HDFC Bank is one of India’s leading private sector banks, offering a wide range of financial services including retail banking, wholesale banking, and treasury operations. As of March 31, 2025, the Bank operated 9,455 branches and 21,139 ATMs across 4,150 cities and towns, with 51% of branches located in semi-urban and rural areas. Internationally, the Bank has branches in Hong Kong, Bahrain, Dubai, and an IFSC Banking Unit at GIFT City, India, along with representative offices in Kenya, Abu Dhabi, Dubai, London, and Singapore.
| Result Analysis: HDFC Bank Ltd
(CMP: Rs 1,957) |
Result Update: Q4FY25 |
| Stock Details | |
| Market Cap. (Cr.) | 14,97,540 |
| Equity (Cr.) | 765 |
| Face Value | 1 |
| 52 Wk. high/low | 1,966/1,426 |
| BSE Code | 500180 |
| NSE Code | HDFCBANK |
| Book Value (Rs) | 650.29 |
| Sector | Pvt. Bank |
| Key Ratios | |
| GNPA (%) | 1.33 |
| NNPA (%): | 0.43 |
| ROE (%): | 16.88 |
| TTM EPS: | 86.57 |
| P/BV: | 3 |
| TTM P/E: | 21 |
| ROA (%) | 1.91 |
Result Highlights:
- HDFC Bank reported interest earned of ₹77,460.11 crore for the Q4FY25, representing a YoY growth of 8.4% from ₹71,472.75 crore in Q4FY24. On a QoQ basis, interest earned increased by 1.9% from ₹76,006.88 crore in Q3FY25.
- The Bank posted a Net Interest Income of ₹32,070 crore in Q4FY25, reflecting a YoY growth of 10.3% compared to ₹29,080 crore in Q4FY24. On a sequential basis, NII grew by 4.6% from ₹30,650 crore in Q3FY25.
- Profit After Tax for Q4FY25 stood at ₹17,616.14 crore, an increase of 6.7% over ₹16,511.85 crore reported in Q4FY24. On a QoQ basis, PAT rose by 5.3% from ₹16,735.50 crore in Q3FY25.
- The Bank reported a Net Interest Margin of 3.54% for Q4FY25, up from 3.40% in Q4FY24 and 3.43% in Q3FY25, reflecting consistent improvement in profitability.
- The GNPA ratio improved to 1.33% in Q4FY25 from 1.96% in Q3FY25. The NNPA ratio also showed improvement, declining to 0.43% in Q4FY25 from 0.46% in Q3FY25.
- The CASA ratio stood at 34.80% in Q4FY25, compared to 38% in Q4FY24. On a sequential basis, the CASA ratio showed a slight improvement from 34% in Q3FY25.
- HDFC Bank reported total deposits of ₹27,14,700 crore as of Q4FY25, registering a YoY growth of 14.1% from ₹23,79,800 crore in Q4FY24 and a QoQ increase of 5.9% from ₹25,63,800 crore in Q3FY25.The Bank’s total advances stood at ₹26,43,500 crore in Q4FY25, reflecting a YoY growth of 5.4% from ₹25,07,800 crore in Q4FY24 and a QoQ growth of 4% from ₹25,42,600 crore in Q3FY25.
- After a long time the bank has shown that it has adjusted the impact of HDFC merger which has impacting Business in the past.
Management Commentary:
- NIM remained stable between 3.4%–3.5% last year, supported by a steady cost of funds, stable asset yields, and prudent loan selection. Margins are expected to remain stable despite fluctuations in policy rates.
- The bank aims to drive deposit growth through strong distribution and customer engagement, not rate competition, leveraging its market share and deep customer relationships.
- The bank has announced dividend of Rs 22 for the FY25.
Financial Performance:
Shareholding Pattern:
| Particulars (In %) | Q4FY25 | Q4FY24 |
| FIIs | 48.30 | 47.83 |
| DIIs | 35.68 | 33.33 |
| Public and Other | 15.84 | 18.64 |
| Government | 0.18 | 0.18 |
Outlook:
HDFC Bank, one of India’s leading private sector banks, delivered strong Q4FY25 results with robust growth in earnings, improved asset quality, and healthy expansion in deposits and advances. The Gross NPA and Net NPA ratios declined, reflecting effective risk management. The Bank continues to strengthen its rural presence, offering simplified banking solutions to retail customers. Management remains optimistic about sustained growth in the coming years. The Bank reported an EPS of ₹88.29 in FY25, and the stock is currently trading at a P/E of 20.8x and P/B of 3x.
Results:
| Particulars (In Rs. Cr.) | Q4FY25 | Q4FY24 | Q3FY25 | YoY% | QoQ% | FY25 | FY24 | YoY% |
| Interest Earned | 77460.11 | 71472.75 | 76006.88 | 8.4 | 1.9 | 300517.03 | 258340.56 | 16.3 |
| Other Income | 12027.88 | 18166.25 | 11453.56 | -33.8 | 5.0 | 45632.28 | 49240.99 | -7.3 |
| Total Income | 89487.99 | 89639 | 87460.44 | -0.2 | 2.3 | 346149.31 | 307581.56 | 12.5 |
| Operating Expenses | 62951.29 | 60364.76 | 62460.04 | 4.3 | 0.8 | 246021.85 | 213194.1 | 15.4 |
| Operating Profit Before Prov. & Cont. | 26536.7 | 29274.24 | 25000.4 | -9.4 | 6.1 | 100127.47 | 94387.45 | 6.1 |
| Provisions & Contingencies | 3193.05 | 13511.64 | 3153.85 | -76.4 | 1.2 | 11649.42 | 23492.14 | -50.4 |
| EBT | 23343.65 | 15762.6 | 21846.55 | 48.1 | 6.9 | 88478.06 | 70895.3 | 24.8 |
| Provision for Taxes | 5727.51 | -749.25 | 5111.05 | 864.4 | 12.1 | 21130.7 | 10083.03 | 109.6 |
| Net Profit | 17616.14 | 16511.85 | 16735.5 | 6.7 | 5.3 | 67347.36 | 60812.27 | 10.7 |
Segmental Revenue:
| Particulars (In Rs. Cr.) | Q4FY25 | Q4FY24 | Q3FY25 | YoY% | QoQ% | FY25 | FY24 | YoY% |
| Treasury | 16910.36 | 20553.3 | 15248.73 | -17.7 | 10.9 | 62227.48 | 61653.6 | 0.9 |
| Retail Banking | 73391.3 | 65065.25 | 71973.92 | 12.8 | 2.0 | 283434.7 | 233637.87 | 21.3 |
| a) Digital Banking | 2.4 | 1.05 | 2.29 | 128.6 | 4.8 | 8.59 | 3.37 | 154.9 |
| b) Non Digital Banking | 73388.9 | 65064.21 | 71971.63 | 12.8 | 2.0 | 283426.2 | 233634.5 | 21.3 |
| Wholesale Banking | 49637.35 | 48745.92 | 47683 | 1.8 | 4.1 | 191964.51 | 175520.23 | 9.4 |
| Other Banking Operations | 9573.11 | 8318.92 | 9165.17 | 15.1 | 4.5 | 35449 | 30050.3 | 17.9 |
Source: Company website, EWL Research
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