Transcript of Earnings Call in relation to the unaudited standalone and consolidated financial results of the HDFC Bank Limited for the quarter and half-year ended September 30, 2026

CIN: L65920MH1994PLC080618 HDFC Bank Limited, Email: shareholder.grievances@hdfc.bank.in HDFC House, Website: www.hdfc.bank.in H T Parekh Marg, 165-166 Backbay Reclamation, Churchgate, Mumbai- 400 020 Tel. No.:022-66316000 Ref. No. SE/2026-27/137 October 23, 2026 BSE Limited National Stock Exchange of India Limited Dept of Corporate Services The Listing Department Phiroze Jeejeebhoy Towers, Exchange Plaza Dalal Street, Fort, Bandra Kurla Complex, Mumbai 400 001 Mumbai 400 051 Scrip code: 500180 Scrip code: HDFCBANK Dear Sir/Madam, Sub: Transcript of Earnings Call in relation to the unaudited standalone and consolidated financial results of the HDFC Bank Limited (“the Bank”) for the quarter and half-year ended September 30, 2026 We wish to inform you that pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the Earnings Call with analysts and investors held on Saturday, October 17, 2026 with respect to the unaudited standalone and consolidated financial results of the Bank for the quarter and half year ended September 30, 2026, has been made available on the website of the Bank at the below link: https://www.hdfc.bank.in/about-us/investor-relations A copy of the transcript is also annexed herewith. This is for your information and appropriate dissemination. Thank you. Yours faithfully, For HDFC Bank Limited Ajay Agarwal Company Secretary Group Head – Secretarial & Group Oversight Encl: a/a Regd. Office: HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013 “HDFC Bank Limited Q2 FY27 Earnings Conference Call” October 17, 2026 MANAGEMENT: MR. SASHIDHAR JAGDISHAN – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – HDFC BANK LIMITED MR. ANUP BAGCHI – ADDITIONAL DIRECTOR – HDFC BANK LIMITED MR. KAIZAD BHARUCHA – DEPUTY MANAGING DIRECTOR – HDFC BANK LIMITED MR. SRINIVASAN VAIDYANATHAN – CHIEF FINANCIAL OFFICER – HDFC BANK LIMITED HDFC Bank Limited October 17, 2026 Moderator: Ladies and gentlemen, good day, and welcome to HDFC Bank Limited Q2 FY27 Earnings Conference Call on the financial results presented by the management of HDFC Bank. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Srinivasan Vaidyanathan, Chief Financial Officer, HDFC Bank. Thank you, and over to you, Mr. Vaidyanathan. Srinivasan Vaidyanathan: Okay. Thank you, Neerav. Good evening, and a warm welcome to all the participants. Today, we have with us Sashi, Anup and Kaizad. Without much ado, we'll get the meeting started. With Sashi, for your opening remarks first, please. Sashidhar Jagdishan: Thank you, Srini, and thank you, everyone. Let me start with the economic environment. The GDP growth in Q2 FY27 has been better than anticipated and high performance indicators such as industrial production, strong e-way bill, cargo activity, credit growth reflects sustained momentum. Retail consumption growth has also been robust with passenger vehicles, 2-wheeler sales all growing upwards of 30-plus percentage. Even consumer durables grew at about 11% year-on-year. This augurs very well for the economy, especially with the festive season underway. The broader policy environment has been supportive of economic activity. Alongside this, measures in the form of credit guarantee support to MSMEs have also been effective. RBI's proactive response through measures like the special FCNR (B) swap window generated record inflows, about $133 billion and helped stabilize the currency. With that background, let's take a quick look at how the business has been shaping up. We continue to strengthen our liabilities franchise, and it has been delivering with great vigor. Deposits increased 18.8% year-on-year on a reported basis, including a 4 percentage point lift from special FCNR (B) window. As you will see in our published deck, CASA grew at about 10.8% on an overall basis. And within this, retail CASA growth was about 11.2% year-on-year compared to 9% a year ago, reflecting improving momentum. We added about 1.7 million liability relationships in the second quarter, which is 25% higher than Q1 and 33% higher than the fourth quarter of last year. Building on these new acquired relationships and deepening our existing relationships will enable the liabilities engine to step up further in the coming days even as we keep adding newer relationships at a rapid pace. The asset side of the balance sheet also continued to get stronger. Total AUM grew 15.3% year- on-year, including a 1.9% impact of FCNR (B) leverage, with SME and retail assets leading the charge. The pace of retail disbursements is accelerating and has crossed Rs 90,000 crores during Q2 FY27 as against Rs 76,000 crores in Q1 of this year. Growth has been balanced across all lines, whether it's personal loans, the wheels business, gold and agri and other MSME business as well. This is also reflected in the rising growth trend in EOP Page 2 of 16 HDFC Bank Limited October 17, 2026 loan book, especially for retail assets ex agri, September'26 annual growth is about 11.2% compared to 9.1% as of June'26 and 7.4% as of March'26. New credit card issuances at 1.4 million have grown by nearly 19% quarter-on-quarter, indicating the expansion of the growth runway. On the MSME and mid-market business, growth momentum is also improving rapidly. September'26 EOP loan growth has grown 23.5% year-on-year compared to 17% to 18% year-on-year growth levels seen in the last few quarters. Of course, this quarter, we have the ECLGS 5.0 scheme that also created significant opportunities we successfully leveraged. Our ECLGS disbursals of Rs 41,000 crores were highest across all banks as of August 26, when the scheme achieved targeted levels. What's driving this momentum? Since May of 2026, the entire retail and MSME business and channel supervisory architecture across the country have been focusing on daily operating rigor across frontline, the credit and operations, and service verticals, all working from one view across products and across all channels to ensure a same-day, same-time resolution of delivery of products, services, queries, and complaints as well. The focus has been on digital adoption and straight-through processing, which is moving up significantly. The turnaround times on product deliveries have come down anyway between 10% and 15% in a short span of time, while service delivery TATs have come down by 30% during the quarter. Which means the frontline can touch more customers within the same work hours. This is reflected in the customer visits per resource per day going up significantly compared to the prior quarter, almost up by about 50%. This will have an impact on growth, and that's pretty much reflected in the early signs that we have seen on the momentum. For example, the savings accounts per branch per day have gone up by 19% in the last few months, between Q2 and Q1. Core incremental deposits per branch per day is up 2.3 times from Q1. Sometimes, of course, extraordinary one-off outflows may mask this underlying momentum. But at some point in time, this will start to reflect as we move forward. Daily disbursal run rate of key retail and MSME products are up by 10% to 20% versus the prior quarter. Our asset quality remains pristine, with GNPA at 1.11%, 13 basis points lower than year- on-year. Credit costs remain low at 44 basis points, the risk weights to total assets at 69%. Our industry-leading asset quality metrics reflect the top-quartile credit quality choices we have consistently made. The bank's well-balanced performance translated to ROA of 1.8%, which has been the range that we've been there for [Showing first 8,000 characters — download PDF for full document]