HDFC Bank Reports 16.3% Growth in Advances for Q2 2026
HDFC Bank announces significant increases in loans and deposits ahead of Anup Bagchi's upcoming leadership.
Gross advances increased by 16.3% year-on-year to Rs 32,195 billion.
Deposits rose by 18.8% to approximately Rs 33,275 billion as of September 30, 2026.
Anup Bagchi is set to become the new MD and CEO on October 27, 2026.
HDFC Bank has reported a robust performance in the September quarter, showcasing a notable rise in both loans and deposits. The announcement comes just days before Anup Bagchi is set to take over as the new Managing Director and CEO on October 27, 2026. As of September 30, 2026, the bank's gross advances reached Rs 32,195 billion, reflecting a year-on-year growth of 16.3%. Meanwhile, total deposits surged by 18.8%, amounting to approximately Rs 33,275 billion.
The appointment of Anup Bagchi, who is currently the MD and CEO of ICICI Prudential Life Insurance, was made official on October 1, 2026. He will succeed Sashidhar Jagdishan, whose tenure concludes on October 26, 2026. This transition in leadership comes at a time when HDFC Bank is experiencing significant growth, positioning itself strongly in the competitive banking sector.
In addition to the overall growth in advances, the bank's period-end advances under management rose by 15.3% year-on-year to around Rs 33,075 billion. The average advances under management also saw a healthy increase of 14%, reaching Rs 31,872 billion during the quarter. Furthermore, average deposits increased by 16.8% year-on-year to Rs 31,665 billion, with CASA deposits rising by 10.7% to Rs 9,712 billion and time deposits growing by 19.7% to Rs 21,952 billion.
HDFC Bank's CASA deposits stood at approximately Rs 10,520 billion at the end of September, marking a 10.8% increase from the previous year. Time deposits also saw a significant rise of 22.8%, totaling Rs 22,755 billion. Additionally, the bank mobilized foreign currency deposits worth $11.5 billion under the Reserve Bank of India's swap facility for FCNR(B) deposits, which was available until August 31, 2026.
Looking ahead, HDFC Bank's results for the quarter ending September 30, 2026, will undergo a limited review by its statutory auditors. The bank's strategic moves and leadership transition are expected to play a crucial role in shaping its future growth trajectory in the banking industry.
