HDFC Bank Q2 Results October 17, 2026: Profit Rises 4.7% to ₹19,510 Crore as Treasury Gains Shrink

HDFC Bank Q2 results came out on Saturday, October 17, 2026, and the headline was steady rather than exciting. Standalone net profit for July to September was ₹19,509.96 crore, about 4.7% higher than ₹18,641.28 crore a year ago, according to Mint’s report on the results. Core lending income grew faster than that. What held profit back was a sharp drop in treasury gains.

HDFC Bank Q2 results: the key numbers

All figures are standalone, for the quarter ended September 30, 2026 (Q2 FY27), and compare with the same quarter last year unless we say otherwise.

• Net interest income (NII): ₹34,619.18 crore, up 9.72% from ₹31,551.50 crore. NII is interest earned minus interest paid out.
• Net interest margin: 3.16% on total assets and 3.32% on interest-earning assets.
• Other income: about ₹13,830 crore, down 3.6% year on year.
• Treasury trading gains: ₹780 crore, against ₹2,390 crore a year earlier.
• Provisions and contingencies: about ₹3,574 crore (35.74 billion rupees), up 2.1%.
• Asset quality: the gross NPA ratio fell to 1.11% of gross advances at the end of September, from 1.17% at the end of June and 1.24% a year earlier. The net NPA ratio was 0.37%.

Reuters reported that analysts tracked by LSEG had expected a profit of 195.26 billion rupees. The bank delivered 195.10 billion, a whisker below. Reuters pinned the miss on weaker treasury income and higher provisions, and the first is plain from the numbers above: trading gains shrank to roughly a third of last year’s level.

Loans and deposits keep growing

The balance sheet looks healthier than the profit line. Gross advances rose 16.3% to ₹32,19,500 crore as of September 30, while total deposits climbed 18.8% to ₹33,27,400 crore. Small and mid-market enterprise loans grew the fastest, up 23.5%. Corporate and other wholesale loans rose 16.4%, and retail loans 11.7%.

Deposits growing faster than loans is the detail we’d underline. It gives a bank more room to keep lending without leaning on costlier borrowed money, and it is the kind of number that matters more over several quarters than a small profit miss does in one.

A change at the top

This was the last set of results under managing director and CEO Sashidhar Jagdishan, whose tenure ends on October 26. Anup Bagchi, a veteran of the ICICI group, takes over for three years from October 27. On results day, the bank also said in a regulatory filing that deputy managing director Kaizad Bharucha will step down at the end of December. Reuters had earlier reported that he was one of two contenders for the top job.

What to watch when trading opens

Because the numbers came out on a Saturday, Monday’s session is the first chance for the share price to react. The stock closed 0.28% higher at ₹728.85 on Friday, and Mint noted it has lost about 27% over the past year.

Our read: a clean quarter with one soft spot. Asset quality improved again, loans and deposits grew in the mid-to-high teens, and NII rose close to 10%. But with treasury gains down sharply, profit grew only about half as fast as NII. The things to track now are the margin trend and whether the new leadership signals any shift in strategy after October 27.

If you want a framework for reading bank numbers like these, our guide on how to analyse quarterly results of a company walks through it, and our explainer on the price to book ratio for banks covers how lenders are usually valued. Our week-ahead preview lists the other results and holidays due this week.

This article is a news summary for information only and is not investment advice. Please consult a SEBI-registered adviser before making investment decisions.