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HDFC Bank’s official results for the quarter ended September 30, 2025 do not support the often-quoted headline that net profit rose 4.7% to ₹19,510 crore. Profit increased year over year on both standalone and consolidated bases, while bad-loan ratios improved from both the June quarter and a year earlier.
The distinction matters: standalone results cover HDFC Bank itself, whereas consolidated results include subsidiaries and can contain one-off transaction effects.
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What HDFC Bank reported for Q2 FY26
| Measure | Q2 FY26 result | Comparison or qualification |
|---|---|---|
| Standalone profit after tax | ₹18,641.28 crore | Up 10.82% year over year |
| Consolidated profit after tax | ₹19,610.67 crore | Up 10.0% year over year |
| Standalone net interest income | ₹31,550 crore | Up 4.8% year over year |
| Core net interest margin | 3.27% | Down from 3.35% in the June 2025 quarter |
| Gross non-performing assets | 1.24% | 1.40% in June 2025; 1.36% a year earlier |
| Net non-performing assets | 0.42% | Reported for September 30, 2025 |
| Average deposits | 15.1% year-over-year growth | Quarterly average, as reported by the bank |
| Advances under management | 9.0% year-over-year growth | Bank-reported growth measure |
These figures replace the ₹19,510-crore and 4.7% claim unless a separate, attributable source establishes a different measurement or period.
Why standalone and consolidated profit differ
Standalone performance
Standalone PAT of ₹18,641.28 crore measures the banking entity’s own performance. It is the cleaner basis for assessing trends in lending, deposits, interest income and asset quality at HDFC Bank itself.
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Consolidated performance
Consolidated PAT of ₹19,610.67 crore adds the results of subsidiaries. The bank’s half-year consolidated numbers also include a ₹6,949.27-crore pre-tax net gain from the offer-for-sale share sale of HDB Financial Services. That transaction-related gain is not recurring banking income, so readers should not treat the entire consolidated increase as an underlying quarterly earnings rate.
Core income grew, but the margin narrowed
Net interest income, the spread between interest earned on loans and investments and interest paid on deposits and borrowings, rose 4.8% to ₹31,550 crore on a standalone basis. Core NIM was 3.27%, down from 3.35% in the preceding June quarter.
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The combination indicates that balance-sheet growth continued while the bank earned a slightly smaller spread on its interest-bearing assets relative to funding costs. NII growth therefore lagged the 10.82% increase in standalone PAT; non-interest income, operating performance and other below-the-line items also affect the final profit figure, although the release does not provide a complete driver breakdown in the supplied figures.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteHDFC Bank said net revenue increased 10.3% to ₹459.0 billion for the quarter ended September 30, 2025, from ₹416.0 billion in the quarter ended September 30, 2024.
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Asset quality improved on both comparison points
Gross NPA fell to 1.24% at September 30, 2025, from 1.40% at June 2025 and 1.36% a year earlier. Net NPA was 0.42%.
The sequential improvement means the share of gross loans classified as non-performing declined over the three months to September. The year-over-year comparison also moved lower, indicating that the improvement was not limited to a favorable quarter-end movement. Net NPA, after provisions, remained below gross NPA, but the supplied release does not provide a separate provision-coverage figure.
Deposits and lending continued to expand
Average deposits grew 15.1% year over year, while advances under management increased 9.0%. Deposit growth outpaced advances growth, a potentially important funding development because banks need stable deposits to support loan expansion and manage liquidity. The figures are growth rates, not market-share data, and do not by themselves show how growth was distributed across retail, corporate or other loan categories.
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| Indicator | September 30, 2025 | Reference |
|---|---|---|
| Total capital adequacy ratio | 20.0% | Regulatory requirement: 11.9% |
| Branches | 9,545 | Bank network at quarter-end |
| ATMs | 21,417 | Bank network at quarter-end |
A 20.0% total capital-adequacy ratio gives the bank a substantial buffer over the stated 11.9% requirement. Capital strength is a capacity measure, not a promise that future credit losses or growth will have no effect on ratios.
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Did HDFC Bank meet analyst estimates?
The available official release and reported figures do not publish the analyst-consensus estimate set needed to test the claim that results “broadly met estimates.” That wording should therefore be treated as unverified rather than as a confirmed beat, miss or in-line outcome. A valid comparison would need an identifiable estimates source, its publication date, and clarity on whether it forecast standalone or consolidated PAT.
How to read the quarter
- Recurring earnings: Standalone PAT and NII show healthy year-over-year growth, but the lower sequential NIM points to margin pressure.
- Credit risk: Gross and net NPA levels improved, both sequentially and against the prior year.
- Funding and growth: Deposits grew faster than advances under management, supporting liquidity as the balance sheet expanded.
- Reported versus underlying profit: Consolidated results include the HDB Financial Services share-sale gain in the half-year numbers, so transaction effects should be separated from recurring banking trends.
- Resilience: Capital remained well above the stated regulatory minimum at the reporting date.
For the next results, the most useful follow-ups are whether NIM stabilizes, whether deposit growth continues to exceed advances growth, whether the lower NPA ratios persist, and how much reported earnings come from ordinary banking operations rather than non-recurring transactions.
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