HDFC Bank

HDFC Bank is one of the largest private-sector banks in India. It takes deposits and gives retail, small business and corporate loans, and it sells cards, payments and treasury services. It merged with its former parent, the mortgage lender HDFC Limited, in July 2023. Its main subsidiaries are HDB Financial Services (74.1%), HDFC Life Insurance (50.5%), HDFC ERGO General Insurance (50.2%), HDFC Asset Management (52.3%) and HDFC Securities (93.9%).

At September 30, 2026, it had 9,706 branches, deposits of ₹33,274 billion, gross advances of ₹32,195 billion and a standalone balance sheet of ₹45,778 billion. Its fiscal year ends on March 31, and it reports under Indian GAAP in rupees. Its shares trade on the NSE and the BSE in India. Its ADSs trade on the New York Stock Exchange, and each ADS represents three equity shares.

HDFC Bank trades at a premium to the AI estimate because investors pay for its long record of steady growth and few bad loans in a fast-growing economy. Deposits grew 18.8% and gross advances grew 16.3% in the year to September 30, 2026, and gross non-performing assets were only 1.11% of gross advances. But returns are lower than before the 2023 merger: annualized consolidated profit was about 13.5% of average equity in the first half of fiscal 2027 (a calculation from the results). The bank also had a year of leadership change.

Its chairman resigned in March 2026 and cited his personal values and ethics, and a new chairman, a new chief executive and a new chief financial officer took office in 2026. For the premium to be earned, three things must be true. Profit growth must return to the pace of loan growth as treasury gains stop falling; profit after tax rose 4.7% in Q2 fiscal 2027, or about 12.6% without treasury gains. The net interest margin must stay near 3.2% on total assets while time deposits grow faster than low-cost current and savings deposits.

No new governance problem may appear under the chief executive Anup Bagchi, who started on October 27, 2026. The Q3 fiscal 2027 report, expected in mid-January 2027, gives the next test. The full-year report in April 2027 shows the first results under the new leaders. If returns stay near current levels, the premium can shrink over the next two years.

AI estimate, checked by Kevin. How it is made

1. Jan 16, 2027 · est.Pending

   Q3 fiscal 2027 results: profit growth and marginProfit after tax growth near loan growth with a net interest margin near 3.2% and stable asset quality pass; flat profit or a lower margin fails.
2. Apr 2027 · est.Pending

   Fiscal 2027 results: first year of the new leadersHigher return on equity than in fiscal 2026 and no new governance issue pass; flat returns or a new governance issue fail.

Every passed and failed checkpoint across all picks

• November 9, 2026HDFC Bank told the NYSE that it appointed V. N. Srivatsan as its Chief Compliance Officer.
• October 17, 2026HDFC Bank reported Q2 fiscal 2027 results. Standalone profit after tax rose 4.7% to ₹195.1 billion, or about 12.6% without treasury gains, which fell to ₹7.8 billion from ₹23.9 billion. Net interest income rose 9.7% to ₹346.2 billion, and the net interest margin was 3.16% on total assets. Deposits grew 18.8% and gross advances grew 16.3% from a year earlier. Gross non-performing assets fell to 1.11% of gross advances.
• October 1, 2026The Reserve Bank of India approved Anup Bagchi as Managing Director and CEO for three years from October 27, 2026. He replaced Sashidhar Jagdishan, who completed his term on October 26, 2026. Bagchi was the MD and CEO of ICICI Prudential Life Insurance and a former Executive Director of ICICI Bank.

Next earnings

Expected about January 16, 2027. The company has not confirmed the date.

• 20-FAnnual report for the period ended Mar 31, 2026Filed July 29, 2026 · Read it on sec.gov
• 20-FAnnual report for the period ended Mar 31, 2025Filed July 14, 2025 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1144967)

• The bank changed its chairman, chief executive and chief financial officer in 2026 after the chairman resigned with a statement about ethics. A review found no basis for the statement, but a new governance problem or action by the Reserve Bank of India can lower the value of the shares.
• Time deposits grew 22.8% and low-cost current and savings deposits grew 10.8% in the year to September 30, 2026. Higher funding costs can keep the net interest margin near 3.2% on total assets and hold back returns.
• Profit growth depends partly on treasury gains, which fell to ₹7.8 billion in Q2 fiscal 2027 from ₹23.9 billion a year earlier. Bond market moves can make profit growth uneven.
• The bank earns in rupees, and the ADS trades in U.S. dollars. A weaker rupee lowers the value of each ADS.
• Gross non-performing assets were 1.11% of gross advances at September 30, 2026, and 0.87% without agricultural loans. A slower economy or bad harvests can raise credit costs.

HDFC Bank is a bank, so its balance sheet is mostly loans, investments and deposits, and not corporate debt. At September 30, 2026, the standalone balance sheet was ₹45,778 billion. Read more

Paid per share

$0.00 in the last 12 months (0 payments)

Current annual rate

$0.3755 ($0.3755 × 1 a year)

Latest ex-dividend date

August 11, 2025, $0.3755 per share

Dividends per share by year

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.