# HDFC Bank Limited (NYSE: HDB) - Recent Events, Quarter Ended September 30, 2026 HDFC Bank is a foreign private issuer and furnishes its current reports on Form 6-K. Amounts the company reports in Indian rupees are converted to US dollars here at the average rate for the period (flows) or the closing rate on the balance date (positions). Per-share earnings are stated per American depositary share (one ADS equals three equity shares). Percentages the company states without an amount are given as reported, in rupee terms. This file covers the 6-Ks furnished from July 6, 2026 through October 19, 2026. Where a US-dollar change is shown, it is computed from the converted amounts and differs from the rupee-terms growth because the rupee weakened over the year. ## Filings that contain financial statements - **Form 6-K filed October 19, 2026, accession 0001193125-26-424680 (Exhibit 99).** Unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2026 (Indian GAAP, joint auditors' limited review). It holds, for both the consolidated and standalone reporting perimeters: the statement of profit and loss for the quarter ended September 30, 2026, the quarter ended June 30, 2026, the quarter ended September 30, 2025, the half years ended September 30, 2026 and 2025, and the year ended March 31, 2026; segment revenue, results, assets and liabilities; the balance sheet at September 30, 2026, September 30, 2025 and March 31, 2026; and the half-year cash flow statements. The same exhibit contains the earnings news release. - **Form 6-K filed July 20, 2026, accession 0001193125-26-308398 (Exhibit 99).** Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Indian GAAP), approved by the Board on July 18, 2026: statements of profit and loss, segment information and balance sheets at June 30, 2026 for both perimeters. - **Form 6-K filed July 29, 2026, accession 0001193125-26-321842 (Exhibit 99.I).** U.S. GAAP condensed consolidated financial statements for the six months ended September 30, 2025, with March 31, 2025 balance sheet comparatives: balance sheets, statements of income, comprehensive income, cash flows and shareholders' equity, and notes. - **Form 6-K filed October 5, 2026, accession 0001193125-26-413040 (Exhibit 99).** Not financial statements. A pre-results update of quarterly business volumes (average and period-end advances and deposits) for the September 2026 quarter, described below. ## Results for the quarter and half year ended September 30, 2026 (Form 6-K, October 19, 2026; accession 0001193125-26-424680) The Board approved the results on October 17, 2026. The figures below are the bank's standalone results unless stated otherwise. - **Net revenue** (net interest income plus other income) was $5.07 billion for the quarter, down 3.6% in US-dollar terms from $5.26 billion a year earlier (up 5.6% in rupees). - **Net interest income** was $3.62 billion, up 0.2% in US-dollar terms from $3.61 billion (up 9.7% in rupees). Net interest margin was 3.16% on total assets and 3.32% on interest-earning assets. - **Other income** was $1.45 billion, of which fees and commissions were $1.01 billion ($1.01 billion a year earlier, up 9.6% in rupees). Treasury trading gains fell sharply: the release reports $81.58 million against $273.66 million in the prior-year quarter. The release states that profit after tax excluding treasury trading gains grew by approximately 12.6% in rupee terms. - **Operating expenses** gave a cost-to-income ratio of 39.1%. Provisions and contingencies were $373.40 million, a total credit cost ratio of 0.44%. - **Profit after tax** was $2.04 billion, down 4.4% in US-dollar terms from $2.13 billion (up 4.7% in rupees). For the half year, profit after tax was $4.05 billion, up 4.8% in rupees. - **Consolidated** profit after tax for the quarter was $2.17 billion on consolidated net revenue of $8.23 billion. Consolidated earnings per ADS were $0.42 basic and $0.42 diluted for the quarter ($0.44 and $0.44 a year earlier). - **Balance sheet.** Period-end deposits were $347.23 billion at September 30, 2026, up 18.8% in rupees, with CASA deposits up 10.8% and time deposits up 22.8%; CASA was 31.6% of deposits. Gross advances were $335.96 billion, up 16.3% in rupees. Total balance sheet size was $477.70 billion against $450.89 billion a year earlier. - **Loan growth by segment** (rupee terms): retail loans up 11.7%, small and mid-market enterprise loans up 23.5%, and corporate and other wholesale loans up 16.4%. Overseas advances were 3.3% of total advances. - **Asset quality.** Gross NPAs were 1.11% of gross advances (1.17% at June 30, 2026; 1.24% at September 30, 2025). Net NPAs were 0.37% of net advances. - **Capital.** Capital adequacy ratio was 18.9% (20.0% a year earlier) against a regulatory requirement of 11.9%; Tier 1 was 17.2% and Common Equity Tier 1 was 17.1%. Risk-weighted assets were $331.76 billion. - **Network.** 9,706 branches and 20,881 ATMs at September 30, 2026; 210,109 employees against 220,339 a year earlier. - **Subsidiaries (per the release; growth rates in rupees).** HDB Financial Services (74.1% held) quarterly profit after tax was $81.58 million against $66.41 million, up 34.2% in rupees; HDFC Life (50.5% held) $53.34 million against $51.53 million, up 13.6% in rupees; HDFC ERGO General Insurance (50.2% held) $16.73 million against $20.61 million, down in rupees; HDFC Asset Management (52.3% held) $78.44 million against $82.44 million, up in rupees; HDFC Securities (93.9% held) $28.24 million against $24.05 million, up 26.1% in rupees. - **Notes of interest.** The prior-year half year included a gain on the June 2025 sale of 135,135,135 HDB Financial Services shares in that company's IPO offer for sale at $8.56 a share ($1.16 billion of consideration), and a $1.04 billion floating provision; both depress the comparability of half-year profit. The bank's Dubai International Financial Centre branch remains subject to the Dubai Financial Services Authority's September 25, 2025 decision notice barring it from soliciting new clients for specified services; the bank states the branch is not material to its operations or financial position. - **Cash flow.** Standalone half-year operating cash flow was an outflow of $3.05 billion ($3.43 billion a year earlier), with advances up $27.77 billion in the half; financing included repayment of Tier 1 and Tier 2 capital instruments of $1.08 billion. ## Business volumes update (Form 6-K, October 5, 2026; accession 0001193125-26-413040) Dated October 4, 2026, ahead of results and subject to limited review: - Average advances under management were $333.36 billion for the September 2026 quarter, up around 14.0% in rupees; period-end advances under management were $345.14 billion, up around 15.3%. - Average deposits were $331.19 billion, up around 16.8% in rupees; period-end deposits $347.23 billion, up around 18.8%. - Under the Reserve Bank of India's FCNR(B) deposit swap facility introduced June 8, 2026 (deposits mobilised until August 31, 2026), the bank raised foreign currency deposits equivalent to USD 11.5 billion. Overseas branches extended USD 5.7 billion of loans against these deposits and standby letters of credit of USD 3.1 billion were issued to other banks. The bank also issued USD 2.5 billion of US-dollar senior unsecured bonds in June-August 2026. ## Leadership changes - **CEO transition.** Form 6-K filed August 31, 2026 (accession 0001193125-26-375274): on August 29, 2026, Managing Director and CEO Sashidhar Jagdishan conveyed his decision not to seek reappointment and will retire at close of business on October 26, 2026. The Board said it would fast-track selection of a successor. - **Board proposals.** Form 6-K filed September 14, 2026 (accession 0001575872-26-000648): on September 12, 2026 the Board approved submitting to the Reserve Bank of India (RBI) two candidates for Managing Director and CEO for a three-year term; reappointment of V. Srinivasa Rangan as Whole-time Director from November 23, 2026 to November 22, 2027; appointment of Jimmy Tata (currently Chief Credit Officer) as Whole-time Director for three years from RBI approval; and creation of one additional Whole-time Director position, raising the number to four besides the CEO. Each is subject to RBI approval and shareholder approval where noted. - **New CEO named.** Form 6-K filed October 2, 2026 (accession 0001193125-26-411204): the RBI approved on October 1, 2026 the appointment of Anup Bagchi (currently MD and CEO of ICICI Prudential Life Insurance) as Managing Director and CEO for three years from October 27, 2026 to October 26, 2029. The Board appointed him an Additional Director from October 2, 2026; the CEO appointment is subject to shareholder approval. - **Deputy Managing Director departure.** Form 6-K filed October 19, 2026 (accession 0001193125-26-424682): Deputy Managing Director Kaizad Bharucha requested cessation from service from close of business on December 31, 2026; the Board accepted the request, which is being forwarded to the RBI for approval. The same filing records the Board's approval on October 17, 2026 of the reappointment of Lily Vadera as Independent Director for three years from November 26, 2026, subject to shareholder approval. - **Compliance and legal.** Form 6-K filed October 1, 2026 (accession 0001193125-26-409711): Chief Compliance Officer Rakesh Kumar Rajput's term ended September 30, 2026; the Board approved V. N. Srivatsan (currently at ICICI Bank) as successor for three years, proposed to join January 4, 2027, with an interim head in the meantime. Form 6-K filed October 1, 2026 (accession 0001193125-26-409713): Group General Counsel Sudhir Kumar Jha superannuated on September 30, 2026; Jigar Shah assumes the General Counsel role from October 1, 2026. - **Chairman approved.** Form 6-K filed July 16, 2026 (accession 0001193125-26-305351): the RBI approved on July 15, 2026 the appointment of Rajiv Kumar as Part-time Chairman for three years from July 15, 2026. Keki Mistry, the interim Part-time Chairman, remains a Non-Executive Non-Independent Director. - **MSRDC review concluded.** Form 6-K filed July 27, 2026 (accession 0000950157-26-000815): the Board concluded on July 23, 2026 its internal review of the 2017 and 2021 deposit arrangement with Maharashtra State Road Development Corporation, finding business overreach rather than mala fide action or personal enrichment. It issued warning letters and a monetary penalty of $1,046 each to the Managing Director and CEO, the Chief Financial Officer and the Group Head - Retail Assets, warning letters to the other employees involved, and directed that the matter be communicated to the RBI. The bank said the matter does not trigger a disclosure obligation and was disclosed for good governance. - **Annual General Meeting.** Form 6-K filed August 6, 2026 (accession 0001193125-26-337484): at the 32nd AGM on August 5, 2026 shareholders passed all nine resolutions, including the declaration of the dividend on equity shares for the year ended March 31, 2026 (99.996% in favour; the filing gives no per-share amount) and a special resolution (99.938% in favour) authorising the bank to raise perpetual debt instruments (Additional Tier 1), Tier II bonds and long-term infrastructure bonds by private placement, and the appointment of Mr. Kumar as Independent Director and Part-time Chairman. - **LIC stake approval.** Form 6-K filed August 20, 2026 (accession 0001193125-26-358776): the RBI approved on August 19, 2026 Life Insurance Corporation of India holding up to 9.99% of the bank's share capital or voting rights; LIC held 4.11% at August 14, 2026. The approval is subject to RBI conditions. ## Capital actions - **US-dollar Additional Tier 1 call.** Form 6-K filed July 27, 2026 (accession 0001193125-26-316762): the bank elected to exercise its call option on its $1.00 billion 3.7% Additional Tier 1 Notes issued August 25, 2021 and stated it would redeem them in full at 100% of principal, plus accrued distributions, on the first call date, August 25, 2026. This is the redemption notice; the filings reviewed do not confirm settlement. - **Senior notes issued.** Form 6-K filed August 24, 2026 (accession 0001193125-26-362326): the bank, acting through its GIFT City branch, completed the issue of $1.75 billion of senior unsecured fixed-rate notes: $500 million due August 26, 2029 at 5.159% and $1.25 billion due August 26, 2031 at 5.401%, settled August 26, 2026 (Rule 144A and Regulation S; rated Baa3 by Moody's and BBB by S&P). Ratings were assigned August 20, 2026 (Form 6-K filed August 25, 2026, accession 0001193125-26-364046). - **Additional Tier 1 call.** Form 6-K filed September 2, 2026 (accession 0001193125-26-379778): the bank elected to exercise its call option on $77.12 million of Additional Tier 1 notes issued September 30, 2021 in rupee-denominated overseas bonds, to be redeemed in full at 100% of principal on the first call date, September 30, 2026. This is redemption notice only; the filing does not confirm settlement, although the half-year cash flow statement shows Tier 1 and Tier 2 repayments. - **Employee equity awards.** Form 6-K filed September 8, 2026 (accession 0001193125-26-384277): on September 6, 2026 the compensation committee granted 58,695,020 stock options under ESOS 063 and 290,430 under ESOS 064, each at an exercise price of $7.45 per equity share, plus restricted stock units of 15,373,400 (RSU 018), 65,287 (RSU 019) and 1,280,130 (RSU 020). Options vest in four stages over 12 to 48 months for the largest grants. - **Share issuance.** In the results exhibit, the bank states it allotted 17,269,856 equity shares in the quarter and 25,229,020 in the half year on exercise of employee options and units. ## Other filings - Form 6-K filed July 6, 2026 (accession 0001193125-26-295655): pre-results business volumes for the June 2026 quarter. Form 6-K filed July 10, 2026 (0001193125-26-300152): earnings call set for July 18, 2026. Form 6-K filed July 13, 2026 (0001193125-26-301379) and July 14, 2026 (0001193125-26-302438): the AGM notice and the Integrated Annual Report for fiscal 2026. Form 6-K filed July 29, 2026 (0001193125-26-322015): notice that the bank filed its Form 20-F on July 29, 2026. - Form 6-K filed August 20, 2026 (accession 0001193125-26-358766): credit-rating actions on the bank's certificates of deposit by CARE Ratings and India Ratings. Form 6-K filed August 25, 2026 (accession 0001193125-26-364052): ESG ratings (73.03 and 76) from two raters the bank did not engage; not material. - Form 6-K filed September 22, 2026 (accession 0001193125-26-397434): Board meeting set for October 17, 2026 to approve the quarter and half-year results; trading window closed September 24 to October 19, 2026. Form 6-K filed October 14, 2026 (accession 0001193125-26-420933): earnings call set for October 17, 2026 at 16:00 IST. - Form 6-K filed October 8, 2026 (accession 0001193125-26-417352): notice of a postal ballot, with remote voting from October 8 to November 6, 2026. - Form 6-K filed September 2, 2026 (accession 0001193125-26-379286) and Form 6-K filed September 14, 2026 (accession 0001193125-26-390074): the bank disclosed ESG ratings (74.4 and 77.78) issued by two third-party raters it did not engage. These are not material. ## Not reflected in these filings No merger or acquisition signing or closing is reported in the period. No guidance or share repurchase is announced in the filings reviewed. The fiscal 2026 final dividend, given in the annual report (accession 0001193125-26-322004) as Rs. 13.0 per share ($0.42 per ADS), was declared at the August 5, 2026 AGM. The outcome of RBI approval for Mr. Tata's appointment and Mr. Bharucha's cessation are not yet reported.