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HDFC Bank – Q2FY27 first cut

19 Oct 2026, 10:03AM

NII grew 9.7% y-o-y to Rs 34,619 crore, 1.8% above our estimate; NIM eased to 3.16% from 3.26% in Q1FY27 as loan yields repriced lower while costly FCNR deposits kept cost of funds flat.
PAT grew 4.7% y-o-y to Rs 19,510 crore, 2.0% above our estimate; excluding trading gains, PAT grew 12.6%.
GNPA and NNPA fell 6 bps and 4 bps q-o-q to 1.11% and 0.37%, credit cost steady at 44 bps.
Advances grew 16.4% y-o-y and deposits 18.8% y-o-y, helped by ~Rs 1.1 lakh crore of FCNR-B deposits; CD ratio at 96.0%.

Particulars (Rs Cr)	Q2FY27	Q2FY26	YoY	Q1FY26	QoQ
Net Interest Income	34,619	31,552	9.7%	33,534	3.2%
Other income	13,831	14,350	-3.6%	12,822	7.9%
Net Income	48,450	45,902	5.6%	46,356	4.5%
Opex	18,967	17,978	5.5%	18,187	4.3%
Operating Profit	29,483	27,924	5.6%	28,168	4.7%
Provisions	3,574	3,501	2.1%	3,060	16.8%
PBT	25,910	24,423	6.1%	25,108	3.2%
Tax	6,400	5,782	10.7%	6,049	5.8%
PAT	19,510	18,641	4.7%	19,060	2.4%

Advances	31,95,566	27,46,360	16.4%	30,37,303	5.2%
Deposits	33,27,449	28,01,789	18.8%	31,70,830	4.9%

NIMs %	3.16	3.27	-11 bps	3.26	-10 bps
GNPA %	1.11	1.24	-13 bps	1.17	-6 bps
NNPA %	0.37	0.42	-5 bps	0.41	-4 bps
PCR %	66.9	66.6	29 bps	65.5	138 bps