5 bn; grew 14.5% YoY
Net profit of ₹ 2.7 bn; grew by 6.8% YoY
EPS of ₹ 150.3
Book value per share at ₹ 2,012 as of 31st March, 2026
CONSOLIDATED
Consolidated income statement
P&L (₹ bn) | Q4 FY25 | Q3 FY26 | Q4 FY26 | QoQ | YoY |
Net revenue | 732.8 | 811.1 | 717.0 | (11.6%) | (2.2%) |
Operating expenses | 439.0 | 505.2 | 405.9 | (19.7%) | (7.5%) |
Provisions | 38.1 | 36.2 | 34.4 | (5.0%) | (9.7%) |
Profit before tax | 255.7 | 269.6 | 276.7 | 2.6% | 8.2% |
Consolidated profit | 188.4 | 198.1 | 203.5 | 2.7% | 8.0% |
27
HDFC Bank Presentation Q4 FY2026
Certain figures reported above will not add-up due to rounding
ESG at HDFC Bank
Environmental
Target to be carbon neutral by FY32
Board approved Environmental Policy focusing on enhanced environmental targets and Sustainable Procurement
Board approved Sustainable Finance Framework, along with a second party opinion
Endeavour to increase
Sustainable finance portfolio
Enhanced assessment and disclosure of Financed Emissions
Increased Renewable Energy mix compared to previous year
Social
Leading responsibly
Banking the unbanked through inclusive banking initiatives;
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
Commitment to principles of independence, accountability, responsibility, transparency and fair & timely disclosures
Diversified and skilled board
CSR & ESG Committee of Board oversees the ESG
strategy along with the ESG Apex Council
Highest governance score of 1
by ISS, 2026
ET Awards:
Selected as the 'Conscious Corporate of the Year' for its work in CSR & ESG
Governance
Ratings & Indices
S&P Corporate Sustainability Assessment (82nd percentile)
ESG Score: 80/100; Low ESG Risk
MSCI Emerging
Markets Extended ESG Focus Index March 31, 2026
FTSE4GOOD
Emerging Indices March 31, 2026
28
HDFC Bank Presentation Q4 FY2026
COMPOUNDING VALUE
Balance sheet and capital productivity
Growth in assets and RoA50,000
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 1.9FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Assets ROA %
1.9FY26
Healthy capital position and RoE12.8
13.2
12.2
16.9
16.6 16.913.7
14.9
16.4
FY25
16.7
16.4
16.3
17.2
17.3
FY15
FY16
FY17
FY18
FY19 FY20
CET1 %
FY21
RoE %
FY22
FY23
FY24
17.4FY26
16.820.0
15.0
10.0
5.0
-
COMPOUNDING VALUE
Book value performance
Standalone book value per share*₹
366
353
341
340
328
316
301
304
290
278
263
267
251
Q4 Mar'23 Q1 Jun'23 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
Consolidated book value per share*381
367
354
354
341
329
313
316
301
288
277
272
260
Q4 Mar'23 Q1 Jun'23 Q2 Sep'23 Q3 Dec'23 Q4 Mar'24 Q1 Jun'24 Q2 Sep'24 Q3 Dec'24 Q4 Mar'25 Q1 Jun'25 Q2 Sep'25 Q3 Dec'25 Q4 Mar'26
₹
* Book value per share for period prior to Q2 Sep'25 are adjusted for bonus share issuance
APPENDIX
Income statement FY26
P&L (₹ bn) | FY25 | FY26 | YoY |
Net interest income | 1,226.7 | 1,286.9 | 4.9% |
Non-interest income | 456.3 | 625.3 | 37.0% |
Net revenue | 1,683.0 | 1,912.2 | 13.6% |
Operating expenses | 681.7 | 726.6 | 6.6% |
Provisions | 116.5 | 233.9 | 100.8% |
Profit before tax | 884.8 | 951.7 | 7.6% |
Profit after tax | 673.5 | 746.7 | 10.9% |
Consolidated Income statement FY26
P&L (₹ bn) FY25 FY26 YoY
Net revenue | 2,870.2 | 3,099.7 | 8.0% |
Operating expenses | 1,766.1 | 1,811.7 | 2.6% |
Provisions | 141.8 | 266.6 | 88.0% |
Profit before tax | 962.4 | 1,021.4 | 6.1% |
Consolidated profit | 707.9 | 760.3 | 7.4% |
CONSOLIDATED
Industry-wise distribution*
Industry (₹ bn) | Total Outs tanding (FB + NFB) | As a (%) |
Consumer Loans | 10,058 | 27.7% |
NBFC | 1,855 | 5.1% |
Real Estate & Property Services | 1,327 | 3.7% |
Retail Trade | 1,285 | 3.5% |
Consumer Services | 1,230 | 3.4% |
Financial Institutions | 1,057 | 2.9% |
Power | 997 | 2.7% |
Infrastructure Development | 988 | 2.7% |
Road Transportation | 988 | 2.7% |
Food and Beverage | 914 | 2.5% |
Wholesale Trade - Non Industrial | 869 | 2.4% |
Banks | 832 | 2.3% |
Engineering | 804 | 2.2% |
Iron and Steel | 776 | 2.1% |
Wholesale Trade - Industrial | 773 | 2.1% |
Agri-Allied | 729 | 2.0% |
Business Services | 719 | 2.0% |
Textiles & Garments | 669 | 1.8% |
Automobile & Auto Ancillary | 633 | 1.7% |
Agri Production - Food | 572 | 1.6% |
Coal & Petroleum Products | 532 | 1.5% |
Industry (₹ bn) | Total Outs tanding (FB + NFB) | As a (%) |
Capital Market Intermediaries | 450 | 1.2% |
Housing Finance Companies | 397 | 1.1% |
Telecom | 351 | 1.0% |
Chemical and Products | 337 | 0.9% |
Financial Intermediaries | 328 | 0.9% |
Agri Produce Trade | 276 | 0.8% |
Non-ferrous Metals | 270 | 0.7% |
Consumer Durables | 257 | 0.7% |
Gems and Jewellery | 256 | 0.7% |
Mining and Minerals | 239 | 0.7% |
Agri Production - Non food | 238 | 0.7% |
Drugs and Pharmaceuticals | 208 | 0.6% |
Paper, Printing and Stationery | 173 | 0.5% |
Cement & Products | 165 | 0.5% |
Plastic & Products | 161 | 0.4% |
Information Technology | 131 | 0.4% |
Other Non-metalic Mineral Products | 122 | 0.3% |
Animal Husbandry | 110 | 0.3% |
Fertilisers & Pesticides | 102 | 0.3% |
FMCG & Personal Care | 98 | 0.3% |
Other Industries | 3,071 | 8.4% |
Total | 36,350 | 100.0% |
34
HDFC Bank Presentation Q4 FY2026
*As per Pillar 3 Disclosure
Certain figures reported above will not add-up due to rounding
Top 20 borrower exposure as a % of total exposure
9.8% 9.6% 9.7% 9.4% 9.2% 9.4%
Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
Risk Weighted Assets
RWA to Total Assets Risk Weight Density*67% 68% 69% 70% 70% 68%
Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
63% 64% 65% 65% 66% 64%
Dec'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26
Corporate rating mix - March'26
Rating mix % of externally rated wholesale book (corporate & mid corporate)76.8%
12.2%
6.9%
4.2%
AA and above A BBB BB and below
37
HDFC Bank Presentation Q4 FY2026
Certain figures reported above will not add-up due to rounding
Safe harbour statement
We have included statements in this report which contain words or phrases such as "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of these expressions, that are "forward-looking statements". Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for various banking services, our ability to realize all of the anticipated benefits of the Transaction, future levels of our non-performing/ impaired assets, our growth and expansion, the adequacy of our management of credit risks and our provision/allowance for credit and investment losses, technological changes, the adequacy of our information technology and telecommunication systems, including against cybersecurity threats, negative publicity, volatility in investment income, our ability to market new products, cash flow projections, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to pay dividends, the impact of changes in banking regulations and other regulatory changes on us in India and other jurisdictions, our ability to roll over our short term funding sources and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated.
In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: the war in Iran, involving the United States, Israel and some neighbouring countries, and the geopolitical conflict between Israel and Hamas, which have complicated the geopolitical landscape and contributed to significant volatility in oil and energy prices; geopolitical tensions between India and Pakistan, with a lingering risk of sudden escalation in military conflict; geopolitical tensions between India and China; general economic and political conditions; instability or uncertainty in India and the other countries which have an impact on our business activities or investments caused by any factor, including terrorist attacks in India, the United States or elsewhere, anti-terrorist or other attacks by the United States, a United States-led coalition or any other country, such as the joint strike launched by the United States and the United Kingdom in Yemen following the Houthis group's attack on international ships in the Red Sea; the ongoing war between Russia and Ukraine; military armament or social unrest in any part of India; the monetary and interest rate policies of the RBI; natural calamities, pandemics, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices; the performance of the financial markets in India and globally; compliance with and changes in Indian and foreign laws and regulations, including tax, accounting, banking regulations, insurance regulations and securities regulations; changes in competition and the pricing environment in India; regional or general changes in asset valuations; and uncertainties arising out of foreign trade and tariff policies followed by major global economies, such as the United States and China.
38
HDFC Bank Presentation Q4 FY2026