Net interest income reached 426.1 billion in 2026Q4, though margin volatility remains a concern as evidenced by fluctuations between 0.6% and 80.8% over the last ten quarters.
HDFC Bank Limited (HDB) annual income statement — 26-year revenue, gross profit & net income history
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 |
|---|
| Net Interest Income | 1.72T | 1.4T | 1.25T | 913.99B | 748.84B | 683.69B | 593.53B | 507.51B | 423.15B | 351.8B | 292.36B | 236.18B | 192.57B | 157.08B | 126.39B | 108.4B | 80.93B | 72.88B | 54.84B | 36.99B | 23.95B | 15.96B | 12.6B | 7.49B | 5.67B | 4.99B |
| NII Growth % | 22.21% | 12.54% | 36.54% | 22.05% | 9.53% | 15.19% | 16.95% | 19.93% | 20.28% | 20.33% | 23.79% | 22.64% | 22.6% | 24.28% | 16.6% | 33.94% | 11.04% | 32.91% | 48.25% | 54.44% | 50.06% | 26.64% | 68.2% | 32.11% | 13.71% | - |
| Net Interest Margin % | 3.57% | 2.91% | 2.83% | 3.55% | 3.55% | 3.8% | 3.72% | 3.82% | 3.72% | 3.88% | 3.78% | 3.77% | 3.76% | 3.59% | 3.54% | 3.71% | 3.35% | 3.61% | 3.64% | 3.64% | 3.02% | 3.01% | 2.95% | 2.41% | 2.34% | 3.1% |
| Interest Income | 3.67T | 3.23T | 2.78T | 1.69T | 1.33T | 1.28T | 1.21T | 1.04T | 843.47B | 725.55B | 625.43B | 500.79B | 422.21B | 353.88B | 277.54B | 202.25B | 158.65B | 159B | 104.25B | 70.22B | 43.61B | 29.2B | 24.58B | 19.36B | 16.41B | 12.56B |
| Interest Expense | 1.95T | 1.82T | 1.53T | 775.54B | 584.3B | 592.28B | 618.46B | 534.21B | 420.31B | 373.76B | 333.07B | 264.61B | 229.64B | 196.8B | 151.15B | 93.85B | 77.72B | 86.11B | 49.41B | 33.23B | 19.66B | 13.24B | 11.98B | 11.87B | 10.74B | 7.57B |
| Loan Loss Provision | 280.48B | 181.38B | 133.06B | 74.21B | 126.98B | 154.23B | 117.62B | 72.28B | 59.4B | 37.95B | 21.53B | 17B | 17.43B | 12.69B | 7.84B | 9.62B | 18.19B | 20.39B | 13.37B | 8.27B | 5.04B | 3.05B | 2.34B | 739.34M | 448.29M | 0 |
| Non-Interest Income | 1.55T | 967.02B | 738.93B | 291.39B | 270.57B | 252.98B | 198.22B | 160.12B | 144.61B | 110.33B | 96.83B | 79.82B | 70.83B | 65.18B | 52.6B | 46.82B | 42.9B | 33.72B | 20.35B | 15.63B | 12.16B | 8.26B | 4.7B | 4.51B | 3.21B | -3.36B |
| Non-Interest Income % | 47.37% | 40.78% | 37.19% | 24.17% | 26.54% | 27.01% | 25.04% | 23.98% | 25.47% | 23.87% | 24.88% | 25.26% | 26.89% | 29.33% | 29.39% | 30.16% | 34.64% | 31.63% | 27.06% | 29.7% | 33.68% | 34.11% | 27.16% | 37.58% | 36.11% | -206.56% |
| Total Net Revenue | 3.26T | 2.37T | 1.99T | 1.21T | 1.02T | 936.66B | 791.75B | 667.63B | 567.76B | 462.12B | 389.2B | 316B | 263.41B | 222.25B | 178.99B | 155.22B | 123.83B | 106.6B | 75.18B | 52.62B | 36.12B | 24.22B | 17.3B | 12B | 8.88B | 1.63B |
| Revenue Growth % | 37.53% | 19.36% | 64.84% | 18.24% | 8.83% | 18.3% | 18.59% | 17.59% | 22.86% | 18.74% | 23.16% | 19.97% | 18.52% | 24.17% | 15.31% | 25.35% | 16.17% | 41.79% | 42.88% | 45.7% | 49.1% | 40% | 44.12% | 35.22% | 445.64% | - |
| Non-Interest Expense | 1.91T | 1.33T | 1.15T | 468.78B | 373.27B | 342.6B | 308.28B | 255.39B | 231.25B | 204.2B | 182.08B | 144.97B | 124.23B | 117.59B | 97.31B | 82.37B | 68.41B | 63.27B | 42.26B | 28.13B | 17.9B | 11.42B | 8.36B | 6.04B | 4.19B | -1.58B |
| Efficiency Ratio | 58.45% | 56.02% | 57.8% | 38.89% | 36.62% | 36.58% | 38.94% | 38.25% | 40.73% | 44.19% | 46.78% | 45.88% | 47.16% | 52.91% | 54.37% | 53.07% | 55.25% | 59.35% | 56.21% | 53.46% | 49.56% | 47.16% | 48.35% | 50.34% | 47.15% | -97.02% |
| Operating Income | 1.07T | 861.55B | 705.46B | 662.38B | 519.16B | 439.83B | 365.84B | 339.96B | 277.11B | 219.97B | 185.59B | 154.02B | 121.75B | 91.97B | 73.84B | 63.23B | 37.23B | 22.94B | 19.55B | 16.22B | 13.18B | 9.75B | 6.59B | 5.22B | 4.24B | 3.21B |
| Operating Margin % | 32.95% | 36.33% | 35.5% | 54.95% | 50.93% | 46.96% | 46.21% | 50.92% | 48.81% | 47.6% | 47.68% | 48.74% | 46.22% | 41.38% | 41.25% | 40.73% | 30.06% | 21.52% | 26.01% | 30.82% | 36.48% | 40.24% | 38.11% | 43.51% | 47.8% | 197.02% |
| Operating Income Growth % | 24.75% | 22.13% | 6.5% | 27.59% | 18.04% | 20.22% | 7.61% | 22.68% | 25.98% | 18.52% | 20.49% | 26.51% | 32.37% | 24.57% | 16.78% | 69.84% | 62.31% | 17.3% | 20.56% | 23.09% | 35.19% | 47.8% | 26.26% | 23.06% | 32.39% | - |
| Pretax Income | 1.07T | 861.55B | 705.46B | 662.38B | 519.16B | 439.83B | 365.84B | 339.96B | 277.11B | 219.97B | 185.59B | 154.02B | 121.75B | 91.97B | 73.84B | 63.23B | 37.23B | 22.94B | 19.55B | 16.22B | 13.18B | 9.75B | 6.59B | 5.22B | 4.24B | 3.21B |
| Pretax Margin % | 32.95% | 36.33% | 35.5% | 54.95% | 50.93% | 46.96% | 46.21% | 50.92% | 48.81% | 47.6% | 47.68% | 48.74% | 46.22% | 41.38% | 41.25% | 40.73% | 30.06% | 21.52% | 26.01% | 30.82% | 36.48% | 40.24% | 38.11% | 43.51% | 47.8% | 197.02% |
| Income Tax | 241.19B | 175.01B | 77.83B | 166.12B | 132.56B | 113.82B | 105.48B | 119.39B | 98.27B | 79.22B | 67.54B | 54.52B | 42.3B | 29.84B | 23.83B | 21.7B | 12.34B | 7.74B | 6.31B | 5.15B | 3.97B | 3.13B | 1.84B | 1.73B | 1.29B | 1.07B |
| Effective Tax Rate % | 22.44% | 20.31% | 11.03% | 25.08% | 25.53% | 25.88% | 28.83% | 35.12% | 35.46% | 36.02% | 36.39% | 35.4% | 34.75% | 32.44% | 32.27% | 34.32% | 33.14% | 33.74% | 32.26% | 31.78% | 30.17% | 32.12% | 27.89% | 33.03% | 30.42% | 33.23% |
| Net Income | 799.95B | 673.51B | 622.66B | 495.45B | 386B | 325.98B | 260.27B | 220.1B | 178.51B | 140.53B | 117.92B | 99.24B | 79.32B | 61.82B | 49.78B | 41.2B | 24.57B | 15.1B | 13.15B | 11.06B | 9.2B | 6.62B | 4.75B | 3.5B | 2.95B | 2.14B |
| Net Margin % | 24.53% | 28.4% | 31.34% | 41.1% | 37.86% | 34.8% | 32.87% | 32.97% | 31.44% | 30.41% | 30.3% | 31.4% | 30.11% | 27.81% | 27.81% | 26.54% | 19.84% | 14.17% | 17.5% | 21.03% | 25.48% | 27.31% | 27.48% | 29.14% | 33.26% | 131.56% |
| Net Income Growth % | 18.77% | 8.17% | 25.68% | 28.35% | 18.41% | 25.25% | 18.25% | 23.3% | 27.03% | 19.18% | 18.82% | 25.11% | 28.31% | 24.18% | 20.84% | 67.67% | 62.67% | 14.82% | 18.89% | 20.24% | 39.09% | 39.14% | 35.95% | 18.45% | 37.95% | - |
| Net Income (Continuing) | 833.55B | 686.53B | 627.63B | 496.26B | 386.6B | 326.01B | 260.36B | 220.57B | 178.83B | 140.74B | 118.05B | 99.5B | 79.45B | 62.13B | 50.01B | 41.53B | 24.89B | 15.2B | 13.25B | 11.06B | 9.2B | 6.62B | 4.75B | 3.5B | 2.95B | 2.14B |
| EPS (Diluted) | 465.78 | 138.60 | 135.03 | 123.39 | 102.45 | 86.40 | 74.19 | 61.89 | 53.07 | 44.28 | 37.68 | 32.70 | 32.70 | 43.17 | 33.30 | 26.40 | 16.68 | 10.86 | 11.34 | 10.32 | 8.73 | 6.78 | 4.89 | 3.75 | 3.30 | 2.66 |
| EPS Growth % | 236.06% | 2.64% | 9.43% | 20.44% | 18.58% | 16.46% | 19.87% | 16.62% | 19.85% | 17.52% | 15.23% | 0% | -24.25% | 29.64% | 26.14% | 58.27% | 53.59% | -4.23% | 9.88% | 18.21% | 28.76% | 38.65% | 30.4% | 13.64% | 24.06% | - |
| EPS (Basic) | 468.57 | 139.20 | 135.63 | 123.96 | 103.17 | 86.82 | 74.76 | 62.49 | 53.79 | 44.88 | 38.13 | 33.09 | 33.09 | 43.65 | 33.75 | 26.76 | 16.89 | 10.92 | 11.46 | 10.47 | 8.82 | 6.84 | 4.95 | 3.78 | 3.33 | 2.69 |
| Diluted Shares Outstanding | 1.71B | 5.11B | 4.74B | 3.73B | 3.71B | 3.68B | 3.67B | 3.61B | 3.49B | 3.44B | 3.4B | 3.27B | 3.27B | 1.59B | 1.57B | 1.56B | 1.47B | 1.39B | 1.16B | 1.07B | 1.05B | 975.7M | 971.96M | 933.27M | 892.53M | 804.43M |
Quick answers to the most common questions about buying HDB stock.
For fiscal year 2026, HDFC Bank Limited (HDB) reported total revenue of $3.26T. This represents a 200351.6% increase compared to $1.63B in 2001.
HDFC Bank Limited (HDB) is profitable, generating $799.95B in net income for the fiscal year ending 2026 with a net profit margin of 15.3%.
HDFC Bank Limited (HDB) reported an operating income of $1.07T, resulting in an operating profit margin of 20.6%. This margin reflects the operational efficiency of the business before interest and taxes.
HDFC Bank Limited (HDB) generated $2.98T in gross profit for the year, representing a gross profit margin of 57.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and margin compression
NII Growth Amidst Structural Transition
As reported in recent financial statements, HDFC Bank's net interest income reached 426.1 billion in 2026Q4, reflecting a 53.5% growth rate that suggests the bank is successfully scaling its interest-earning assets despite the significant integration challenges following the merger with its parent housing finance entity.
The sharp acceleration in NII growth indicates that the bank is effectively leveraging its expanded balance sheet to drive interest income. However, investors should monitor whether this growth is sustainable or if it relies on aggressive, higher-cost funding that could eventually compress net interest spreads.
Margin Volatility Following Merger Integration
Based on the provided quarterly data, the bank's net interest margin has exhibited significant volatility, fluctuating from 0.6% to 80.8% over the last ten quarters, which suggests that the post-merger balance sheet composition is still undergoing a period of stabilization and recalibration of asset yields.
The extreme variance in reported NIM figures warrants further investigation into the accounting treatment of excess liquidity and the impact of the mortgage book absorption. It appears that the bank is currently prioritizing scale over immediate margin optimization, which may continue to pressure profitability metrics in the near term.
Efficiency Ratios Reflecting Integration Costs
According to the bank's reported figures, the efficiency ratio has fluctuated between 0.2% and 39.9% over the past ten quarters, indicating that the bank is navigating a complex period of operational restructuring and branch expansion that has temporarily obscured its underlying ability to manage non-interest expenses.
The inconsistency in the efficiency ratio suggests that the bank is absorbing significant one-time costs related to the merger and digital infrastructure investments. Analysts should look for a stabilization in this metric as a signal that the bank is successfully achieving the expected operational synergies from its expanded footprint.
Provisioning Trends and Asset Quality
As indicated by the financial data, provision expenses reached a peak of 152.9 billion in 2026Q1, which may suggest a proactive approach to credit risk management as the bank integrates a large, diverse loan portfolio and adapts to evolving regulatory requirements regarding unsecured retail lending.
The fluctuation in provision expenses implies that the bank is actively managing its credit buffers to account for potential slippages in the newly acquired mortgage and retail segments. Investors should monitor whether these provisions are sufficient to cover potential delinquencies in a higher-interest-rate environment.
Liquidity Constraints and Funding Pressures
Based on the provided income statement data, the bank's elevated credit-to-deposit dynamics appear to be a primary constraint on earnings quality, as the need to mobilize deposits to support a massive loan book may force a permanent increase in funding costs that limits future profitability.
The bank's reliance on aggressive deposit gathering to satisfy regulatory requirements suggests a potential structural headwind that could dampen net interest income growth. This situation warrants further investigation into whether the bank can maintain its historical CASA advantage while simultaneously managing the liquidity demands of its post-merger balance sheet.