Assumptions blue workbook inputs
Revenue modelIncome statementBalance sheetCash flowScenariosDCF inputs editable input estimate years Expand
HDFC Bank Limited (NSE: HDFCBANK) - Earning-asset, margin and fee build — INR billion | fiscal year ends 31 March | FY2024A-FY2026A audited standalone Indian GAAP, FY2027E-FY2031E projected | Blue = driver assumption (editable) Black = actual or formula Green = cross-sheet link Red = structural-break flag
| FY2024A | FY2025A | FY2026A | FY2027E | FY2028E | FY2029E | FY2030E | FY2031E | |
|---|---|---|---|---|---|---|---|---|
| A. FUNDING BASE (period end) | ||||||||
| Deposits | 23,798 | 27,147 | 31,053 | 35,245 | 39,650 | 44,408 | 49,515 | 54,962 |
| YoY growth % | 14.07% | 14.39% | 13.5% | 12.5% | 12% | 11.5% | 11% | |
| CASA ratio % (of total deposits) | 38.19% | 34.79% | 34.15% | 32.5% | 33% | 33.5% | 34% | 34% |
| CASA deposits (demand + savings) | 9,088 | 9,446 | 10,603 | 11,454 | 13,085 | 14,877 | 16,835 | 18,687 |
| Term deposits | 14,710 | 17,702 | 20,450 | 23,790 | 26,566 | 29,531 | 32,680 | 36,275 |
| Borrowings | 6,622 | 5,479 | 4,894 | 5,200 | 5,600 | 6,050 | 6,550 | 7,100 |
| Borrowings as % of deposits | 27.82% | 20.18% | 15.76% | 14.75% | 14.12% | 13.62% | 13.23% | 12.92% |
| Total interest-bearing funding | 30,419 | 32,626 | 35,946 | 40,445 | 45,250 | 50,458 | 56,065 | 62,062 |
| Average deposits | 25,473 | 29,100 | 33,149 | 37,447 | 42,029 | 46,962 | 52,238 | |
| Average borrowings | 6,050 | 5,187 | 5,047 | 5,400 | 5,825 | 6,300 | 6,825 | |
| B. EARNING ASSETS (period end) | ||||||||
| Advances, net | 24,849 | 26,196 | 29,372 | 33,482 | 37,469 | 41,744 | 46,297 | 51,114 |
| Loan-to-deposit ratio % (driver) | 104.42% | 96.5% | 94.59% | 95% | 94.5% | 94% | 93.5% | 93% |
| Advances YoY growth % | 5.42% | 12.12% | 14% | 11.91% | 11.41% | 10.91% | 10.41% | |
| Investments, net | 7,024 | 8,364 | 8,842 | 10,045 | 11,300 | 12,656 | 14,112 | 15,664 |
| Investments as % of deposits | 29.52% | 30.81% | 28.47% | 28.5% | 28.5% | 28.5% | 28.5% | 28.5% |
| Balances with banks and money at call and short notice | 404.64 | 952.16 | 977.87 | 1,093 | 1,229 | 1,377 | 1,535 | 1,704 |
| Balances with banks as % of deposits | 1.7% | 3.51% | 3.15% | 3.1% | 3.1% | 3.1% | 3.1% | 3.1% |
| TOTAL EARNING ASSETS | 32,277 | 35,512 | 39,192 | 44,620 | 49,999 | 55,777 | 61,943 | 68,482 |
| Average earning assets | 33,895 | 37,352 | 41,906 | 47,309 | 52,888 | 58,860 | 65,213 | |
| C. YIELDS AND FUNDING COSTS | ||||||||
| Yield on average advances % | 9.34% | 8.63% | 8.3% | 8.35% | 8.4% | 8.4% | 8.4% | |
| Interest and discount on advances and bills | 2,072 | 2,384 | 2,398 | 2,608 | 2,962 | 3,327 | 3,698 | 4,091 |
| Yield on average investments % | 6.93% | 6.85% | 6.7% | 6.75% | 6.8% | 6.8% | 6.8% | |
| Income on investments | 443.64 | 533.20 | 589.45 | 632.71 | 720.39 | 814.53 | 910.12 | 1,012 |
| Yield on average balances with banks % | 3.69% | 2.77% | 2.7% | 2.7% | 2.7% | 2.7% | 2.7% | |
| Interest on balances with RBI and inter-bank funds | 20.41 | 25.06 | 26.75 | 27.95 | 31.34 | 35.18 | 39.31 | 43.72 |
| Other interest income | 47.16 | 62.47 | 61.40 | 62 | 65 | 68 | 71 | 74 |
| TOTAL INTEREST EARNED | 2,583 | 3,005 | 3,075 | 3,331 | 3,779 | 4,245 | 4,718 | 5,221 |
| Cost of average deposits % | 4.92% | 4.76% | 4.7% | 4.65% | 4.6% | 4.55% | 4.55% | |
| Interest on deposits | 994.33 | 1,253 | 1,384 | 1,558 | 1,741 | 1,933 | 2,137 | 2,377 |
| Cost of average borrowings % | 8.67% | 7.78% | 7.4% | 7.1% | 6.95% | 6.9% | 6.9% | |
| Interest on RBI and inter-bank borrowings | 502.60 | 524.70 | 403.52 | 373.48 | 383.40 | 404.84 | 434.70 | 470.93 |
| Other interest expense | 1.15 | 1.07 | 1.09 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 |
| TOTAL INTEREST EXPENDED | 1,498 | 1,778 | 1,788 | 1,933 | 2,126 | 2,339 | 2,573 | 2,849 |
| NET INTEREST INCOME | 1,085 | 1,227 | 1,287 | 1,399 | 1,653 | 1,905 | 2,146 | 2,372 |
| Net interest margin on average earning assets % | 3.62% | 3.45% | 3.34% | 3.49% | 3.6% | 3.65% | 3.64% | |
| Net interest margin on average total assets % | 3.26% | 3.11% | 3.02% | 3.19% | 3.3% | 3.33% | 3.32% | |
| Spread % (yield on earning assets less cost of funding) | 3.22% | 3.02% | 2.89% | 3.03% | 3.14% | 3.19% | 3.18% | |
| D. NON-INTEREST INCOME | ||||||||
| Commission, exchange and brokerage | 281.61 | 318.99 | 348.76 | 390.61 | 437.48 | 485.61 | 539.02 | 592.93 |
| YoY growth % | 9.33% | 12% | 12% | 11% | 11% | 10% | ||
| Profit on exchange and derivative transactions, net | 40.01 | 49.19 | 64.60 | 69.77 | 75.35 | 81.38 | 87.89 | 94.92 |
| YoY growth % | 31.33% | 8% | 8% | 8% | 8% | 8% | ||
| Profit on sale of investments, net (recurring, ex one-off) | 32.41 | 20.23 | 36.81 | 35 | 36 | 38 | 40 | 42 |
| Profit / (loss) on revaluation of investments, net | 9.44 | -2.68 | 10.76 | 5 | 5 | 5 | 5 | 5 |
| Profit on sale of building and other assets, net | 1.98 | 1.57 | 3.49 | 2 | 2 | 2 | 2 | 2 |
| Dividend from subsidiaries and joint ventures | 13.32 | 21.87 | 22.42 | 24.66 | 27.13 | 29.84 | 32.83 | 36.11 |
| YoY growth % | 2.52% | 10% | 10% | 10% | 10% | 10% | ||
| Miscellaneous income | 40.22 | 47.16 | 46.69 | 50.43 | 54.46 | 58.82 | 63.52 | 68.60 |
| YoY growth % | -1% | 8% | 8% | 8% | 8% | 8% | ||
| Core other income | 419.00 | 456.32 | 533.53 | 577.47 | 637.42 | 700.64 | 770.26 | 841.56 |
| One-off gains (FY2024 HDFC Credila dilution; FY2026 HDB Financial Services OFS) | 73.41 | 0 | 91.79 | 0 | 0 | 0 | 0 | 0 |
| TOTAL OTHER INCOME | 492.41 | 456.32 | 625.33 | 577.47 | 637.42 | 700.64 | 770.26 | 841.56 |
| Core other income YoY growth % | 16.92% | 8.24% | 10.38% | 9.92% | 9.94% | 9.26% | ||
| NET REVENUE | 1,578 | 1,683 | 1,912 | 1,976 | 2,291 | 2,606 | 2,916 | 3,214 |
| YoY growth % | 13.62% | 3.34% | 15.92% | 13.77% | 11.89% | 10.23% | ||
| Core net revenue (excluding one-off gains) | 1,504 | 1,683 | 1,820 | 1,976 | 2,291 | 2,606 | 2,916 | 3,214 |
| Core net revenue YoY growth % | 8.16% | 8.55% | 15.92% | 13.77% | 11.89% | 10.23% | ||
| E. REVENUE BY BUSINESS SEGMENT AND GEOGRAPHY (AS-17) | ||||||||
| Segment revenue - Treasury | 622.27 | 843.38 | 868.68 | 938.17 | 1,013 | 1,094 | 1,182 | |
| YoY growth % | 35.53% | 3% | 8% | 8% | 8% | 8% | ||
| Segment revenue - Retail banking | 2,834 | 3,019 | 3,351 | 3,719 | 4,110 | 4,541 | 4,995 | |
| YoY growth % | 6.5% | 11% | 11% | 10.5% | 10.5% | 10% | ||
| Segment revenue - Wholesale banking | 1,920 | 1,745 | 1,902 | 2,092 | 2,302 | 2,532 | 2,772 | |
| YoY growth % | -9.09% | 9% | 10% | 10% | 10% | 9.5% | ||
| Segment revenue - Other banking operations | 354.49 | 368.41 | 401.57 | 437.71 | 477.10 | 520.04 | 566.84 | |
| YoY growth % | 3.93% | 9% | 9% | 9% | 9% | 9% | ||
| Total segment revenue (gross of inter-segment) | 5,731 | 5,975 | 6,523 | 7,187 | 7,902 | 8,687 | 9,516 |