HDFC Bank posts 4.7% profit rise as top boss prepares to step down

HDFC Bank reported a standalone net profit of ₹19,510 crore for the quarter that ended on September 30, 2026, marking a 4.7% growth compared to the same period last year and missing analyst estimates.

Financial Performance

The profit growth slowed because treasury trading gains dropped sharply to ₹780 crore from ₹2,390 crore a year ago, while provisions for bad loans increased by 2.1% to ₹3,574 crore. Net interest income grew by 9.7% to ₹34,619 crore, and average deposits rose 16.8% while total advances went up by 14.1%. Gross non-performing assets rose to ₹35,810 crore, and the consolidated profit after tax reached ₹20,700 crore.

Leadership Changes

In a sudden development, Deputy Managing Director Kaizad Bharucha announced he will step down from his post on December 31, 2026, after serving the bank for over three decades. Mr. Bharucha was one of two candidates recommended for the top job of Managing Director and Chief Executive Officer, a role that will be taken over by Anup Bagchi from the ICICI Group starting October 27, 2026, following approval from the Reserve Bank of India. Current MD and CEO Sashidhar Jagdishan, whose term ends in October 2026, oversaw his final quarterly results and noted that the landmark merger with HDFC Ltd is now complete.

Context

Leadership transitions at major private sector banks require careful regulatory approvals and strategic planning to ensure stable operations. HDFC Bank remains India's largest private sector lender following its massive merger with its parent housing finance company.