HDFC Bank Financial Breakdown: Revenue, Profit, Margins & Ratios
HDFC Bank is India's largest private sector lender by assets and the most widely held bank stock in the country. As of October 2026, the bank is in the middle of a pivotal phase: it has just reported a strong provisional business update for Q2 FY27 (deposits up 18.8%, its best sequential loan growth in nine quarters), and a new Managing Director & CEO, Anup Bagchi, takes charge on October 27, 2026. Yet the stock is down nearly 30% from its 52-week high, foreign investors have cut their stake to a multi-year low, and net interest margin hit a record low in Q1 FY27.
This article breaks down HDFC Bank's financials in full — revenue and profit trends from FY22 to FY26, the Q2FY27 update, balance sheet strength, asset quality, segment-wise revenue, shareholding pattern, dividend history and a peer comparison. All figures are from the bank's audited annual results, exchange filings and reputable financial data sources; each figure states the period it refers to. This is educational content, not investment advice — read the disclaimer at the end.
HDFC Bank at a Glance
- Founded: 1994; headquarters Mumbai; professionally managed — no promoter holding
- Listing: NSE/BSE ticker HDFCBANK; ~15.4 billion shares outstanding (face value ₹1)
- Market value: roughly ₹11.1 lakh crore (early October 2026), India's largest private bank by assets
- Network (as of June 30, 2026): 9,694 branches and 20,958 ATMs across 4,175 cities; 50% of branches in semi-urban and rural areas
- FY26 milestones: balance sheet crossed ₹43.6 lakh crore; FY26 was also the year the bank issued a 1:1 bonus (equity capital doubled from ₹765 crore to ₹1,539 crore, which is why per-share figures from FY26 look lower than FY25)
Why This Breakdown Matters Now
Four fresh developments make HDFC Bank's financials worth a close look today:
- Q2 FY27 provisional business update (filed October 4, 2026): period-end deposits up 18.8% YoY to ₹33.28 lakh crore, outpacing gross advances growth of 16.3% — the strongest sequential loan expansion in nine quarters.
- Leadership change: the RBI approved Anup Bagchi's appointment as MD & CEO for a three-year term effective October 27, 2026, succeeding Jagdishan, who is not seeking another term.
- Margin pressure: Q1 FY27 net interest margin fell to 3.26% of total assets — the lowest on record — as funding costs stayed elevated while yields declined.
- Foreign selling: FII holding fell from 52% (September 2023) to 39.39% (September 2026), while domestic institutions absorbed the supply.
Revenue and Profit Trend (FY22–FY26)
HDFC Bank's financials show a clear structural break in FY24: the merger of HDFC Ltd (the erstwhile housing finance parent) into the bank, effective July 2023, roughly doubled the balance sheet. That is why FY24 figures jump sharply. The bank follows Indian GAAP; figures below are standalone.
| Metric (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income | — | — | 3,07,582 | 3,46,149 | 3,70,055 |
| Net revenue (NII + other income) | — | — | — | 1,68,300 | 1,91,220 |
| Profit after tax (PAT) | 36,961 | 44,109 | 60,812 | 67,347 | 74,671 |
| PAT growth YoY | — | 19.3% | 37.9% | 10.7% | 10.9% |
| EPS (₹) | 66.65 | 79.05 | 80.05 | 88.01 | 48.51* |
| Dividend per share (₹) | 15.50 | 19.00 | 19.50 | 22.00 | 15.50* |
* FY26 per-share figures reflect the 1:1 bonus issue; the economic payout to shareholders did not fall the way the per-share numbers suggest. Consolidated PAT for FY26 (including subsidiaries) was ₹76,030 crore, about ₹1,360 crore above standalone PAT, reflecting contributions from the bank's insurance, asset-management and broking arms.
Takeaway: after the merger-year step change, HDFC Bank has settled into steady double-digit profit growth — FY26 PAT of ₹74,671 crore grew 10.9% YoY on net revenue of ₹1,91,220 crore. It is worth noting that Q4 FY26 alone contributed ₹19,221 crore of PAT (up 9.1% YoY) with net interest income of ₹33,081 crore.
Quarterly Pulse: Q1 FY27 and the Q2 FY27 Provisional Update
Q1 FY27 (quarter ended June 30, 2026) — reported July 18, 2026:
- PAT: ₹19,060 crore, up 5% YoY (from ₹18,155 crore in Q1 FY26); flat sequentially vs Q4 FY26's ₹19,221 crore
- NII: ₹33,536 crore, up 6.7% YoY — but below analyst estimates
- NIM: 3.26% on total assets / 3.40% on interest-earning assets — a record low, as funding costs stayed elevated while asset yields fell
- Asset quality: GNPA 1.17% (vs 1.15% in Q4 FY26), NNPA 0.41% (vs 0.38%); provisions ₹3,060 crore; credit cost 0.40%; RoA 1.85%
- Capital: Basel III CAR 19.6% as of June 30, 2026
Q2 FY27 provisional business figures (exchange filing, October 4, 2026) — volumes only, not profit:
| Metric (period-end, ₹ lakh crore) | Sep 2026 | YoY change |
|---|---|---|
| Total deposits | 33.28 | +18.8% |
| Gross advances | 32.20 | +16.3% |
| Advances under management | 33.08 | +15.3% |
| CASA deposits | 10.52 | +10.8% |
| Time deposits | 22.76 | +22.8% |
On an average-balance basis, deposits grew 16.8% YoY to ₹31.67 lakh crore and advances under management grew 14% to ₹31.87 lakh crore. Deposit growth outpacing advances is a positive for the post-merger funding gap, though it was led by higher-cost time deposits (up 22.8%) rather than low-cost CASA (up 10.8%). Two standout details: the bank mobilised ~$11.5 billion in FCNR(B) deposits under the RBI's special swap window (June–August 2026), and raised $2.5 billion via USD-denominated senior unsecured bonds.
Balance Sheet Strength
- Balance sheet size: ₹43,64,886 crore as of March 31, 2026, up from ₹39,10,199 crore a year earlier (+11.6%)
- Deposits (Mar 31, 2026): ₹31,05,250 crore, up 14.4% YoY; savings deposits ₹7,058 billion + current deposits ₹3,545 billion = CASA ₹10,603 billion, growing 12.3%
- Advances (Mar 31, 2026): ₹29,60,000 crore, up 12.0% YoY — retail loans +6.5%, SME loans +17.2%, corporate & wholesale +13.0%
- Credit-deposit ratio: ~95% at FY26-end (₹29.6 lakh cr advances vs ₹31.05 lakh cr deposits), improving as deposit growth runs ahead of credit growth
- Capital buffers: Basel III CAR 19.7% as of March 31, 2026 (vs 11.9% regulatory minimum); Tier 1 at 17.7%; CET1 17.3% — among the strongest capital cushions in Indian banking
- Fund-raising headroom: in April 2026 the board approved raising up to ₹60,000 crore via AT1, Tier II and long-term bonds over the next 12 months
Asset Quality: Conservative by Any Standard
| Asset quality metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Gross NPA ratio | 1.24% | 1.33% | 1.15% | 1.17% |
| Net NPA ratio | 0.33% | 0.43% | 0.38% | 0.41% |
| Provisions & contingencies (₹ cr) | 23,492 | 11,649 | 23,390 | 3,060 (quarter) |
| Credit cost ratio | — | — | — | 0.40% |
Excluding NPAs in the agricultural segment, the FY26 GNPA ratio was an even lower 0.91%. The bank's provisioning has been described by observers as comfortably above required levels — this "over-provisioned" balance sheet is a recurring theme in analyst commentary. The one wrinkle in Q1 FY27: GNPAs ticked up marginally to 1.17% from 1.15%, though they remain sharply below the 1.40% of a year earlier.
Profitability and Margins
| Ratio | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Net interest margin (on total assets) | ~3.4% | ~3.5% | 3.38% | 3.26% |
| CASA ratio | 38% | 34.8% | 34.1% | ~32.3% |
| Return on equity (ROE) | 13.89% | 13.53% | 13.37% | — |
| Return on assets (RoA) | — | — | — | 1.85% |
The margin story is the single biggest variable for HDFC Bank investors. NIM has compressed from ~3.5% in FY25 to 3.38% in FY26 and 3.26% in Q1 FY27 — a record low — as the cost of funds stayed elevated (high-cost wholesale deposits and borrowings are ~11% of liabilities, per management commentary) while asset yields declined. The CASA ratio has drifted down from 48.2% in FY22 to ~32.3% in Q1 FY27, meaning a growing share of funding is higher-cost time deposits. Management's stated lever is funding-cost normalisation rather than asset repricing — the Q2 FY27 deposit surge (up 18.8%) is the first step in that direction.
Segment-wise Revenue Split (FY26)
HDFC Bank reports four operating segments. FY26 segment revenues (before inter-segment eliminations of ₹2,27,483.60 crore):
| Segment | FY26 revenue (₹ cr) | Share | FY25 revenue (₹ cr) |
|---|---|---|---|
| Retail Banking | 3,01,854 | ~50.5% | 2,83,435 |
| Wholesale Banking | 1,74,506 | ~29.2% | 1,91,965 |
| Treasury | 84,337 | ~14.1% | 62,227 |
| Other Banking Operations | 36,841 | ~6.2% | 35,449 |
| Total | 5,97,538 | 100% | 5,73,076 |
Retail banking is the dominant engine (over half of segment revenue), but the fastest-growing piece in FY26 was Treasury (+35.5% YoY), reflecting gains on the investment portfolio. Wholesale banking revenue declined YoY even as corporate loan volumes grew — a function of margin mix.
Shareholding Pattern: Institution-Dominated
HDFC Bank has no promoter — it is one of India's few truly professionally managed large banks, with public shareholding at 100%.
| Category | Jun 2026 | Sep 2026 |
|---|---|---|
| Promoter | 0% | 0% |
| FII | 41.83% | 39.39% |
| DII (incl. mutual funds) | ~41.75% | 43.44% |
| Mutual funds | 30.62% | — |
| Retail & others | 16.25% | — |
The trend is the story: FII ownership has fallen from 52.13% (September 2023) to 39.39% (September 2026), a ~13 percentage-point decline, driven by post-merger growth doubts, margin pressure and governance noise. Domestic institutions have absorbed nearly all of it — DII holding rose from ~36% to 43.44% over the same period. Largest single shareholders (June 2026): SBI Nifty 50 ETF (7.48%), ICICI Prudential Large Cap Fund (4.84%), LIC (4.77%), HDFC Flexi Cap Fund (3.05%).
Dividend History
HDFC Bank is a consistent dividend payer. FY26 total payout was ₹15.50 per share — ₹13 final plus a ₹2.50 special interim paid in August 2025 (record date June 19, 2026).
| Dividend | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Dividend per share (₹) | 15.50 | 19.00 | 19.50 | 22.00 | 15.50* |
* FY26 per-share figure is post 1:1 bonus; total cash payout to shareholders grew in absolute terms.
Peer Comparison (FY26, standalone)
| Bank | FY26 PAT (₹ cr) | NIM | ROE (FY26) | GNPA (FY26) |
|---|---|---|---|---|
| HDFC Bank | 74,671 (+10.9%) | 3.38% | 13.37% | 1.15% |
| ICICI Bank | 50,147 (+6.2%) | ~4.32% | 16.0% | 1.40% |
| Axis Bank | 24,457 (−7.3%) | 3.73% (domestic, Q4FY26) | 13.15% | — |
| Kotak Mahindra Bank | — | 4.67% (Q4FY26) | 11.08% | — |
HDFC Bank is by far the largest by profit and balance sheet, but ICICI Bank currently leads on return ratios (ROE 16.0% vs HDFC's 13.37%) and margins (NIM ~4.32% vs 3.38%), while HDFC leads on asset quality (GNPA 1.15%) and capital (CAR 19.7%). Axis Bank's FY26 PAT actually declined 7.3% to ₹24,457 crore as NIMs and treasury income compressed. Peer figures are drawn from bank results and reported ROE/NIM analyses; Axis/Kotak NIMs are Q4FY26 figures as published.
Key Risks to Watch
- Margin compression: NIM at a record-low 3.26% in Q1 FY27; the RBI's October 7, 2026 repo hike to 5.50% adds funding-cost uncertainty, though rate hikes can eventually help loan yields.
- CASA erosion: the low-cost deposit ratio has fallen from 48.2% (FY22) to ~32.3% (Q1 FY27); growth funded by higher-cost time deposits squeezes margins.
- Leadership transition: Anup Bagchi takes charge October 27, 2026; rebuilding investor trust — flagged by analysts as his key task — will be watched closely after the abrupt March 2026 chairman resignation.
- Governance overhang: a US securities class action suit was filed on October 3, 2026, alleging misleading statements around deposit mobilisation; the bank has not yet issued a detailed public response as of this writing.
- Valuation de-rating risk: with FII holding at a multi-year low and the stock ~29% below its 52-week high, sentiment rather than fundamentals is the near-term swing factor.
Conclusion
HDFC Bank's FY26 numbers tell a story of steady scale execution: ₹1,91,220 crore of net revenue, ₹74,671 crore of PAT (+10.9%), pristine asset quality (1.15% GNPA) and a fortress balance sheet (CAR 19.7%). The Q2 FY27 provisional update shows the post-merger funding gap is finally closing — deposits (+18.8%) are growing faster than advances (+16.3%), with the strongest sequential loan growth in nine quarters. But the bank's two weak spots are clear and interlinked: record-low margins (NIM 3.26%) and a declining CASA ratio (~32%), both tied to elevated funding costs. The October 27 CEO transition and the RBI's October 2026 rate hike make the next two quarters the most important in the bank's recent history.
FAQs
What is HDFC Bank's net profit for FY26?
Standalone PAT for the year ended March 31, 2026 was ₹74,671 crore, up 10.9% YoY. Consolidated PAT (including subsidiaries) was ₹76,030 crore.
What is HDFC Bank's net interest margin now?
NIM was 3.38% of total assets for FY26, but fell to a record-low 3.26% in Q1 FY27 (quarter ended June 30, 2026).
Who is HDFC Bank's new CEO?
Anup Bagchi — the RBI approved his appointment as MD & CEO for three years, effective October 27, 2026. He joined the board as an Additional Director on October 2, 2026, succeeding Jagdishan.
What are HDFC Bank's latest quarterly business numbers (Q2 FY27)?
Per the October 4, 2026 provisional filing: period-end deposits ₹33.28 lakh crore (+18.8% YoY), gross advances ₹32.20 lakh crore (+16.3%), CASA ₹10.52 lakh crore (+10.8%). Profit figures for Q2 FY27 are not yet reported.
Does HDFC Bank pay dividends?
Yes — it is a consistent payer. FY26 total dividend was ₹15.50 per share (₹13 final + ₹2.50 interim), following ₹22 in FY25 and ₹19.50 in FY24 (pre-bonus per-share figures).
Who owns HDFC Bank?
There is no promoter. As of September 2026, FIIs held 39.39% and DIIs 43.44%; the rest is with retail and other public shareholders. Institutional holding overall is ~83%.
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Disclaimer: This article is for educational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. All financial figures are sourced from the bank's audited results, exchange filings and reputable financial publications, and refer to the stated periods. Please do your own research or consult a SEBI-registered investment adviser before making investment decisions.