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HDFC Bank’s official results for the quarter ended September 30, 2025 show standalone profit after tax (PAT) of ₹18,641.28 crore, up 10.82% year over year. Consolidated PAT, which includes subsidiaries, was ₹19,610.67 crore, up 10.0%. These figures correct the often-quoted headline claiming a 4.7% rise to ₹19,510 crore; that number does not match the bank’s Q2 FY26 release.
What HDFC Bank reported in Q2 FY26
The quarter is the second quarter of fiscal 2026 (Q2 FY26). HDFC Bank reported both standalone results for the bank and consolidated results for the wider group.
| Measure | Q2 FY26 result | Change |
|---|---|---|
| Standalone PAT | ₹18,641.28 crore | Up 10.82% year over year |
| Consolidated PAT | ₹19,610.67 crore | Up 10.0% year over year |
| Standalone net interest income | ₹31,550 crore | Up 4.8% year over year |
| Net revenue | ₹45,900 crore | Up 10.3% from ₹41,600 crore a year earlier |
Standalone PAT is the clearest measure of the bank’s own operations. Consolidated PAT also captures subsidiaries and therefore is not directly interchangeable with the standalone figure.
Did HDFC Bank meet analyst estimates?
The supplied headline says the result broadly met estimates, but the primary Q2 materials do not publish the analyst-consensus numbers needed to verify that statement. It is therefore safer to report the actual profit and operating figures without presenting an estimates comparison as established fact.
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What drove profit and core income?
Net interest income increased, but the margin narrowed sequentially
Standalone net interest income (NII), the difference between interest earned and interest paid, rose 4.8% year over year to ₹31,550 crore. Core net interest margin (NIM) was 3.27%, down from 3.35% in the prior quarter ended June 30, 2025. The combination indicates that loan-and-deposit spread pressure remained a consideration even as NII grew.
Net revenue growth was stronger than NII growth
Net revenue increased 10.3% year over year to ₹45,900 crore from ₹41,600 crore. The release describes this as the bank’s net-revenue result for the quarter; it should not be confused with NII, which grew at the lower 4.8% rate.
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A separate HDB Financial Services transaction affected consolidated numbers
HDFC Bank’s filing reports a ₹6,949.27 crore pre-tax net gain from the offer-for-sale share transaction involving HDB Financial Services. That gain is included in the half-year consolidated numbers, so readers comparing group-level profit with the bank’s recurring operating performance should separate this transaction effect from ordinary banking income.
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Asset-quality ratios improved on both comparison points reported by the bank:
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| Asset-quality measure | September 30, 2025 | June 30, 2025 | September 30, 2024 |
|---|---|---|---|
| Gross non-performing assets (NPA) | 1.24% | 1.40% | 1.36% |
| Net NPA | 0.42% | Not stated | Not stated |
Gross NPA fell 16 basis points from June and 12 basis points from a year earlier. Net NPA was 0.42%, indicating the level remaining after provisions. The published figures establish the direction of bad-loan ratios, but they do not by themselves quantify provisions or credit cost for the quarter.
Deposits, advances, capital and network
Balance-sheet growth and capital indicators were as follows:
| Indicator | Q2 FY26 / September 30, 2025 |
|---|---|
| Average deposits | Up 15.1% year over year |
| Advances under management | Up 9.0% year over year |
| Total capital adequacy ratio | 20.0% |
| Regulatory capital requirement cited by the bank | 11.9% |
| Branches | 9,545 |
| ATMs | 21,417 |
The capital ratio was reported as of September 30, 2025 and stood 8.1 percentage points above the 11.9% requirement cited in the release. The branch and ATM counts are also as of that date, not a forecast of future expansion.
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How to interpret the two profit figures
Standalone PAT: the bank itself
The ₹18,641.28 crore standalone PAT and its 10.82% year-over-year increase describe HDFC Bank’s own legal entity. This is the appropriate figure when the question is how the bank’s core standalone earnings changed.
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Consolidated PAT: the group
The ₹19,610.67 crore consolidated PAT includes subsidiaries. Because the half-year consolidated accounts include the HDB Financial Services share-sale gain, consolidated results can move differently from recurring standalone banking performance.
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What readers should watch in the next results
- Whether NIM stabilises or moves further from the 3.27% Q2 level.
- Whether deposit growth continues to exceed the 9.0% growth in advances under management.
- Whether gross NPA remains below the 1.24% level and net NPA stays contained.
- How management presents earnings after adjusting for the HDB Financial Services transaction effect.
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