HDFC Bank
HDFC Bank Limited is an Indian multinational banking and financial services company headquartered in Mumbai, serving as the country's largest private sector bank by market capitalization and assets. Incorporated in August 1994 with its registered office in Mumbai, the bank commenced operations as a Scheduled Commercial Bank in January 1995, following the receipt of a banking license from the Reserve Bank of India. It provides a comprehensive suite of products and services, including deposits, loans, credit and debit cards, wealth management, and digital banking solutions, to individual, corporate, and rural customers across India and select international locations such as Bahrain, Hong Kong, Singapore, and the United Arab Emirates. As of September 30, 2025, HDFC Bank's distribution network encompassed 9,545 branches and 21,417 automated teller machines (ATMs) spanning 4,156 cities and towns.[1] The bank is led by Managing Director and Chief Executive Officer Sashidhar Jagdishan, who assumed the role in October 2020. In November 2025, Jagdishan became subject to an ongoing police investigation by Mumbai's Economic Offences Wing in a fraud case related to the Lilavati Hospital Trust.[2] HDFC Bank's origins trace back to its establishment as a subsidiary of the Housing Development Finance Corporation Limited (HDFC Ltd.), India's pioneering housing finance institution founded in 1977, with the aim of entering the commercial banking sector amid India's economic liberalization in the early 1990s. It achieved early growth through strategic mergers, including the acquisition of Times Bank in 2000—the first inter-bank merger in India's private sector—and Centurion Bank of Punjab in 2008, which expanded its branch network and customer base. A landmark development occurred in 2022 when HDFC Bank announced its merger with parent company HDFC Ltd., the largest housing finance provider in India; the merger received regulatory approval and became effective on July 1, 2023, creating a combined entity with assets exceeding ₹25 trillion and strengthening its position in retail lending, particularly home loans. This integration has positioned HDFC Bank as a full-service financial powerhouse, blending traditional banking with innovative digital offerings.[3] The bank's operations are structured around two primary business segments: Retail Banking, which focuses on personal loans, auto financing, credit cards, home loans, mortgages, and services for non-resident Indians (NRIs) and high-net-worth individuals (HNWIs); and Wholesale Banking, catering to large corporations, public sector undertakings, and multinationals through working capital, project finance, cash management, and trade services. Additionally, HDFC Bank emphasizes Commercial and Rural Banking to support micro, small, and medium enterprises (MSMEs) and agricultural needs in underserved areas.[4] Known for its customer-centric approach and technological advancements, the bank has pioneered initiatives like mobile banking apps and contactless payments, serving 99 million customers as of September 2025. In recent years, it has reported robust financial performance, with net revenue reaching ₹459 billion for the quarter ended September 30, 2025, reflecting 10.3% year-on-year growth amid healthy loan expansion.[4] HDFC Bank consistently earns accolades, including recognition as the Best Domestic Private Bank in India at the Global Private Banking Innovation Awards 2025.[5]History
Founding and early development
HDFC Bank was incorporated on August 30, 1994, as one of India's inaugural private sector scheduled commercial banks, enabled by the Reserve Bank of India's (RBI) 1993 guidelines that liberalized entry for private players to foster competition in the banking industry.[6] The initiative was spearheaded by Housing Development Finance Corporation Limited (HDFC Ltd.), founded in 1977 by H. T. Parekh to address housing finance needs for India's middle class, with HDFC Ltd. serving as the primary promoter alongside other investors.[1] The bank received its banking license in January 1995 and commenced operations from its Mumbai headquarters, opening its first full-service branch at Sandoz House in Worli that February.[7] From inception, HDFC Bank adopted a retail-oriented banking model, prioritizing accessible financial services for individual customers over corporate lending.[1] It launched core products including savings accounts, fixed deposits, and basic personal loans during the mid-1990s, alongside an initial public offering in March 1995 that raised ₹50 crore through 5 crore equity shares at par value, oversubscribed 55 times to bolster its capital base.[8] Expansion began modestly within Mumbai before extending outward; the first branch outside the city opened in Pune's Bhandarkar Road area in 1996, signaling early geographic diversification.[9] By 1996, the bank's balance sheet had surpassed ₹1,000 crore, reflecting rapid initial growth.[7] The bank's formative years emphasized sustainable operations, achieving profitability by the financial year 2000 after posting consistent gains and declaring its maiden dividend of 8% in 1997.[10] Core values—customer focus, product leadership, operational excellence, people orientation, and sustainability—were embedded from the outset to drive a professional, innovative culture distinct from public sector peers.[1] This retail-centric foundation and commitment to efficiency positioned HDFC Bank as a pioneer in private banking during India's post-liberalization era.Key mergers and expansions
In 2000, HDFC Bank completed its first major merger with Times Bank, marking the inaugural friendly consolidation in India's banking sector following economic liberalization. This all-stock transaction, effective February 26, 2000, involved a share swap ratio of one HDFC Bank share for every 5.75 shares of Times Bank, significantly enhancing HDFC Bank's branch network and operational scale in urban and semi-urban areas.[11][1] The 2008 acquisition of Centurion Bank of Punjab (CBoP) further accelerated HDFC Bank's growth, integrating CBoP's strong regional footprint, particularly in Punjab and northern India, into its operations. Valued at approximately ₹9,510 crore, the merger was approved by the Reserve Bank of India and became effective on May 23, 2008, resulting in a combined network of 1,148 branches—the largest among private sector banks at the time—and bolstering deposit mobilization and customer base diversification. This strategic move expanded HDFC Bank's presence beyond metropolitan centers, enabling deeper penetration into underserved markets.[11][12][13] A landmark development occurred in 2022 when HDFC Bank announced its merger with parent company HDFC Limited, India's leading housing finance provider, to create a universal banking entity with expanded lending capabilities. The scheme received Reserve Bank of India approval, and the merger took effect on July 1, 2023, with HDFC Limited shareholders receiving 42 shares of HDFC Bank for every 25 shares held, yielding a combined asset base exceeding ₹25 lakh crore and positioning the entity as India's largest private sector bank by assets. This integration unified retail and wholesale operations, enhancing cross-selling opportunities and long-term capital efficiency.[14][3][15] Post-merger efforts focused on seamless integration, including the onboarding of approximately 4,000 HDFC Limited employees into HDFC Bank's structure following the merger and the unification of technology platforms to streamline customer services.[16] By mid-2024, HDFC Bank initiated the migration of its core banking system to a new engineered platform, improving scalability and robustness while addressing legacy system overlaps from the merger. Branch rationalization progressed through targeted closures and consolidations of overlapping locations, contributing to operational efficiencies without disrupting service continuity, as part of a broader 4-5 year digestion plan.[17][18] During the 2010s, HDFC Bank pursued strategic expansions into rural and semi-urban areas to tap into inclusive growth opportunities, launching micro-branches—compact, two-to-three member units designed for low-cost operations in unbanked regions. By 2013, initiatives like the Sustainable Livelihood Program had reached over 2 million rural households, focusing on financial inclusion for women and small enterprises, while the bank added hundreds of such branches annually to increase its rural footprint from 34% to over 50% of total locations. Complementing domestic efforts, HDFC Bank forged international tie-ups, such as partnerships with Wells Fargo in 2012 for U.S.-India remittances and with UAE banks in 2010 for online transfers, alongside the expansion of its Bahrain branch network to serve the Indian diaspora and facilitate cross-border trade. These moves diversified revenue streams and strengthened global connectivity without direct overseas branching beyond the Middle East.[11][19][20]Operations
Network and infrastructure
As of September 30, 2025, HDFC Bank's distribution network comprised 9,545 branches spread across 4,156 cities and towns in India.[21] This extensive coverage includes the bank's unique position as the sole private sector bank with a physical presence in the Union Territory of Lakshadweep, where it opened a branch in Kavaratti Island in April 2024 to serve local customers with core banking services.[22] The bank's ATM infrastructure supports this branch network with 21,417 automated teller machines as of the same date, strategically deployed to prioritize accessibility in urban and semi-urban areas while facilitating cash management for customers nationwide.[21] This deployment enhances the overall logistical footprint, enabling efficient transaction processing and reducing dependency on branch visits in densely populated regions. HDFC Bank's expansion strategy has driven significant growth in its physical presence, increasing from 8,738 branches as of March 31, 2024, to the current scale by emphasizing penetration into tier-2 and tier-3 cities as well as rural areas through strategic partnerships with local entities and business correspondents.[23] This approach builds on accelerated network development following the 2023 merger with HDFC Limited, which integrated additional outlets and supported broader geographic outreach.[24] Following the merger, the bank completed infrastructure upgrades, including active-active data center configurations to ensure high availability and resilience for nationwide operations, alongside enhancements in cybersecurity measures such as investments in quantum-secure technologies through partnerships like QNu Labs.[24][25] Underpinning these operations is the bank's core banking system, which has been migrated to a new engineered platform for enhanced robustness and scalability.[17]Workforce and human resources
As of the fiscal year ending March 31, 2025, HDFC Bank employed 214,521 individuals, reflecting a net addition of 994 employees compared to the previous year amid ongoing integration efforts following the merger with HDFC Ltd.[26] The workforce composition emphasizes diversity, with women comprising 26.1% of employees (56,072 individuals), surpassing the bank's target of 25% representation by FY25 and advancing toward a new goal of 27% by FY27.[27] HDFC Bank's human resources policies prioritize employee development and adaptation to technological advancements, including upskilling through dedicated platforms like the MPower learning system and the newly launched GenAI Academy for generative AI proficiency.[27] In October 2025, CEO Sashidhar Jagdishan announced that the bank's AI integration would not result in layoffs, instead redeploying staff from backend operations to customer-facing and technology roles to enhance productivity across 15 lighthouse AI programs.[28] These initiatives supported a total of 1.25 crore learning hours in FY25, an 88% increase from the prior year, with an average of 58.25 hours per employee and higher engagement among women at 71.18 hours.[27] Recruitment efforts in FY25 focused on bolstering tech talent post-merger, with 49,713 new hires (including 13,780 women, or 27.7% of total hires) facilitated by AI-based touchless processes and partnerships for specialized training programs.[27] Retention strategies include performance-based incentives aligned with RBI guidelines, featuring variable pay with deferral, malus, and clawback provisions to reward contributions while maintaining attrition at 22.6%, down from 26.9% in FY24.[27] In line with corporate social responsibility, HDFC Bank's HR practices incorporate sustainability-linked training on ESG factors, climate risk, and ethical practices, covering 97% of employees for health, safety, and skill enhancement.[27] Employee volunteering programs under the Parivartan initiative engaged over 12,000 participants, contributing 1,843 hours to community efforts in skill development and rural livelihoods, as part of a broader ₹1,068 crore CSR spend impacting 10.56 crore lives.[27] Labor relations at HDFC Bank operate in a largely union-free environment, with only 0.10% of permanent employees affiliated with associations under bipartite settlements, supported by robust grievance mechanisms like the 'My Concern' portal and zero-tolerance policies for discrimination or harassment, resulting in no reported violations of child or forced labor standards in FY25.[27]Products and services
Retail and consumer banking
HDFC Bank's retail and consumer banking segment caters to individual customers and small businesses through a diverse array of deposit, lending, and payment products designed for accessibility and financial inclusion.[29] This division emphasizes user-friendly features, such as zero-balance savings accounts and competitive interest rates, to serve a broad customer base across urban and rural areas.[30] Deposit products form the foundation of HDFC Bank's retail offerings, including savings accounts that provide 2.50% per annum interest and options like zero-balance accounts for everyday banking convenience.[30] Fixed deposits, starting from a minimum of ₹5,000, offer tenures from 7 days to 10 years with interest rates up to 6.60% for general public and 7.10% for senior citizens as of November 2025, including higher rates for senior citizens and tax-saving variants with a 5-year lock-in up to ₹1.5 lakh per financial year.[31] These products support flexible investment strategies, with features like overdraft facilities against deposits and non-withdrawable options for compounded returns.[32] The loan portfolio in retail banking is dominated by home loans, a legacy from the merger with HDFC Ltd., with outstanding advances reaching approximately ₹8.4 lakh crore as of June 2025, reflecting robust demand in housing finance.[33] Personal loans and auto loans complement this, offering amounts up to ₹50 lakhs with digital approval processes that enable quick disbursals based on salary credits and credit scores, often within hours. These loans feature competitive rates starting from 7.90% for home loans as of November 2025 and flexible tenures up to 30 years, prioritizing affordability for individual borrowers. In November 2025, the bank reduced its Marginal Cost of Funds based Lending Rate (MCLR) by up to 10 basis points, lowering EMIs for floating-rate home loans.[34][35] HDFC Bank maintains a portfolio of over 20 credit cards, including co-branded options with partners like Tata Neu, which alone surpassed 2 million issuances by March 2025.[36] The bank has issued around 20 million active credit cards by fiscal year 2025, catering to varied lifestyles with rewards on travel, dining, and shopping, alongside features like contactless payments and EMI conversions.[37] These cards support seamless integration with digital wallets and UPI for enhanced consumer spending.[38] Wealth management services for retail customers focus on affluent individuals, providing advisory on mutual fund distribution, portfolio diversification, and investment planning through dedicated relationship managers.[39] With over 25 years of expertise, these services include goal-based planning for retirement and education, emphasizing low-cost mutual funds and bonds to build long-term wealth.[40] HDFC Bank integrates these offerings with banking apps for real-time tracking, ensuring personalized strategies aligned with risk profiles.[41] Small business lending targets MSMEs under priority sector guidelines, offering unsecured loans up to ₹15 lakhs (or ₹50 lakhs in select locations) with simplified documentation like GST returns and bank statements.[42] These loans, part of schemes like CGTMSE for collateral-free credit up to ₹2 crore, support working capital and expansion needs with tenures up to 48 months and competitive rates.[43] In 2025, enhancements include digital onboarding and integration with government programs to ease access for micro enterprises.[44]Corporate and wholesale banking
HDFC Bank's corporate and wholesale banking segment delivers specialized financial solutions to large corporations, mid-sized enterprises, financial institutions, and government bodies, emphasizing B2B transactions and large-scale financing needs. This division supports India's corporate ecosystem by offering integrated services that address funding, risk management, and transactional requirements, contributing significantly to the bank's non-interest income through fees and commissions. As a leading player in wholesale banking, HDFC Bank maintains a robust infrastructure, including dedicated relationship teams and digital interfaces like CBX Internet Banking, to ensure seamless service delivery.[45][46][47] Wholesale lending forms the core of this segment, encompassing project finance for infrastructure developments, energy projects, and other capital-intensive ventures, alongside working capital facilities such as term loans and cash credit to sustain corporate operations. These offerings are structured to provide competitive pricing and flexible tenors, often backed by collateral or cash flows from underlying assets. As of March 31, 2025, the corporate and other wholesale loans portfolio represented about 18% of the bank's total gross advances of ₹26.44 lakh crore, equating to approximately ₹4.76 lakh crore, with subsequent quarterly growth of 6.4% reported by September 2025. This scale underscores HDFC Bank's prominent role in funding India's corporate sector while maintaining prudent risk management through diversified exposures.[48][49][50] Trade services bolster India's export-import dynamics by providing letters of credit (LCs) for secure payment assurances in international deals, along with export financing options like pre-shipment credit for raw material procurement and post-shipment financing against receivables. These instruments reduce counterparty risks and facilitate smoother trade flows, particularly for sectors like manufacturing and commodities, aligning with national trade promotion initiatives. HDFC Bank's global correspondent network enhances the reliability of these services, enabling swift processing and competitive forex rates.[51][52][53] Treasury operations cater to institutional clients' risk mitigation needs through a dedicated forex desk offering spot, forward, and options contracts to hedge currency fluctuations, complemented by derivatives such as interest rate swaps, caps, floors, and cross-currency swaps for interest rate exposure management. Cash management solutions further optimize liquidity via efficient fund pooling, real-time transfers, and automated tax remittances, minimizing idle cash and operational costs. These services generate substantial fee-based revenue, leveraging HDFC Bank's strong balance sheet and market-making capabilities in forex and derivatives markets.[54][55][56] Supply chain finance initiatives employ digital platforms to streamline vendor financing and dealer collections, enabling large buyers to extend early payments to suppliers at low costs while ensuring prompt disbursals. This includes invoice discounting and reverse factoring programs that integrate with enterprise resource planning systems for automated processing, enhancing visibility and reducing working capital cycles across supply chains in industries like automotive and retail. By partnering with corporates, HDFC Bank facilitates scalable solutions that support thousands of SMEs in the ecosystem without direct credit assessment of each vendor.[57][58] Institutional banking extends targeted support to non-banking financial companies (NBFCs) via co-lending models under RBI guidelines, where HDFC Bank provides funding portions for on-lending to end-customers, and to government entities through specialized payment gateways for services like e-tendering, provident fund disbursals, and ministry transactions. These offerings include custodial services, escrow management, and guaranteed remittance facilities, ensuring compliance and efficiency for public sector operations. This focus strengthens HDFC Bank's position as a preferred partner for institutional liquidity and regulatory adherence.[59][60][61]Digital banking and innovations
HDFC Bank has prioritized digital transformation to enhance customer accessibility and transaction efficiency through innovative mobile applications. The PayZapp app serves as a comprehensive digital wallet and virtual card solution, enabling users to conduct both online and offline payments seamlessly for utilities, recharges, and merchant transactions. Launched in 2014 and continually updated, PayZapp supports features like bill payments, money transfers, and cashback rewards, processing millions of transactions monthly to promote cashless economy initiatives. Complementing this, the SmartWealth app, introduced in June 2024, focuses on investment management by offering personalized portfolios, mutual fund investments, fixed deposits, and demat account handling through an intuitive interface. It includes tools like Instant SIP for same-day mutual fund investments and DigiPassBook for consolidating ETF and demat holdings, targeting both novice and experienced investors with onboarding in under three minutes.[62][63][64] In alignment with the Reserve Bank of India's (RBI) central bank digital currency (CBDC) pilot launched in 2022, HDFC Bank joined the initiative in 2023 to test the digital rupee (e₹) for retail transactions. The bank's Digital Rupee Wallet facilitates secure peer-to-peer transfers, merchant payments, and interoperability with existing systems, marking a step toward programmable money. In Q3 2024, HDFC Bank introduced user-level programmability features in August, allowing customers to set conditions for payments, such as restricting funds to specific purposes like education or healthcare, enhancing control and transparency in digital transactions. These advancements build on earlier interoperability tests between CBDC and UPI conducted in 2023, positioning the bank as a key participant in India's digital currency ecosystem.[65][66][67] HDFC Bank's integration with the Unified Payments Interface (UPI) has expanded through strategic partnerships, notably the launch of a co-branded RuPay credit card with PhonePe in June 2025. This card enables UPI-based auto-pay for recurring bills and offers rewards on digital spends, combining credit access with seamless payment rails to drive adoption among younger users. The collaboration supports embedded finance by allowing credit issuance directly within the PhonePe app, streamlining approvals and transactions without traditional paperwork.[68][69] Advancements in artificial intelligence (AI) and fintech underscore HDFC Bank's commitment to secure and efficient services. The EVA chatbot, an AI-powered virtual assistant, provides 24/7 query resolution, product recommendations, and transaction tracking via natural language processing. For security, the bank employs predictive analytics and machine learning models to detect fraud in real-time, analyzing transaction patterns to prevent unauthorized activities and safeguard customer assets. In October 2025, CEO Sashidhar Jagdishan affirmed a no-layoff policy for AI adoption, emphasizing redeployment of staff to customer-facing and technology roles to foster innovation without workforce disruption.[70][71][72] To enable embedded finance, HDFC Bank has developed open banking APIs that facilitate partnerships with fintechs, allowing third-party integration for services like lending and insurance within external apps. These APIs support secure data sharing under RBI guidelines, enabling innovations such as instant loan disbursals and personalized financial products through collaborations with platforms like PhonePe.[66][73]Subsidiaries and associates
Insurance and asset management
HDFC Bank holds a 50.3% stake in HDFC Life Insurance Company Limited, making it a key promoter of this joint venture focused on life insurance solutions.[74] HDFC Life offers a diverse portfolio of products, including term insurance plans for pure protection, unit-linked insurance plans (ULIPs) combining investment and coverage, and annuity plans for retirement income. As of September 2025, the company's assets under management reached ₹3,59,999 crore, reflecting steady growth in policyholder funds.[75] In the general insurance segment, HDFC Bank maintains a 50.3% stake in HDFC ERGO General Insurance Company Limited as of September 30, 2025, positioning it as a subsidiary post the 2023 merger.[76][77] HDFC ERGO specializes in health insurance for medical expenses, motor insurance for vehicle coverage, and other non-life products like travel and property policies.[78] For fiscal year 2025, the company reported net premiums of ₹7,172 crore, underscoring its scale in the non-life insurance market.[79] HDFC Bank also owns HDFC Pension Fund Management Limited, which manages schemes under the National Pension System (NPS) to facilitate retirement savings through equity, debt, and hybrid allocations.[80] The fund serves a subscriber base of over 2.6 million across corporate, government, and individual segments as of October 2025, benefiting from the growing adoption of NPS.[81] The integration following the HDFC merger has created synergies, particularly in cross-selling insurance and pension products via the bank's 9,455 branches to its over 100 million customer base as of March 2025.[82] These efforts have boosted distribution reach and product penetration without altering core operations.[83] All stakes comply with regulatory norms, with the Insurance Regulatory and Development Authority of India (IRDAI) granting approvals for their maintenance and ensuring adherence to promoter holding limits.[84] This framework supports ongoing strategic alignment while safeguarding policyholder interests.[85]Broking and other financial services
HDFC Securities Limited (HSL), a subsidiary in which HDFC Bank holds a 94.5% stake as of March 31, 2025, operates as one of India's leading brokerage firms, providing online trading platforms, demat accounts, and related capital market services.[86] The platform facilitates equity trading, derivatives, commodities, and IPO investments, leveraging digital tools for retail and institutional clients to access Indian stock exchanges. HSL's services emphasize seamless dematerialized holding of securities and margin trading facilities, contributing to the group's diversification into capital markets.[87] HDB Financial Services Limited (HDBFS), an NBFC subsidiary where HDFC Bank's stake stands at 74.19% following its 2025 IPO, focuses on consumer and enterprise lending, including personal loans, vehicle financing, and business loans.[88] As of June 30, 2025, HDBFS's gross loan book reached ₹1,09,342 crore, with secured loans comprising 73% of the portfolio to mitigate credit risk.[89] The entity serves over 19 million customers through 1,771 branches, emphasizing financial inclusion for underserved segments while adhering to RBI's scale-based regulations for upper-layer NBFCs.[90] HDFC Asset Management Company Limited (HDFC AMC), under indirect group ownership with HDFC Bank holding 52.74% as of March 31, 2025, manages a diverse portfolio of mutual funds, including equity, debt, and hybrid schemes.[91] The company's assets under management (AUM) grew to ₹8,37,348 crore as of June 30, 2025, reflecting strong inflows into equity-oriented funds amid market expansion.[92] HDFC AMC prioritizes investor education and systematic investment plans, operating 136 schemes to support long-term wealth creation.[93] Among other associates, HDFC Bank maintains minority stakes in fintech entities, including partnerships in digital payments infrastructure. In 2025, the group expanded into International Financial Services Centre (IFSC) units in GIFT City, Gujarat, with subsidiaries like HDFC Securities IFSC Limited and HDFC AMC International (IFSC) Limited to offer offshore trading, fund management, and global investment services compliant with IFSC regulations.[94] These units benefit from tax exemptions and facilitate cross-border transactions.[95] As non-banking financial companies (NBFCs), these subsidiaries operate under distinct RBI regulations, including scale-based oversight for upper-layer entities like HDBFS, which mandates enhanced capital adequacy, liquidity coverage ratios, and integrated risk management frameworks. Risk management involves board-approved policies for credit, market, and operational risks, with periodic stress testing and exposure limits to ensure resilience, separate from the parent bank's banking license requirements.[96]Financial performance
Key financial metrics
HDFC Bank's revenue for fiscal year 2025 (FY25, ending March 31, 2025) reached ₹4.71 lakh crore (US$56 billion), reflecting a 16% year-over-year (YoY) increase driven by robust growth in net interest income and fee-based services.[97] The bank's net profit for the first half of FY26 (April 1 to September 30, 2025) stood at approximately ₹36,800 crore, underscoring sustained profitability amid economic headwinds; additionally, earnings per share (EPS) for Q4 FY25 was ₹8.3.[50] Total assets approximated ₹45.15 lakh crore following the merger with HDFC Ltd., with return on assets (RoA) at 1.94% and return on equity (RoE) at 14.4% for 2025, indicating efficient asset utilization and strong shareholder returns.[98] As of September 2025, the loan-to-deposit ratio was 98.8%, reflecting a balanced approach to lending and deposit mobilization, while the gross non-performing assets (NPA) ratio was 1.24% and net NPA ratio 0.42%, signaling stable asset quality.[4] The common equity tier 1 (CET1) ratio under Basel III stood at 17.5%, well above regulatory requirements and highlighting robust capital buffers to support future growth.[99]| Metric | FY25 / As of March 2025 | H1 FY26 / As of Sep 2025 |
|---|---|---|
| Revenue | ₹4.71 lakh crore (16% YoY growth) | - |
| Net Profit | - | ≈₹36,800 crore |
| EPS (Q4 FY25) | ₹8.3 | - |
| Total Assets | ≈₹45.15 lakh crore | - |
| RoA | 1.94% | - |
| RoE | 14.4% | - |
| Loan-Deposit Ratio | - | 98.8% |
| NPA Ratio (Gross/Net) | - | 1.24% / 0.42% |
| CET1 Ratio | - | 17.5% |
Growth and rankings
Following the merger with its parent company Housing Development Finance Corporation Limited in July 2023, HDFC Bank experienced significant expansion, with its total balance sheet size reaching ₹40.03 lakh crore as of September 30, 2025, more than doubling from pre-merger levels.[21] This growth was supported by robust deposit mobilization, which rose 12% year-on-year in the second quarter of fiscal year 2026, and a customer base that expanded to approximately 9.9 crore by mid-2025.[100] The integration enhanced the bank's scale in retail and wholesale lending, enabling it to capture a larger share of India's banking market amid rising credit demand in sectors like small and mid-sized enterprises.[101] In the domestic landscape, HDFC Bank has maintained its position as India's largest private sector bank by both assets and market capitalization since 2023.[102] As of May 2025, its market cap stood at approximately ₹15.3 lakh crore, outpacing competitors like ICICI Bank and Axis Bank, while its asset base solidified its leadership among private lenders.[103] This dominance reflects the bank's strategic focus on digital transformation and diversified loan portfolios, contributing to its 14.6% share of incremental deposits in fiscal year 2025.[104] On the global stage, HDFC Bank achieved a milestone in May 2025 by ranking as the 10th largest bank worldwide by market capitalization, with a value of $184.44 billion, surpassing Swiss peer UBS Group, which had a market cap of around $140 billion at the time.[105] This positioned it ahead of several international players and highlighted India's growing influence in global banking, driven by the post-merger synergies and sustained profitability.[106] HDFC Bank has also earned recognition for its environmental, social, and governance (ESG) practices, receiving a medium ESG risk score of 30.6 from Sustainalytics in 2025, indicating effective management of sector-specific risks compared to other Indian banks.[107] Additionally, it was assigned an ESG rating of 70 by NSE Sustainability Ratings & Analytics for fiscal year 2024, underscoring its commitments to sustainable finance and community initiatives.[108] Looking ahead, the bank aims for loan growth exceeding the industry average starting in fiscal year 2027, targeting sustained expansion in line with India's economic trajectory through 2030, supported by improving liquidity and credit demand.[109]Ownership and listings
Shareholding pattern
Following the 2023 merger with HDFC Limited, HDFC Bank's ownership structure features no promoters or single majority owner, with promoter holding at 0% as per regulatory classifications. The merger integrated the housing finance entity's shareholders into the bank's public shareholding through a share swap ratio of 42 HDFC Bank shares for every 25 HDFC Limited shares, which diluted existing shareholders' holdings and expanded the capital base.[110] Institutional investors dominate the shareholding, with foreign institutional investors (FIIs) owning about 48% as of September 2025, including major players such as Vanguard Group and BlackRock.[110] Domestic institutional investors (DIIs) hold around 36%, primarily through mutual funds and insurance companies.[111] The remaining approximately 16% is held by retail investors and other non-institutional shareholders.[112]| Category | Approximate Percentage (Sep 2025) | Key Examples |
|---|---|---|
| Promoters | 0% | None |
| Foreign Institutional Investors (FIIs) | 48% | Vanguard, BlackRock |
| Domestic Institutional Investors (DIIs) | 36% | Mutual funds, insurance firms |
| Retail and Others | 16% | Individual investors |