$HDB · HDFC BANK LTD
HDFC Bank filed a 6-K with unaudited consolidated financial results for the quarter and half-year ended September 30, 2026. For H1 FY2027, consolidated net profit rose 4.8% YoY to ₹399.45 billion, while net revenues declined to ₹948.1 billion from ₹990.7 billion. Gross NPAs improved to 1.11% from 1.24% YoY, but the Capital Adequacy Ratio fell to 18.9% from 20.0%.
- Consolidated net profit for H1 FY2027 was ₹399.45 billion, up 4.8% YoY from ₹358.69 billion.
- Gross NPAs improved to 1.11% of gross advances (Sept 2026) vs 1.24% a year ago; net NPAs at 0.37%.
- Total CAR fell to 18.9% from 20.0% YoY, with Tier 1 CAR at 17.2% and CET1 at 17.1%.
- Net revenues declined to ₹948.1 billion in H1 FY2027 from ₹990.7 billion in H1 FY2026.
- Deposits grew to ₹33.24 trillion (Sept 2026) from ₹27.98 trillion YoY; advances rose to ₹33.16 trillion.
Extended-hours trading shows HDB down 4.28% to $22.82 vs the regular close of $23.84, suggesting the market is reacting negatively to the net revenue decline and CAR compression despite the PAT growth and improving asset quality.
India's largest private bank shows diverging signals: improving asset quality and profit growth alongside contracting revenues and capital buffers — a tension that matters for a $122B market-cap ADR.
HDFC Bank's 1.11% GNPA ratio remains among the best in Indian banking, well below the sector average. The CAR compression mirrors broader Indian banking trends as risk-weighted assets expand faster than capital generation.
CAR declined 110 bps YoY to 18.9%, narrowing the buffer above the 11.9% regulatory minimum. Net revenues contracted 4.3% YoY in H1, driven by lower other income and higher interest expended. Operating expenses rose sharply, with insurance claims and benefits paid up 16.2% YoY in H1.
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