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HDFCBANKBanking & Financial Services
HDFC Bank Limited
₹1,642.8+0.52%
P/E Ratio
18.9x
P/B Ratio
2.65x
Return on Equity (ROE)
16.4%
ROCE
17.1%
Debt / Equity
1.15
Dividend Yield
1.18%
Company Overview & Business Model
HDFC Bank is India's largest private sector bank following its landmark merger with parent mortgage lender HDFC Ltd, offering nationwide retail, wholesale, and mortgage banking.
How it makes money:Borrowing through low-cost CASA (Current & Savings Account) deposits and term deposits, and lending across retail mortgages, auto loans, credit cards, SME, and corporate financing.
Business Quality Teardown
Core Business Strengths
- •Massive branch distribution network (>8,500 branches across India).
- •Historically prudent underwriting culture maintaining best-in-class Gross NPA (<1.3%).
- •Strong pricing power in retail unsecured and mortgage credit.
Key Vulnerabilities & Risks
- •Near-term margin compression while absorbing post-merger high-cost borrowings.
- •Deposit mobilization competition across Indian commercial banks.
- •Credit cycle turns during macroeconomic stress.
Things to Investigate Further
- •Credit-to-Deposit (CD) ratio normalization timeline.
- •Net Interest Margin (NIM) trajectory following RBI rate policy moves.
Multi-Year Financial Trajectory (₹ in Crores)
| Fiscal Year | Total Revenue | Net Profit |
|---|---|---|
| FY22 | ₹1,27,679 Cr | ₹36,961 Cr |
| FY23 | ₹1,61,585 Cr | ₹44,109 Cr |
| FY24 | ₹2,85,500 Cr | ₹60,810 Cr |
| FY25E | ₹3,20,000 Cr | ₹68,500 Cr |
₹1 Micro-Product
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Source: RBI / NSE Filings
Last Verified: 2026-08-29
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