HDB on NYSE

HDFC Bank

Logo: HDFC Bank, Public domain, via Wikimedia Commons⁵

Indian banking and financial services company

$23.55 up 0.92 (4.04%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

$25.6BRevenue, fiscal 2025⁶

$7.9BNet income, fiscal 2025⁶

1994Founded¹

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TickerHDB on NYSE¹
Industryeconomics of banking, financial sector, financial services¹
HeadquartersMumbai¹
Websitehdfc.bank.in
Legal formjoint-stock company¹
Listed onNational Stock Exchange of India (HDFCBANK), New York Stock Exchange (HDB)¹
Incorporated inIndia⁷
Business address'Hdfc Bank House', Senapati Bapat Road, Lower Parel (West), Mumbai India, Mumbai⁷
Filer categoryLarge accelerated filer⁷

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HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai. Incorporated in August 1994, it officially commenced operations in January 1995 upon receiving its banking license from Reserve Bank of India. It is India's largest private sector bank by assets and market capitalisation. In 2025, HDFC became the 10th largest bank in the world by market capitalisation.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

30.8%Net margin⁶

15.2%Revenue growth, 2025⁶

8.8%Return on equity⁶

0.76×Debt to equity⁶

$13.2BFree cash flow⁶

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Retail Banking brought in 53% of the revenue HDFC Bank broke down this way in fiscal 2026.

Retail Banking1.2T INR¹⁰53%up 14% from 2025
Insurance Services692.6B INR¹⁰30%up 6% from 2025
Wholesale Banking284.3B INR¹⁰12%down 18% from 2025
Treasury Services63.2B INR¹⁰3%up 17% from 2025
Other Operating50.7B INR¹⁰2%up 13% from 2025

Business segments by year

Business segments	2024	2025	2026
Retail Banking	960.2B INR	1.1T INR	1.2T INR
Insurance Services	504.7B INR	655.7B INR	692.6B INR
Wholesale Banking	325.8B INR	347.7B INR	284.3B INR
Treasury Services	32.5B INR	54.0B INR	63.2B INR
Other Operating	30.6B INR	45.0B INR	50.7B INR

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsProfit

Other costs61¢$15.7B
Income tax8¢$2.0B
Profit31¢$7.9B

Out of $25.6B in revenue.⁶

Where each dollar of operating cash went, fiscal 2025

Dividends paidKept or used elsewhere

Capital spending6¢$777.2M
Dividends paid13¢$1.9B
Kept or used elsewhere81¢$11.4B

Out of $14.0B of cash from operations.⁶

Financial statements

Revenue¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$25.6B in 2025+228% since 2018

Net income¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$7.9B in 2025+188% since 2018

Every line of the income statement in the latest annual report, as filed.¹⁰

Period ending	2026-03-31	2025-03-31	2024-03-31
Loans	2.5T INR	2.5T INR	2.2T INR
Trading securities	19.7B INR	11.4B INR	3.6B INR
Available for sale debt securities	712.1B INR	625.2B INR	516.5B INR
Other	84.2B INR	84.8B INR	67.3B INR
Total interest and dividend revenue	3.4T INR	3.2T INR	2.8T INR
Deposits	1.4T INR	1.3T INR	997.4B INR
Short-term borrowings	93.1B INR	94.1B INR	100.2B INR
Long-term debt	375.0B INR	471.6B INR	432.5B INR
Other	9.1B INR	2.8B INR	3.8B INR
Total interest expense	1.9T INR	1.8T INR	1.5T INR
Net interest revenue	1.5T INR	1.4T INR	1.2T INR
Provision for credit losses	168.3B INR	181.4B INR	133.1B INR
Net interest revenue after provision for credit losses	1.3T INR	1.2T INR	1.1T INR
Fees and commissions	356.6B INR	324.1B INR	281.0B INR
Trading securities gain (net)	18.5B INR	43.4B INR	41.6B INR
Realized gain/(loss) on sales of available for sale debt securities, net	50.3B INR	6.8B INR	826.7M INR
Allowance on available for sale debt securities	0 INR	0 INR	70.9M INR
Foreign exchange transactions gain/(loss)	-4.1B INR	38.4B INR	15.5B INR
Derivatives gain net	14.1B INR	37.6B INR	18.6B INR
Premium and other operating income from the insurance business	546.0B INR	498.3B INR	381.9B INR
Other, net	14.5B INR	18.4B INR	-486.8M INR
Total non-interest revenue, net	995.8B INR	967.0B INR	738.9B INR
Total revenue, net	2.3T INR	2.2T INR	1.9T INR
Salaries and staff benefits	318.6B INR	299.3B INR	288.8B INR
Premises and equipment	91.1B INR	77.7B INR	65.1B INR
Depreciation and amortization	41.2B INR	37.8B INR	31.1B INR
Administrative and other	310.1B INR	292.8B INR	281.0B INR
Amortization of intangible assets	20.7B INR	25.2B INR	21.2B INR
Claims and benefits paid pertaining to insurance business	569.9B INR	532.9B INR	382.0B INR
Total non-interest expense	1.4T INR	1.3T INR	1.1T INR
(Surplus) in P&L transferred to undistributed policyholders earnings account	-36.8B INR	-63.0B INR	-79.2B INR
Income before income tax expense	939.0B INR	861.5B INR	705.5B INR
Income tax expense	211.9B INR	175.0B INR	77.8B INR
Net income before noncontrolling interest	727.1B INR	686.5B INR	627.6B INR
Less: Net income attributable to shareholders of noncontrolling interest	22.3B INR	13.0B INR	5.0B INR
Net income attributable to shareholders of HDFC Bank Limited	704.8B INR	673.5B INR	622.7B INR
Earnings per equity sharebasic	45.89 INR	45.01 INR	44.33 INR
Earnings per equity sharediluted	45.75 INR	44.82 INR	44.16 INR
Earnings per ADSbasic	137.67 INR	135.02 INR	132.99 INR
Earnings per ADSdiluted	137.25 INR	134.45 INR	132.46 INR
Dividends declared per equity share	15.50 INR	11.00 INR	9.75 INR

Total assets¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$564.1B in 2025+223% since 2018

Total liabilities¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$463.1B in 2025+196% since 2018

Shareholders’ equity¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$89.9B in 2025+398% since 2018

Cash¹¹¹³¹⁴¹⁵¹⁶¹⁷⁶$23.2B in 2025+163% since 2018

Long-term debt¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$68.7B in 2025+379% since 2018

Every line of the balance sheet in the latest annual report, as filed.¹⁰

Period ending	2026-03-31	2025-03-31	2024-03-31
Cash and due from banks, and restricted cash	2.5T INR	2.0T INR	2.1T INR
Investments held for trading, at fair value	848.4B INR	625.4B INR
Investments available for sale debt securities, at fair value (includes restricted investments of Rs. 3,936,248.0 and Rs. 2,971,980.0 (US$ 31,674.1), as of March 31, 2025 and March 31, 2026, respectively)	10.2T INR	9.9T INR
Securities purchased under agreements to resell	421.6B INR	349.2B INR
Loans (net of allowance of Rs. 535,829.3 and Rs. 594,308.9 (US$ 6,333.8), as of March 31, 2025 and March 31, 2026, respectively)	31.0T INR	28.1T INR
Accrued interest receivable	328.6B INR	322.8B INR
Property and equipment, net	178.9B INR	172.4B INR
Intangible assets, net	1.4T INR	1.4T INR
Goodwill	1.6T INR	1.6T INR	1.6T INR
Other assets	3.0T INR	2.7T INR
Separate account assets	1.1T INR	1.0T INR
Total assets	52.6T INR	48.2T INR	44.1T INR
Interest-bearing deposits	27.5T INR	24.0T INR
Non-interest-bearing deposits	3.5T INR	3.1T INR
Total deposits	31.0T INR	27.1T INR
Securities sold under repurchase agreements	100.0B INR	129.2B INR
Short-term borrowings	1.3T INR	1.3T INR
Accrued interest payable	268.2B INR	258.3B INR
Long-term debt	5.1T INR	5.9T INR
Accrued expenses and other liabilities	1.9T INR	1.5T INR
Separate account liabilities	1.1T INR	1.0T INR	955.4B INR
Liabilities on policies in force	2.4T INR	2.2T INR
Undistributed policy holders earnings account	280.8B INR	239.0B INR
Total liabilities	43.5T INR	39.6T INR
Equity shares: par value Rs. 1.0 each; authorized 20,000,000,000 shares and 20,000,000,000 shares; issued 15,304,443,348 shares and 15,393,368,328 shares, as of March 31, 2025 and March 31, 2026, respectively	15.4B INR	15.3B INR
Additional paid-in capital	4.6T INR	4.4T INR
Retained earnings	2.4T INR	2.1T INR
Statutory reserve	1.2T INR	1.1T INR
Accumulated other comprehensive income/ (loss)	-62.4B INR	97.2B INR
Treasury stock, at cost	-16.9B INR	-16.9B INR
Total HDFC Bank Limited shareholders' equity	8.2T INR	7.7T INR
Noncontrolling interest in subsidiaries	993.3B INR	946.0B INR
Total shareholders' equity	9.2T INR	8.6T INR	7.9T INR
Total liabilities and shareholders' equity	52.6T INR	48.2T INR
Investments available for sale, at fair value, restricted investments	3.0T INR	3.9T INR
Loans, allowance	594.3B INR	535.8B INR	457.3B INR
Equity shares, par value	1.00 INR	1.00 INR
Equity shares, authorized	20.0B shares	20.0B shares
Equity shares, issued	15.4B shares	15.3B shares
Equity shares, outstanding	15.4B shares	15.3B shares

Cash from operations¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$14.0B in 2025+867% since 2018

Capital spending¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$777.2M in 2025+451% since 2018

Free cash flow¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$13.2B in 2025+911% since 2018

Dividends paid¹¹¹²¹³¹⁴¹⁵¹⁶¹⁷⁶$1.9B in 2025+249% since 2018

Every line of the cash flow in the latest annual report, as filed.¹⁰

Period ending	2026-03-31	2025-03-31	2024-03-31
Net income before noncontrolling interest	727.1B INR	686.5B INR	627.6B INR
Provision for credit losses	168.3B INR	181.4B INR	133.1B INR
Depreciation and amortization	41.2B INR	37.8B INR	31.1B INR
Amortization of deferred customer acquisition costs and fees	52.3B INR	37.1B INR	20.8B INR
Amortization of premium/(discount) on investments	49.2B INR	39.2B INR	22.4B INR
Amortization of intangible assets	20.7B INR	25.2B INR	21.2B INR
Allowance on available for sale debt securities	0 INR	0 INR	-70.9M INR
Deferred tax expense/ (benefit)	-24.4B INR	-15.6B INR	-57.1B INR
Other gains, net	12.3B INR	-2.4B INR	-2.2B INR
Share-based compensation expense	22.2B INR	24.6B INR	20.1B INR
Net realized (gain)/ loss on sale of available for sale debt securities	-50.3B INR	-6.8B INR	-826.7M INR
(Gain)/ loss on disposal of property and equipment, net	-1.9B INR	-224.9M INR	-748.0M INR
Unrealized exchange (gain)/ loss	46.6B INR	20.2B INR	5.6B INR
Amortization of past service cost	1.0B INR
Investments held for trading	-196.9B INR	-163.6B INR	-46.4B INR
Accrued interest receivable	-5.1B INR	-72.9B INR	-24.1B INR
Other assets	-434.5B INR	-244.9B INR	77.8B INR
Accrued interest payable	8.6B INR	19.4B INR	13.0B INR
Accrued expense and other liabilities	453.6B INR	166.7B INR	-171.1B INR
Policyholder's account balances	228.7B INR	463.9B INR	352.1B INR
Net cash provided by operating activities	1.1T INR	1.2T INR	1.0T INR
Term placements, net	137.2B INR	103.0B INR	-353.1B INR
Purchases	-4.4T INR	-4.6T INR	-4.3T INR
Proceeds from sales	3.2T INR	1.9T INR	2.3T INR
Maturities, prepayments and calls	669.7B INR	1.3T INR	1.2T INR
Net change in repurchase agreements and reverse repurchase agreements	-101.6B INR	-242.4B INR	519.7B INR
Proceeds from loans securitized	66.4B INR	346.7B INR	0 INR
Loans purchased	0 INR	0 INR	-117.0B INR
Repayments on loans purchased	318.8M INR	908.9M INR	52.8B INR
Increase in loans originated, net of principal collections	-3.1T INR	-2.3T INR	-3.1T INR
Additions to property and equipment	-52.8B INR	-66.4B INR	-53.8B INR
Proceeds from sale or disposal of property and equipment	5.0B INR	979.1M INR	1.5B INR
Proceeds from disposals of business	0 INR	0 INR	95.0B INR
Net cash received on acquisition of HDFC Limited	0 INR	0 INR	54.8B INR
Activity in equity securities, net	32.8B INR	-61.5B INR	80.3B INR
Net cash used in investing activities	-3.6T INR	-3.7T INR	-3.7T INR
Net increase in deposits	3.8T INR	3.3T INR	3.4T INR
Net increase/(decrease) in short-term borrowings	17.6B INR	-13.4B INR	222.3B INR
Proceeds from issue of shares by a subsidiary to noncontrolling interests	31.2B INR	6.0B INR	3.6B INR
Purchase of shares from Noncontrolling interests	-1.2B INR
Sale of subsidiary stock to non-controlling interests	98.1B INR
Proceeds from issuance of long-term debt	860.7B INR	661.2B INR	1.2T INR
Repayment of long-term debt	-1.7T INR	-1.5T INR	-1.4T INR
Proceeds from issuance of equity shares for options and warrants exercised	51.1B INR	63.5B INR	84.4B INR
Payment of dividends	-219.1B INR	-158.1B INR	-86.6B INR
Net cash provided by financing activities	3.0T INR	2.4T INR	3.3T INR
Effect of exchange rate changes on cash and due from banks, and restricted cash	51.1B INR	-2.0B INR	1.5B INR
Net change in cash and due from banks, and restricted cash	564.9B INR	-103.1B INR	698.6B INR
Interest paid	1.9T INR	1.8T INR	1.4T INR
Income taxes paid, net of refunds	223.6B INR	195.4B INR	199.8B INR
Payable for purchase of property and equipment	7.2B INR	8.1B INR	8.6B INR
Trade date sale receivable of available for sale debt securities	965.5M INR	1.5B INR	3.6B INR

Compare HDFC Bank with another company

The story

HDFC Bank was incorporated in 1994 as a subsidiary of HDFC Ltd, under the leadership of Deepak Parekh, nephew of HDFC Ltd's founder H.T Parekh. the parent company. which received an 'in principle' approval from the RBI to set up a bank in the Private Sector as part of its liberalisation of the Indian banking industry. Aditya Puri was appointed as its first managing director to lead the newly formed institution. The bank commenced operations in January 1995, with its registered office in Mumbai. Its first corporate office and a full-service branch at Sandoz House, Worli, was inaugurated by the then Union Finance Minister, Manmohan Singh.

In July 2001, HDFC Bank's ADS listed on the New York Stock Exchange after an IPO.

In 2008, HDFC Bank acquired the Centurion Bank of Punjab (CBoP) for ₹9,510 crore (US$2.19 billion) in a share-swap deal, reportedly the largest acquisition in the Indian financial sector at the time.

In 2021, the bank acquired a 9.99% stake in Ferbine, an entity promoted by Tata Group, to operate a pan-India umbrella entity for retail payment systems, similar to the National Payments Corporation of India.

HDFC Ltd–HDFC Bank merger

On 4 April 2022, HDFC Ltd announced it would merge with HDFC Bank, marking India's largest-ever M&A deal. As part of the merger, HDFC Ltd would transfer its home loan portfolio to HDFC Bank, while the bank offered depositors of HDFC Ltd the choice of either withdrawing their money or renewing their deposits with the bank at the interest rate that the bank was then offering.

On 1 July 2023, the merger of HDFC Ltd with HDFC Bank was completed. Consequently, HDFC Bank had a market capitalisation of $154 billion, becoming the seventh most valuable bank in the world. HDFC Bank also became one of the world's top 100 banking companies by total assets.

The combined entity had a customer base of 12 crore (120 million), surpassing the population of Germany in size. The merger resulted in a substantial increase in bank headcount, with the workforce totaling 1.77 lakh (177k) employees. The merged entity became the second-largest bank in India, trailing only the State Bank of India in terms of assets. The number of branches increased to 8,300.

Shares of HDFC Ltd were delisted and shareholders were allotted 42 shares of HDFC Bank for every 25 shares of HDFC Ltd held, leading to an increase in the equity capital of HDFC Bank.

Read the full text

In August 2026, HDFC Bank announced that Managing Director and Chief Executive Officer Sashidhar Jagdishan would retire on October 26, 2026, after deciding not to seek reappointment for a third term. Jagdishan, who had led the bank since 2020 and oversaw its merger with parent company HDFC Ltd in 2023, conveyed his decision to the board on August 29, 2026.

From Wikipedia’s article on HDFC Bank, shared under CC BY-SA 4.0.⁸

Leadership

Who has led HDFC Bank, and when. Pick a name to see everywhere that person has worked.

Chief executive

Sashidhar Jagdishan2020–now

1995200020052010201520202025

Chief executive officerSashidhar Jagdishan Oct 2020 to now¹

Products and brands

credit card

Listed on Wikidata.¹

Operations

As of June 30,2026, HDFC Bank's distribution network included 9,694 branches and 20,958 ATMs (cash recyclers; cash deposit and withdrawal) spread throughout 4,175 cities and villages.

HDFC Bank is the sole private bank operating in the union territory of Lakshadweep after opening a branch in Kavaratti island.

The Bank's international operations comprises five branches, located in Bahrain, Dubai, Hong Kong and Singapore and an IFSC Banking Unit in Gujarat International Finance Tec-City. Additionally, it has four representative offices in Abu Dhabi, Dubai, London and Nairobi respectively.

Subsidiaries and associates

Notable subsidiaries and associate companies of HDFC Bank include:

From Wikipedia’s article on HDFC Bank, shared under CC BY-SA 4.0.⁸

Subsidiaries and ownership

Also owns

.hdfc

From Wikidata.¹

Acquisitions

1986GRUH Finance became a subsidiary¹

Employees over time

2003177,000¹

Controversies and legal

Controversies

On 2 December 2020, the Reserve Bank of India (RBI) ordered HDFC Bank to temporarily halt the issuance of new credit cards and all planned activities under the bank's Digital 2.0 program, citing incidents of outages in the bank's internet banking, mobile banking and payment utility services.

On 29 January 2020, RBI imposed a monetary penalty on HDFC Bank for failure to undertake ongoing due diligence in case of 39 current accounts opened for bidding in the initial public offer.

A HDFC Bank manager was arrested on charges of fraud, involving a sum of ₹59,41,000 in Odisha.

Altico Capital and Dubai's Mashreq Bank have approached RBI, accusing HDFC Bank of violating regulatory provisions by debiting part of the funds the company had raised through external commercial borrowing (ECB) and parked at the bank. They claimed that HDFC bank's decision to transfer money from the account may be a violation of the RBI's end-use rule.

On 27 May 2021, RBI imposed a penalty of ₹10 crore (US$1.35 million) on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio. The said penalty was imposed with regard to the contraventions of certain provisions of the Banking Regulation Act, 1949.

In March 2023, HDB Financial Services suffered a breach exposing the data of more than 7 crore (70 million) customers, including email addresses, names, dates of birth, phone numbers, genders, post codes and loan information belonging to the customers.

Read the full text

In June 2025, HDFC Bank's Managing Director and CEO, Sashidhar Jagdishan, was named in a First Information Report (FIR) filed by the Lilavati Kirtilal Mehta Medical Trust, which manages Lilavati Hospital in Mumbai. The complaint alleged his involvement in a financial transaction worth ₹2.05 crore, reportedly aimed at pressuring a trustee of the hospital. This action was linked to a long-standing loan recovery dispute involving Splendour Gems Limited, originating from a recovery certificate issued in 2004.

In 2025–2026, HDFC Bank faced allegations that its Dubai and Bahrain branches missold high-risk Additional Tier-1 (AT1) bonds issued by Credit Suisse to NRI clients as safe, fixed-return products without proper risk disclosure. The bonds were wiped out in March 2023 during Credit Suisse–UBS acquisition, with exposure estimated at $100–120 million. The Dubai Financial Services Authority scrutinised the Dubai branch and barred new clients, leading to an internal probe, staff dismissals, and the March 2026 resignation of chairman Atanu Chakraborty over “values and ethics.”

In August 2026, a securities fraud class action law suit was filed against HDFC Bank in a New York federal court, alleging that the bank failed to disclose material information regarding its internal controls and credit quality. The lawsuit named managing director and CEO Sashidhar Jagdishan and CFO Srinivasan Vaidyanathan as a co-defendants.

From Wikipedia’s article on HDFC Bank, shared under CC BY-SA 4.0.⁸

Timeline

Oct 2020New chief executive Sashidhar Jagdishan becomes CEO¹
1994Founded Founded¹

Recent filings

Oct 14, 20266-K
Oct 8, 20266-K
Oct 5, 20266-K
Oct 2, 20266-K
Oct 1, 20266-K
Oct 1, 20266-K
Sep 22, 20266-K
Sep 14, 20266-K
Sep 14, 20266-K
Sep 8, 20266-K
Sep 2, 20266-K
Sep 2, 20266-K
Aug 31, 20266-K
Aug 25, 20266-K
Aug 25, 20266-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataHDFC Bank on Wikidata
2
SEC EDGARHDFC Bank filings on SEC EDGAR
3
WikipediaHDFC Bank on Wikipedia
4
Yahoo FinanceHDB quote
5
Wikimedia CommonsHDFC Bank logo by HDFC Bank, Public domain
6
SEC EDGARHDFC Bank 10-K for fiscal 2025
7
SEC EDGARHDFC Bank filings on SEC EDGAR
8
WikipediaHDFC Bank on Wikipedia (revision used)
9
Wikimedia CommonsHDFC Bank photo by Gpkp, CC BY-SA 4.0
10
SEC EDGARHDFC Bank 20-F for fiscal 2026: revenue by segment
11
SEC EDGARHDFC Bank 10-K for fiscal 2018
12
SEC EDGARHDFC Bank 10-K for fiscal 2019
13
SEC EDGARHDFC Bank 10-K for fiscal 2020
14
SEC EDGARHDFC Bank 10-K for fiscal 2021
15
SEC EDGARHDFC Bank 10-K for fiscal 2022
16
SEC EDGARHDFC Bank 10-K for fiscal 2023
17
SEC EDGARHDFC Bank 10-K for fiscal 2024

Overview

Financials

Key numbers, fiscal 2025

What sells

Business segments

Where the money goes

Where each dollar of revenue went, fiscal 2025

Where each dollar of operating cash went, fiscal 2025

Financial statements

The story

HDFC Ltd–HDFC Bank merger

Leadership

Chief executive

Products and brands

Operations

Subsidiaries and associates

Subsidiaries and ownership

Also owns

Acquisitions

Employees over time

Controversies and legal

Controversies

Timeline

Recent filings

Links

Sources