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What the record says.
HDFC Bank reported FY26 results with loan growth of 12% (vs 5.5% last year) and deposit growth of 14.4%, outpacing credit growth. Net income grew 11% and EPS grew 10% (vs 3% last year). NIM compressed due to faster asset repricing, but ROA remained stable at 1.9% aided by cost efficiencies (cost-to-income down to 39.5%) and lower credit costs. Management highlighted strong customer acquisition (6-8 million/year), tech investments (~$1B), and AI platform with 5 use cases in production. Guidance: loan growth momentum to continue but tempered by geopolitical risks; focus on ROA and EPS rather than NIM. Risk: geopolitical fallout could slow growth and pressure asset quality.
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Guidance to track
- Management expects to sustain loan growth trajectory, though tempered by geopolitical uncertainties. No specific target given.
- Management emphasized that return on assets and EPS growth are the key metrics, with NIM expected to remain range-bound.
- Five AI use cases in production, 14 more in development; expected to free up capacity and improve ROA over 1-3 years.
Risks flagged
- Management noted that geopolitical tensions could impact loan demand and asset quality, though no alarm bells yet.
- Shift towards higher-cost time deposits (15.5% growth vs total 14.4%) and slower repricing of deposits could pressure NIM.
- Third-party distribution fee growth was only 3.5% due to lower volumes and unfavorable product mix, indicating cross-sell challenges.
Key quotes
- We have been building granular and sustainable deposit franchise which is reflected thus in the less than 3 crore retail liabilities. We have moved up from 31% of the to net total accretion to about 47% of the total net deposit accretion for the year.
- The above leadership position will enable us to harness efficiencies across organization and will be a key driver to enhance return on asset over the next one two three years.
- ROA is what we should focus on. POP is an intermediate... you take higher risk and give it away in the credit cost below the POP doesn't determine what returns you can get.
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