HDFC Bank (HDFCBANK) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 profit after tax reached ₹167 bn, with consolidated EPS at 23.1 and RoA of 1.87%.

• Navigated a challenging macro environment with tight liquidity, moderating urban demand, and volatile capital flows, but saw positive trends in rural demand and government spending.

• Average deposits grew 15.9% YoY and 4.2% QoQ; average advances under management rose 7.6% YoY and 2.5% QoQ.

• Asset quality remained stable with GNPA at 1.42% and ex-agri GNPA at 1.19%.

• Capital adequacy ratio stood at 20.0%, with CET1 at 17.5%.

Financial highlights

• Standalone net interest income for Q3 FY25 was ₹76,006.88 crore, up from ₹70,582.61 crore in Q3 FY24.

• Standalone profit after tax was ₹167.4 bn, up 2.2% YoY; consolidated profit was ₹176.6 bn, up 2.3% YoY.

• Net deposit growth of 15% year-over-year, with loan growth at 8% year-over-year.

• Cost growth managed at 7% year-over-year, reflecting productivity gains.

• Provision coverage ratio (PCR) at 68% overall, 71% excluding agri loans; slippages excluding agri remained flat period to period.

Outlook and guidance

• Expect to grow slower than the system in FY25, in line with the system in FY26, and faster than the system in FY27.

• Confident in ability to accelerate growth as macro conditions and liquidity improve, with resources and capital in place.

• CASA ratios and margins expected to improve as interest rates decline and deposit mix normalizes.

• Forward-looking statements caution on macroeconomic, regulatory, and geopolitical risks.

• HDB Financial Services filed a Draft Red Herring Prospectus for an IPO, subject to regulatory approvals and market conditions.