The Board of Directors of HDFC Bank Limited approved the Bank’s (Indian GAAP) results for the quarter and year ended March 31, 2026, at its meeting held in Mumbai on Saturday, April 18, 2026. The accounts have been subjected to an audit by the statutory auditors of the Bank.
STANDALONE FINANCIAL RESULTS:
Summary for the Financial Year ended March 31, 2026
Net revenues (net interest income plus other income) for the year ended March 31, 2026 were ₹ 1,912.2 billion, as against ₹ 1,683.0 billion for the year ended March 31, 2025. Profit after tax for the year ended March 31, 2026 was ₹ 746.7 billion, up by 10.9% over the corresponding year ended March 31, 2025.
Profit & Loss Account: Quarter ended March 31, 2026
The Bank’s net revenue grew by 5.0% to ₹ 462.8 billion for the quarter ended March 31, 2026 from ₹ 440.9 billion for the quarter ended March 31, 2025.
Net interest income (interest earned less interest expended) for the quarter ended March 31, 2026 grew by 3.2% to ₹ 330.8 billion from ₹ 320.7 billion for the quarter ended March 31, 2025. Net interest margin was at 3.38% on total assets, and 3.53% based on interest earning assets.
Other income (non-interest revenue) for the quarter ended March 31, 2026 was ₹ 132.0 billion. The four components of other income for the quarter ended March 31, 2026 were fees & commissions of ₹ 92.2 billion (₹ 85.3 billion in the corresponding quarter of the previous year), foreign exchange & derivatives revenue of ₹ 14.9 billion (₹ 14.4 billion in the corresponding quarter of the previous year), net trading and mark to market gain of ₹ 8.2 billion (₹ 3.9 billion in the corresponding quarter of the previous year) and miscellaneous income, including recoveries and dividend of ₹ 16.7 billion (₹ 16.7 billion in the corresponding quarter of the previous year).
Operating expenses for the quarter ended March 31, 2026 were ₹ 184.8 billion, as against ₹ 175.6 billion during the corresponding quarter of the previous year. The cost-to-income ratio for the quarter was at 39.9%.
Provisions and contingencies for the quarter ended March 31, 2026 were ₹ 26.1 billion. The total credit cost ratio was at 0.35% for the quarter ended March 31, 2026.
Profit before tax (PBT) for the quarter ended March 31, 2026 was at ₹ 251.9 billion. Profit after tax (PAT) for the quarter was at ₹ 192.2 billion, a growth of 9.1% over the quarter ended March 31, 2025.
Balance Sheet: As of March 31, 2026
Total balance sheet size as of March 31, 2026 was ₹ 43,649 billion as against ₹ 39,102 billion as of March 31, 2025.
The Bank’s average deposits were ₹ 28,511 billion for the March 2026 quarter, a growth of 12.8% over ₹ 25,280 billion for the March 2025 quarter, and 3.6% over ₹ 27,524 billion for the December 2025 quarter.
The Bank’s average CASA deposits were ₹ 9,184 billion for the March 2026 quarter, a growth of 10.8% over ₹ 8,289 billion for the March 2025 quarter, and 2.2% over ₹ 8,984 billion for the December 2025 quarter.
Total EOP Deposits were at ₹ 31,053 billion as of March 31, 2026, an increase of 14.4% over March 31, 2025. CASA deposits grew by 12.3% with savings account deposits at ₹ 7,058 billion and current account deposits at ₹ 3,545 billion. Time deposits were at ₹ 20,450 billion as of March 31, 2026, an increase of 15.5% over the corresponding quarter of the previous year, resulting in CASA deposits comprising 34.1% of total deposits as of March 31, 2026.
The Bank’s average advances under management, grossing up for transfers through inter-bank participation certificates, bills rediscounted and securitisation / assignment were ₹ 29,644 billion for the March 2026 quarter, a growth of 10.0% over ₹ 26,955 billion for the March 2025 quarter, and a growth of 3.5% over ₹ 28,641 billion for the December 2025 quarter.
Gross advances were at ₹ 29,600 billion as of March 31, 2026, an increase of 12.0% over March 31, 2025. Advances under management grew by 10.2% over March 31, 2025. Retail loans grew by 6.5%, small and mid-market enterprises loans grew by 17.2% and corporate and other wholesale loans grew by 13.0%. Overseas advances constituted 1.6% of total advances.
Capital Adequacy:
The Bank’s total Capital Adequacy Ratio (CAR) as per Basel III guidelines was at 19.7% as on March 31, 2026 (19.6% as on March 31, 2025) as against a regulatory requirement of 11.9%. Tier 1 CAR was at 17.7% and Common Equity Tier 1 Capital ratio was at 17.3% as of March 31, 2026. Risk-weighted Assets were at ₹ 29,741 billion.
DIVIDEND
The Bank paid a special interim dividend of ₹ 2.50 per equity share of ₹ 1 each (adjusted for bonus) on August 11, 2025. The Board of Directors have now recommended a final dividend of ₹ 13.0 per equity share of ₹ 1 each for the year ended March 31, 2026. This would be subject to approval of the shareholders at the forthcoming annual general meeting. With this, the total dividend for the year ended March 31, 2026 would be ₹ 15.5 per equity share of ₹ 1 each.
NETWORK
As of March 31, 2026, the Bank’s distribution network was at 9,689 branches and 21,172 ATMs across 4,175 cities / towns as against 9,455 branches and 21,139 ATMs across 4,150 cities / towns as of March 31, 2025. 50% of the branches are in semi-urban and rural areas. In addition, the Bank has 14,400 business correspondents, which are primarily manned by Common Service Centres (CSC). The number of employees were at 2,11,178 as of March 31, 2026 (as against 2,14,521 as of March 31, 2025).
ASSET QUALITY
Gross non-performing assets were at 1.15% of gross advances as on March 31, 2026 (0.91% excluding NPAs in the agricultural segment), as against 1.24% as on December 31, 2025 (0.97% excluding NPAs in the agricultural segment), and 1.33% as on March 31, 2025 (1.13% excluding NPAs in the agricultural segment). Net non-performing assets were at 0.38% of net advances as on March 31, 2026.
KEY SUBSIDIARIES
Amongst the Bank’s key subsidiaries, HDFC Life Insurance Company Ltd and HDFC ERGO General Insurance Company Ltd prepare their financial results in accordance with Indian GAAP and other subsidiaries do so in accordance with the notified Indian Accounting Standards (‘Ind-AS’). The financial numbers of the subsidiaries mentioned herein below are in accordance with the accounting standards used in their standalone reporting under the applicable GAAP.
HDB Financial Services Ltd (HDBFSL), is a non-deposit taking NBFC in which the Bank holds a 74.1% stake. For the quarter ended March 31, 2026, HDBFSL’s net revenue was at ₹ 30.6 billion. Profit after tax for the quarter ended March 31, 2026 was ₹ 7.5 billion compared to ₹ 5.3 billion for the quarter ended March 31, 2025, a growth of 41.4%. Profit after tax for the year ended March 31, 2026 was ₹ 25.4 billion. The total loan book was ₹ 1,185 billion as on March 31, 2026. Stage 3 loans were at 2.44% of gross loans. Total CAR was at 21.4% with Tier-I CAR at 17.1%.
HDFC Life Insurance Company Ltd (HDFC Life), in which the Bank holds a 50.2% stake, is a leading life insurance solutions provider. Profit after tax for the quarter ended March 31, 2026 was ₹ 5.0 billion compared to ₹ 4.8 billion for the quarter ended March 31, 2025. Profit after tax for the year ended March 31, 2026 was ₹ 19.1 billion.
HDFC ERGO General Insurance Company Ltd (HDFC ERGO), in which the Bank holds a 50.3% stake, offers a range of general insurance products. Profit after tax for the quarter ended March 31, 2026 was ₹ 1.6 billion compared to ₹ 0.7 billion for the quarter ended March 31, 2025. Profit after tax for the year ended March 31, 2026 was ₹ 8.1 billion.
HDFC Asset Management Company Ltd (HDFC AMC), in which the Bank holds a 52.4% stake, is the Investment Manager to HDFC Mutual Fund, and offers a comprehensive suite of savings and investment products. For the quarter ended March 31, 2026, HDFC AMC’s Quarterly Average Assets Under Management were approximately ₹ 9,275 billion. Profit after tax for the quarter ended March 31, 2026 was ₹ 6.2 billion compared to ₹ 6.4 billion for the quarter ended March 31, 2025. Profit after tax for the year ended March 31, 2026 was ₹ 28.6 billion.
HDFC Securities Ltd (HSL), in which the Bank holds a 94.0% stake, is amongst the leading broking firms. For the quarter ended March 31, 2026, HSL’s total revenue was ₹ 8.5 billion. Profit after tax for the quarter ended March 31, 2026 was ₹ 2.7 billion, as against ₹ 2.5 billion for the quarter ended March 31, 2025. Profit after tax for the year ended March 31, 2026 was ₹ 9.3 billion.
CONSOLIDATED FINANCIAL RESULTS:
The Bank’s consolidated net revenue for the year ended March 31, 2026 was ₹ 3,099.7 billion. The consolidated profit after tax for the year ended March 31, 2026 was ₹ 760.3 billion.
