HDFC Bank (HDFCBANK) investor relations material

Executive summary

• Q2 FY27 standalone PAT was ₹195.1bn, up 4.7% YoY; excluding treasury trading gains, PAT grew 12.6%. Consolidated PAT was ₹207.0bn.

• Period-end deposits grew 18.8% YoY to ₹33,274bn and gross advances rose 16.3% to ₹32,195bn; total AUM increased 15.3% YoY.

• GNPA was 1.11%, RoA 1.78%, and CET1 17.1%.

• Anup Bagchi assumed the MD and CEO role; management said priorities on growth, margins, quality, productivity and capital deployment would follow stakeholder consultations.

Financial highlights

• Standalone net revenue was ₹484.5bn, up 5.6% YoY; NII rose 9.7% to ₹346.2bn and non-interest income declined 3.6% to ₹138.3bn.

• Operating expenses increased 5.5% YoY to ₹189.7bn; provisions were ₹35.7bn and PBT was ₹259.1bn.

• Standalone PAT was ₹195.1bn, up 4.7%; excluding treasury trading gains, PAT was ₹189.3bn versus ₹168.1bn, up 12.6%.

• Consolidated net revenue was ₹786.9bn, up 9.6% YoY, and consolidated profit was ₹207.0bn, up 5.6%.

• Q2 deposit growth was ₹157,000 crore and loan growth ₹158,000 crore; nearly ₹130,000 crore of deposits came from time deposits.

Outlook and guidance

• Management said margins were at a bottom and expected an upward trajectory from Q3; floating-rate loans were ~70% of the book, with the October 25 bps rate increase largely reflected by December.

• Rate repricing could support margins, partly offset by the full-quarter FCNR funding impact; the net effect was described as potentially neutral to positive.

• Retail and MSME volumes were expected to build, with back-book repricing and a possible margin change over the next two quarters.

• Headcount was expected to stay broadly flat before potentially increasing in 3–4 years; digitization and AI may boost productivity and shift roles toward customer-facing and technology functions.