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HDFC Bank Limited - Standalone Income Statement — 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 | |
|---|---|---|---|---|---|---|---|---|
| INTEREST INCOME | ||||||||
| Interest and discount on advances and bills | 2,072 | 2,384 | 2,398 | 2,608 | 2,962 | 3,327 | 3,698 | 4,091 |
| Income on investments | 443.64 | 533.20 | 589.45 | 632.71 | 720.39 | 814.53 | 910.12 | 1,012 |
| 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 |
| INTEREST EXPENSE | ||||||||
| Interest on deposits | 994.33 | 1,253 | 1,384 | 1,558 | 1,741 | 1,933 | 2,137 | 2,377 |
| 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 |
| YoY growth % | 4.9% | 8.68% | 18.21% | 15.26% | 12.61% | 10.58% | ||
| OTHER INCOME | ||||||||
| Commission, exchange and brokerage | 281.61 | 318.99 | 348.76 | 390.61 | 437.48 | 485.61 | 539.02 | 592.93 |
| Profit on sale of investments, net (recurring) | 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 |
| Profit on exchange and derivative transactions, net | 40.01 | 49.19 | 64.60 | 69.77 | 75.35 | 81.38 | 87.89 | 94.92 |
| Dividend from subsidiaries and joint ventures | 13.32 | 21.87 | 22.42 | 24.66 | 27.13 | 29.84 | 32.83 | 36.11 |
| Miscellaneous income | 40.22 | 47.16 | 46.69 | 50.43 | 54.46 | 58.82 | 63.52 | 68.60 |
| One-off gains on divestment of subsidiaries | 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 |
| 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% | ||
| OPERATING EXPENSES | ||||||||
| Payments to and provisions for employees | 222.40 | 239.00 | 260.50 | 283.95 | 310.92 | 342.01 | 376.21 | 413.84 |
| Employee cost YoY growth % | 8.99% | 9% | 9.5% | 10% | 10% | 10% | ||
| Rent, taxes and lighting | 26.79 | 31.31 | 35.10 | 37.56 | 40.75 | 44.42 | 48.41 | 52.77 |
| Printing and stationery | 9.40 | 8.41 | 7.06 | 7.55 | 8.20 | 8.93 | 9.74 | 10.61 |
| Advertisement and publicity | 3.46 | 5.92 | 2.70 | 2.89 | 3.13 | 3.41 | 3.72 | 4.05 |
| Depreciation on the Bank property | 28.10 | 33.80 | 36.58 | 39.14 | 42.46 | 46.28 | 50.45 | 54.99 |
| Directors fees, allowances and expenses | 0.08 | 0.10 | 0.12 | 0.12 | 0.13 | 0.15 | 0.16 | 0.17 |
| Auditors fees and expenses | 0.18 | 0.13 | 0.12 | 0.13 | 0.14 | 0.15 | 0.17 | 0.18 |
| Law charges | 3.57 | 3.47 | 3.68 | 3.94 | 4.28 | 4.66 | 5.08 | 5.54 |
| Postage, telegram, telephone and similar | 8.68 | 9.02 | 8.45 | 9.04 | 9.80 | 10.69 | 11.65 | 12.70 |
| Repairs and maintenance | 31.63 | 38.20 | 45.58 | 48.77 | 52.91 | 57.67 | 62.86 | 68.52 |
| Insurance | 28.14 | 32.67 | 38.39 | 41.08 | 44.57 | 48.59 | 52.96 | 57.72 |
| Other expenditure | 271.44 | 279.71 | 288.34 | 308.52 | 334.74 | 364.87 | 397.71 | 433.50 |
| Non-employee operating cost YoY growth % | 5.28% | 7% | 8.5% | 9% | 9% | 9% | ||
| TOTAL OPERATING EXPENSES | 633.86 | 681.75 | 726.60 | 782.68 | 852.04 | 931.84 | 1,019 | 1,115 |
| Cost-to-income ratio % | 40.18% | 40.51% | 38% | 39.61% | 37.2% | 35.76% | 34.95% | 34.68% |
| Core cost-to-income ratio % (excluding one-off gains) | 42.14% | 40.51% | 39.91% | 39.61% | 37.2% | 35.76% | 34.95% | 34.68% |
| Cost to average total assets % | 1.81% | 1.76% | 1.69% | 1.65% | 1.61% | 1.58% | 1.56% | |
| PRE-PROVISION OPERATING PROFIT | 943.87 | 1,001 | 1,186 | 1,193 | 1,439 | 1,674 | 1,897 | 2,099 |
| YoY growth % | 18.41% | 0.65% | 20.55% | 16.38% | 13.29% | 10.69% | ||
| PROVISIONS AND CONTINGENCIES | ||||||||
| Provision for non-performing assets | 107.65 | 128.03 | 114.05 | 142.52 | 214.51 | 219.53 | 244.00 | 269.97 |
| Credit cost (bps on average gross advances) (driver) | 49.71 | 40.71 | 45 | 60 | 55 | 55 | 55 | |
| Provision for depreciation on non-performing investments | 0.10 | -0.88 | 0.12 | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 |
| Provision for standard assets | 11.46 | 1.98 | 7.54 | 10 | 11 | 12 | 13 | 14 |
| Floating provisions created (discretionary) | 109 | 0 | 90 | 0 | 0 | 0 | 0 | 0 |
| Other provisions and contingencies | 6.71 | -12.64 | 22.18 | 15 | 15 | 15 | 15 | 15 |
| TOTAL PROVISIONS AND CONTINGENCIES (excluding tax) | 234.92 | 116.49 | 233.90 | 168.02 | 241.01 | 247.03 | 272.50 | 299.47 |
| PROFIT BEFORE TAX | 708.95 | 884.78 | 951.68 | 1,025 | 1,198 | 1,427 | 1,624 | 1,800 |
| Provision for income tax | 100.83 | 211.31 | 204.97 | 251.20 | 293.40 | 349.65 | 397.93 | 441.00 |
| Effective tax rate % (driver) | 14.22% | 23.88% | 21.54% | 24.5% | 24.5% | 24.5% | 24.5% | 24.5% |
| NET PROFIT FOR THE YEAR | 608.12 | 673.47 | 746.71 | 774.11 | 904.14 | 1,077 | 1,226 | 1,359 |
| YoY growth % | 10.87% | 3.67% | 16.8% | 19.17% | 13.81% | 10.82% | ||
| PER SHARE AND RETURNS | ||||||||
| Weighted average shares outstanding (m, restated for the FY2026 1:1 bonus) | 14,169 | 15,254 | 15,358 | 15,460 | 15,520 | 15,580 | 15,640 | 15,700 |
| Basic earnings per share (INR) | 42.92 | 44.15 | 48.62 | 50.07 | 58.26 | 69.16 | 78.41 | 86.56 |
| Dividend per share declared for the year (INR) (driver) | 9.75 | 11 | 15.50 | 16 | 18 | 20.50 | 23 | 25.50 |
| Dividend payout ratio % | 22.72% | 24.92% | 31.88% | 31.95% | 30.9% | 29.64% | 29.33% | 29.46% |
| Book value per share (INR) | 289.75 | 327.63 | 365.68 | 401.73 | 444.11 | 494.84 | 552.25 | 615.21 |
| Return on average total assets % | 1.79% | 1.8% | 1.67% | 1.75% | 1.86% | 1.91% | 1.9% |