MARKETS / NYSE / HDB

NYSE · COMMERCIAL BANKS, NEC · LARGE CAP

Hdfc Bank Ltd. HDB

18 fiscal years on record · INR · FY2024 reported · SEC filings only

5 YEARS OF DIVIDEND GROWTH

Revenue

INR 2.2T

▲ 18.1% YoY

Net income

INR 673.5B

▲ 8.2% YoY

Free cash flow

INR 1.1T

▲ 16.6% YoY

In brief

What this company does

HDFC Bank engages in four principal business activities: retail banking, wholesale banking, treasury services and insurance services. As of March 31, 2026, it had 9,689 branches and 21,172 ATMs and cash deposit and withdrawal machines in 4,175 cities and towns, and over 100.6 million customers. Retail banking products include deposit products, loans such as housing loans and loans to small and medium enterprises, credit cards, debit cards, third-party mutual funds and insurance products, and bill payment services. In wholesale banking the bank offers commercial and transactional banking services, including working capital finance, trade services, transactional services and cash management, and it also provides construction finance. Its treasury services manage the balance sheet, including liquidity and interest rate risks, and take in advisory services related to foreign exchange and derivative transactions for corporate and institutional customers, supplemented by proprietary trading that includes Indian Government securities. The non-banking finance company subsidiary HDB Financial Services Limited offers loans and asset finance products including mortgage loans, commercial vehicle loans, consumer loans and gold loans, as well as business process outsourcing solutions. Long-term life insurance is provided through the subsidiary HDFC Life Insurance Company Limited, general insurance through the joint venture HDFC ERGO General Insurance Company Limited, and savings and investment products through the subsidiary HDFC Asset Management Company Limited. HDFC Bank Limited was incorporated in August 1994 under the laws of India and commenced operations as a scheduled commercial bank in January 1995; Times Bank Limited merged with it in 2000, and in 2008 it acquired Centurion Bank of Punjab Limited.

Written from the business description in HDFC BANK LIMITED's annual report to the U.S. Securities and Exchange Commission, filed 29 July 2026. Every sentence was checked against that document before publication.

Growth

INR 2.19T

Revenue, FY2024 · full 18-year series below

Revenue INR T Net income INR T

FY2024 · Revenue 2.2 · Net income 0.7

Compound annual growth

Revenue

+34.9%

+26.6%

+22.0%

+22.4%

Net income

+20.4%

+20.9%

+21.1%

+24.7%

EPS, diluted

+8.9%

+13.7%

Dividend / share

+12.4%

+54.5%

Returned to shareholders

+63.4%

+18.9%

+23.4%

+25.9%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +26.6% a year over five years — but profit grew slower: net income at +20.9%, earnings per share at +13.7%.

The share count rose from 5.48B to 7.65B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

31 cents

of every revenue dollar became profit

Operating margin Net margin

FY2024 · Operating 39.3% · Net 31.3%

ROE

FY2024 · ROE 9.2%

Gross margin—

Operating margin39.3%

Net margin31.3%

Return on assets1.5%

EBITDA—

Each INR of equity produced 9 cents of profit this year.

Cash & shareholders

INR 158.1B

returned in FY2024 · dividends + net buybacks

Free cash flow INR T

FY2024 · FCF 1.1

Net buybacks INR B Dividends INR B

FY2024 · Dividends 158.1 · Net buybacks —

Dividends paidINR 158.1B

Net buybacks—

Share of profit23.5%

Consecutive raises5 years

INR 158.1B in dividends — 23% of the year's profit went back to shareholders.

Total assetsINR 48.19T

EquityINR 7.68T

CashINR 1.98T

Gross debtINR 7.17T

Net debtINR 5.19T

DepositsINR 27.11T

Net debt stands at 68% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · INR

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue INR B	2190.1	1853.9	1131.2	892.4	782.4	674.1	595.3	508.4	424.2	367.7	299.0	246.0	209.6	171.2	145.6	105.6	86.1	61.8
Operating income INR B	861.5	705.5	662.4	519.2	439.8	365.8	340.0	277.1	220.0	185.6	154.0	121.8	92.0	73.8	63.2	37.2	22.9	·
EBITDA INR B	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Income tax INR B	175.0	77.8	166.1	132.6	113.8	105.5	119.4	98.3	79.2	67.5	54.5	42.3	29.8	23.8	21.7	12.3	7.7	6.3
Net income INR B	673.5	622.7	495.4	386.0	326.0	260.3	220.1	178.5	140.5	117.9	99.2	79.3	61.8	49.8	41.2	24.6	15.1	13.2
Free cash flow INR B	1129.2	968.5	433.6	554.7	904.0	152.9	166.9	85.1	366.6	160.1	100.4	117.4	61.5	29.6	44.3	103.1	119.3	−56.1
EPS, diluted INR	89.63	88.31	88.68	69.38	59.02	47.27	40.66	34.15	54.57	46.33	40.55	·	·	·	·	11.12	7.24	37.75
Dividend / sh INR	22.00	19.50	19.00	15.50	6.50	2.50	7.50	6.50	11.00	9.50	8.00	6.85	5.50	·	·	·	·	·
Payout %	23	14	17	9	0	26	19	19	21	21	19	19	19	18	16	20	23	20
ROE %	9.2	12.6	18.3	16.6	16.1	14.8	15.7	16.2	14.8	14.6	15.5	15.9	14.3	13.4	12.6	8.9	6.1	·
Shares out B	7.65	7.60	5.58	5.55	5.51	5.48	5.45	2.60	2.56	2.53	2.51	2.40	2.38	2.35	2.33	2.29	0.43	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 48 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 9 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityCommercial Banks, NEC

Listed onNYSE

Incorporated inoutside the United States — SEC code K7

Fiscal year endsMarch 31

Data on record since2007