HDFC Bank Ltd - Stock Valuation and Financial Performance

BSE: 500180 | NSE: HDFCBANK | Bank - Private | Large Cap

HDFC Bank Share Price

1,692.10 15.00 0.89%
as on 30-Jan'25 16:59

DeciZen - make an informed investing decision on HDFC Bank

Overall Rating
Bole Toh

1. Quality

2. Valuation

Undervalued

3. Price Trend

Semi Strong

HDFC Bank stock performance -
1,692.10 230.0016.00% past year

Price Chart, Live Stock Chart, Technical Chart of
P/E Ratio (CD):
18.43
Market Cap:
12,82,699 Cr.
52-wk low:
1,363.5
52-wk high:
1,880

Is HDFC Bank Ltd an attractive stock to invest in?

1. Is HDFC Bank Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that HDFC Bank Ltd is a good quality company.

2. Is HDFC Bank Ltd undervalued or overvalued?

The key valuation ratios of HDFC Bank Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is HDFC Bank Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of HDFC Bank Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of HDFC Bank:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
HDFC Bank Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Net Interest Income (₹ Cr.)
19,11023,37829,09235,23042,90651,44860,05269,30577,35292,9741,48,422
YoY Gr. Rt. %
-22.3%24.4%21.1%21.8%19.9%16.7%15.4%11.6%20.2%-
Total Income
50,85360,21274,37386,1491,01,3441,24,1081,47,0681,55,8851,67,6952,04,6664,75,039
YoY Gr. Rt. %
-18.4%23.5%15.8%17.6%22.5%18.5%6%7.6%22.1%-
Adj EPS (₹ )
18.221.325.329.835.74149.757.768.682.491
YoY Gr. Rt. %
-17%18.8%17.8%19.6%15%21.2%16.2%18.8%20.1%-
BVPS (₹ )
92.1126147179.1211.2282.1321.6380.6445.4516.7652.2
YoY Gr. Rt. %
-36.9%16.7%21.9%17.9%33.6%14%18.3%17%16%-
To view Net Profit/Total Funds (%) Colour Rating Guide click here
Net Profit/Total Funds (%)
1.91.91.91.91.91.91.91.9221.6
To view Net NPA to Net Advances (%) Colour Rating Guide click here
Net NPA to Net Advances (%)
0.30.30.30.30.40.40.40.40.30.3-
To view Capital Adequacy Ratio (%) Colour Rating Guide click here
Capital Adequacy Ratio (%)
-----------

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Net Interest Income19.2%16.7%15.7%20.2%
Total Income16.7%15.1%11.7%22.1%
Adj EPS18.3%18.3%18.4%20.1%
BVPS21.1%19.6%17.1%16%
Share Price 12.1% 6.6% 5% 17.2%

Key Financial Ratios

RATIOS \ YEARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Interest Earned / Total Income
83.6884.1584.9385.0584.1684.7383.0882.4781.0683.4369.3
Margins To view Margins Colour Rating Guide click here
NIM (%)
44.144.244.2443.83.93.5
Performance Ratios To view Performance Ratios Colour Rating Guide click here
Return on Equity (%)
21.719.918.718.418.417.116.516.516.717.213.9
Liquidity Ratio To view Liquidity Ratio Colour Rating Guide click here
CASA (%)
44.84443.34843.542.442.246.148.144.4-

Recent Performance Summary

Total Income has increased 11.65 CAGR in last 3 years

Net Profit has increased 18.38 CAGR in last 3 years

Net NPA to Net Advances has declined versus last 3 years average

Total income growth is not so good in last 4 quarters

Return on Equity has declined versus last 3 years average to 15.60%

Latest Financials - HDFC Bank Ltd.

Standalone Consolidated
TTM EPS (₹) 86.6 91
TTM Sales (₹ Cr.) 2,94,530 3,29,022
BVPS (₹.) 627.1 652.2
Reserves (₹ Cr.) 4,78,860 4,98,029
P/BV 2.67 2.57
PE 19.36 18.43
From the Market
52 Week Low / High (₹) 1363.45 / 1880.00
All Time Low / High (₹) 3.23 / 1880.00
Market Cap (₹ Cr.) 12,82,699
Equity (₹ Cr.) 764.8
Face Value (₹) 1
Industry PE 17

Quarterly Results

 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Net Interest Income (₹ Cr.)35,742 43.336,967 46.637,588 11.238,126 9.7
Interest Earned (₹ Cr.)79,434 67.181,546 59.483,002 10.685,040 9
Total Income (₹ Cr.)1,24,391 117.61,16,996 91.71,21,457 12.91,12,194 -2.5
Adj EPS (₹)23.2 2.821.7 -2.123.4 5.423.1 1.6
NIM (%)0.00 -0.00 -0.00 -0.00 -
Net NPA to Net Advances (%)0 -0 -0 -0 -
CASA (%)0.00 -0.00 -0.00 -0.00 -

Management X-Ray of HDFC Bank:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:0%Institutions:83.67%Non-Institutions:16.33%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%5%10%15%20%25%30%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of HDFC Bank

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MRP: ₹ 0
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Expected BVPS Growth Rate:
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30%
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Future PBV:
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

HDFC Bank: Q3FY25 Result Update - 24 Jan 2025

Key Highlights – Asset Quality Remains Strong

Advances Growth:

  • Advances grew by 3% YoY to Rs. 25,18,200 crores from Rs. 24,46,100 crores, muted compared to the industry average.
  • Retail lending showed resilience, growing 10% YoY to Rs. 13,42,500 crores from Rs. 12,18,800 crores, driven by strong performances in personal loans and agriculture segments.
  • Corporate loan growth picked up, increasing 10.2% YoY to Rs. 4,80,600 crores from Rs. 4,36,300 crores, despite cautious underwriting.

Deposits and CASA:

  • Deposits grew robustly at 16% YoY to Rs. 25,63,800 crores from Rs. 22,14,000 crores, outpacing credit growth, while CASA growth was subdued at 4% YoY.
  • CASA ratio declined to 34% from 37.7% in Q3FY24 due to faster term deposit growth of 23% YoY.

Margins and Asset Quality:

  • NIMs remain flat at 3.43%.
  • GNPA/NNPA ratios saw slight increases to 1.42%/0.46%, attributed to seasonally high agricultural slippages.

Profitability:

  • NII grew by 7.7% YoY to Rs. 30,650 crores from Rs. 28,470 crores, supported by stable loan yields and disciplined pricing.
  • PAT rose 2.2% YoY to Rs. 16,740 crores from Rs. 16,370 crores, though flattish sequentially due to higher provisions and slower fee income growth.

Credit Costs and Provisions:

  • Provisions rose by 16.8% QoQ to Rs. 3,150 crores from Rs. 2,700 crores but fell by 25.3% YoY from Rs. 4,220 crores, driven by seasonal pressures in the agricultural portfolio.
  • Credit costs marginally increased to 50 bps, though contained within management’s expectations.

Merger Synergies and Strategic Focus:

  • The merger with HDFC Ltd. is yielding early benefits, with 1.9 million liability accounts opened out of 4 million potential opportunities.
  • The bank is focused on improving its Loan-to-Deposit Ratio (LDR), which stands at 98.2%, targeting mid-80s levels by FY27.

HDFC Bank's stock price plummets 8% - Read into what's behind this fall - 17 Jan 2024

Despite HDFC Bank's stable Q3FY24 performance, the bank's stock faced an 8% decline. The growth in advances and deposits, along with a healthy RoA and RoE, highlighted the bank's underlying strength. However, the bank saw an increased cost of borrowing, impacting NIMs, and a slowdown in CASA growth, posing short-term challenges. 

Result Updates:

  • The Bank’s consolidated net revenue grew to Rs. 717.7 bn for Q3FY24 from Rs. 336.2 bn in Q3 FY23 (Pre-merger).
  • Advances growth of Rs. 1.1 tr (↑4.9%)
  • Deposits increased by Rs. 0.4 tr (↑1.9%)
  • Retail deposits grew Rs. 0.5 tr (↑2.9%)
  • RoA of 2.0% and RoE of 15.8% in the current quarter.
  • Consolidated EPS of Rs. 22.7 for the quarter and BVPS stood at Rs. 576.
  • Capital adequacy ratio came in at 18.4%
  • The consolidated PAT came in at Rs. 172.6 bn, up 35.9%, over Q3 FY23.

PAT was impacted by Rs. 1200 Cr provisioning done for the AIF exposure as per recent RBI guidelines, whereas PAT included profit from the Bandhan Bank stake sale that happened in this quarter. Retail advances grew 3.3% QoQ, primarily driven by strong performance in the mortgage business. The company added 908 branches over the last 12 months and 146 branches during the quarter.

How has the merger affected consolidated numbers for HDFC Bank?

HDFC Banks primarily relies on CASA franchise (44% pre-merger and 38% currently), whereas HDFC Limited relies only on borrowing and term deposits. Due to this, the cost of funds for the consolidated entity has increased to 4.9% from 3.5% in Dec 2022. Thus, NIMs have compressed to 3.4% from earlier 4.3%.

After the merger, the Loan to deposit ratio (LDR) for HDFC Bank stands at 110, without accounting for the merger the number stands at 89 from an earlier quarter LDR of 85.

(Source: Company reports, IEA = Interest earning assets)

Moneyworks4me Opinion:

Currently, HDFC Bank is facing problems on 2 fronts, pressure on NIMs caused by an increased cost of borrowing post-merger and the decreasing pace of growth in CASA to support the growth in lending. Competition has increased for CASA deposits and HDFC Management is currently not content to grow deposits at the cost of higher deposit rates. This would mean the NIMs which currently stand at 3.4% would need a few more quarters to recover. Management would eventually have to increase the deposit rates to remain competitive.

We feel that this is a 3-4 quarter phenomenon and would not affect the company's long-term fundamentals. Large-cap banks are fairly valued as against the overall highs that we are currently seeing in the market and thus there exists decent valuation comfort. We recommend investors stay invested and can also increase allocation if they are under-allocated in Banks. 

HDFC: Q4FY23 Result Update - 21 Apr 2023

The country's largest private sector lender HDFC Bank’s Q4FY23 PAT came in at Rs. 12,050 Cr, up 19.8% YoY but down 1.7% QoQ. NII grew 24% YoY while NII growth for FY23 averaged 20.4% vs 11% for FY22. Profitability thereby was stable with FY23 RoE at 17.4% vs FY22 RoE at 16.9%.

Overall muted results with higher than expected operating expenses.

 

HDFC Bank: Q3FY23 Result Update - 16 Jan 2023

HDFC Bank Ltd
Market Cap 895,711Cr
CMP 1,606
P/B 3.3xFY23

Results

(INR Cr)

YoY Growth

Comments

Advances

1,506,809

19.5%

Robust growth across loan book

Net Interest Income

22,987

24.6%

NIM remained stable at 4.1%

Net Profit

12,259

18.5%

Provisions and contingencies reduced by 6.3% at 2,806.4 Cr

 

Check HDFC Bank 10 year X-ray here

Key Highlights –

·        Domestic retail loans grew by 21.4%, and Commercial and rural banking loans grew by 30.2%.

·        Other Income increased by 3.8% to 8,499 Cr. Operating expenses increased by 26.5% to 12.463 Cr. Cost to Income ratio at 39.6%.

·        Asset quality improved, GNPA reduced by 0.03% to 1.23% on yearly basis. While NNPA at 0.33%. Credit cost reduced to 0.74% from 0.94% in Q3FY22.

·        Deposits grew by 19.9% to 1,733,204 Cr. CASA Ratio decline by 3.1% to 44% of deposits.

Management Outlook –

·        Management guided on increasing retail deposits to 100,000 Cr.

·        Management gave outlook on opening 1500-2000 new branches, with 600 in pipeline.

·        Management expects credit demand in NBFC, PSU, telecom, infrastructure and retail loans.

HDFC Bank: Q2FY23 Result Update - 18 Oct 2022

HDFC Bank Ltd
Market Cap  804,548 Cr
CMP  1,447
P/B  3xFY23E

Results

(INR Cr)

YoY Growth

Comments

Advances

14,79,893 Cr

23%

Healthy loan growth across segments

Net Interest Income

21,021.2 Cr

19%

NIM improved to 4.1% by 20bps, due to50bpsincrease in loan yield, reduced by 30 bps increase in cost of funds.

Net Profit

10606 Cr

20%

Bank benefitted from yield repricing, Fee income increased by 17% YoY growth but was offset by300 Cr. treasury losses.

Click here for 10 year X-ray

  • Advances have grown across all segments, commercial and rural banking grew 32% YoY (highest), followed by Corporate (27%) and Retail (20%) YoY.
  • CASA ratio continued to decline for the secondconsecutive quarter from 48% (down 300 bps) to stand at ~45%. Lower CASA can lead to increase in cost of funds.
  • Asset quality improved as Gross NPA ratio (1.23%) and net NPA ratio (0.33%) for the bankwere lower marginally higher vs. previous quarter GNPA (1.26%) and NNPA (0.32%)
  • Profits before tax from retail business (307,750 Cr) is still below peak level,while the corporate/wholesale book profitability generates 3X profits (922,187 Cr) as retail, which implies that the wholesale book has become important for the bank’s earnings stability and lower yield on these loans than retail.
  • Operating expense grew 21% YoY, led by similar growth in both staff and non-staffexpenses. Significant ramp-up in retail loan growth will increase costs.


 

HDFC Bank: Q1FY23 Result Update - 18 Jul 2022

Key Ratios of HDFC Bank

Adj EPS (Rs.)

Price Chart, Live Stock Chart, Technical Chart of

Total Income (Cr.)

Price Chart, Live Stock Chart, Technical Chart of

ROE (%)

Price Chart, Live Stock Chart, Technical Chart of

BVPS (Rs.)

Price Chart, Live Stock Chart, Technical Chart of
Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
HDFC Bank 1,692.1 15 (0.9%) Large Cap 1,70,754 91 27 18.4 2.6
ICICI Bank 1,254.1 2.7 (0.2%) Large Cap 1,42,891 64.1 28.6 19.5 3.3
Axis Bank 985 1.7 (0.2%) Large Cap 1,09,369 85.2 22.7 11.5 1.8
Kotak Mahindra Bank 1,901.1 -19.4 (-1%) Large Cap 45,799 85.7 30.1 22.4 3.4
Indusind Bank 957.2 8.7 (0.9%) Large Cap 45,748 104.3 19.6 9.1 1.1

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Income 60,21274,37386,1491,01,3441,24,1081,47,0681,55,8851,67,6952,04,6664,07,995
Interest Income 50,66663,16273,27185,2881,05,1611,22,1891,28,5521,35,9361,70,7542,83,649
Other Income 9,54611,21212,87816,05718,94724,87927,33331,75933,9121,24,346
Expenditure 49,51261,55670,86282,7841,01,6621,19,7721,24,0291,29,5451,58,5173,42,548
Interest Expense 27,28834,07038,04242,38153,71362,13759,24858,58477,7801,54,139
Operating Expenses 14,57817,83220,75123,92727,69533,03635,00140,31251,5341,52,269
Provisions7,6469,65412,06916,47520,25524,59929,78030,64829,20436,140
Profit Before Tax16,08019,51123,36628,46434,31838,19542,79650,87361,49876,569
Taxes 5,3806,6948,0789,90311,87310,89910,93912,72215,35011,122
Profit After Tax 10,70012,81715,28718,56122,44627,29631,85738,15146,14965,447
Adjusted EPS (₹)21.3225.3229.8235.6641.0049.7057.7468.6282.4484.33
Dividend Payout Ratio (%)19%19%18%18%18%5%11%23%23%23%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Share Capital 501506513519545548551555558760
Total Reserves 62,65373,79891,2811,09,0801,53,1281,75,8102,09,2592,46,4312,87,7624,52,983
Minority Interest16218129135650257763372086013383
Deposits4,50,2845,45,8736,43,1347,88,3759,22,50311,46,20713,33,72115,58,00318,82,66323,76,887
Borrowings 59,4781,03,71498,4161,56,4421,57,7331,86,8341,77,6972,26,9672,56,5497,30,615
Other Liabilities 34,01938,14058,70948,41358,39670,85477,64690,2591,02,0404,55,566
Total Liabilities 6,07,0977,62,2128,92,34411,03,18612,92,80615,80,83017,99,50721,22,93425,30,43340,30,194

Assets

Balance with RBI 27,52230,07737,9111,04,68846,80572,21197,3701,30,0311,17,1891,78,719
Balance with Banks9,0048,99211,40118,37335,01315,72923,90225,35579,95950,116
Investments 1,49,4541,93,6342,10,7772,38,4612,89,4463,89,3054,38,8234,49,2645,11,58210,05,682
Advances 3,83,4084,87,2905,85,4817,00,0348,69,22310,43,67111,85,28414,20,94216,61,94925,65,892
Net Block 3,2693,5243,8593,8554,2644,6715,2936,4768,47612,604
Other Assets34,48338,73942,96037,81948,10055,28848,87990,9101,51,3222,17,183
Total Assets 6,07,0977,62,2128,92,34411,03,18612,92,80615,80,83017,99,50721,22,93425,30,43340,30,194

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity -21,281-34,43517,28217,214-62,872-16,86942,476-11,96020,81419,069
Cash Flow From Investing Activity -811-866-1,148-852-1,598-1,617-1,681-2,216-3,4245,314
Cash Flow From Financing Activity 18,69437,815-5,89357,37823,13124,394-7,32148,12423,941-3,983
Net Cash Flow -3,3982,51410,24173,740-41,3395,90833,47433,94841,33020,400
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Operational & Financial Ratios

EPS (₹)43516071825058698284
DPS (₹)81011131537161920
BVPS (₹)252294358422564322381445517597

Margin Ratios

Yield on Advances (%)13.213.012.512.212.111.710.99.610.311.1
Yield on Investments (%)7.07.78.17.37.16.06.55.96.07.7
Cost of Liabilities (%)5.45.25.14.55.04.73.93.33.65.0
NIM (%)4.14.04.24.04.24.04.03.83.93.4
Interest Spread (%)7.97.77.47.77.17.16.96.36.66.1

Performance Ratios

ROA (%)1.91.91.91.91.91.91.92.02.02.0
ROE (%)19.918.718.418.417.116.516.516.717.217.6
ROCE (%)18.416.316.416.716.314.713.814.115.215.2

Efficiency Ratios

Cost to Income Ratio (%)44.344.243.140.639.338.936.237.040.660.0
Operating Costs to Assets (%)2.42.32.32.22.12.11.91.92.03.8

Valuation Parameters

Price/Book(x)4.13.64.04.54.12.73.93.33.12.4

HDFC Bank Ltd Stock News

HDFC Bank Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of HDFC Bank on 30-Jan-2025 16:59 is ₹1,692.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 30-Jan-2025 16:59 the market cap of HDFC Bank stood at ₹12,82,699.
The latest P/E ratio of HDFC Bank as of 30-Jan-2025 16:59 is 19.36.
The latest P/B ratio of HDFC Bank as of 30-Jan-2025 16:59 is 2.67.
The 52-week high of HDFC Bank is ₹1,880 and the 52-week low is ₹1,363.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HDFC Bank is ₹2,94,530 ( Cr.) .

About HDFC Bank Ltd

HDFC Bank Ltd. is one of India’s leading private banks and was among the first to receive approval from the Reserve Bank of India (RBI) to set up a private sector bank in 1994.  HDFC Bank was incorporated in August 1994 in the name of HDFC Bank Limited, with its registered office in Mumbai, India. The bank commenced operations as a Scheduled Commercial Bank in January 1995.

Business area of the Bank

HDFC Bank caters to a wide range of banking services covering commercial and investment banking on the wholesale side and transactional / branch banking on the retail side. The bank has three key business segments: Wholesale Banking, Treasury and Retail Banking.

Wholesale Banking-: The Bank's target market is primarily large, blue-chip manufacturing companies in the Indian corporate sector and to a lesser extent, small & mid-sized corporates and agri-based businesses. For these customers, the Bank provides a wide range of commercial and transactional banking services, including working capital finance, trade services, transactional services, cash management, etc. The bank is also a leading provider of structured solutions, which combine cash management services with vendor and distributor finance for facilitating superior supply chain management for its corporate customers. Based on its superior product delivery / service levels and strong customer orientation, the Bank has made significant inroads into the banking consortia of a number of leading Indian corporates including multinationals, companies from the domestic business houses and prime public sector companies. It is recognised as a leading provider of cash management and transactional banking solutions to corporate customers, mutual funds, stock exchange members and banks.

Treasury-: Within this business, the bank has three main product areas - Foreign Exchange and Derivatives, Local Currency Money Market & Debt Securities, and Equities. With the liberalisation of the financial markets in India, corporates need more sophisticated risk management information, advice and product structures. These and fine pricing on various treasury products are provided through the bank's Treasury team. To comply with statutory reserve requirements, the bank is required to hold 25% of its deposits in government securities. The Treasury business is responsible for managing the returns and market risk on this investment portfolio.

Retail Banking-: The objective of the Retail Bank is to provide its target market customers a full range of financial products and banking services, giving the customer a one-stop window for all his/her banking requirements. The products are backed by world-class service and delivered to customers through the growing branch network, as well as through alternative delivery channels like ATMs, Phone Banking, NetBanking and Mobile Banking. The HDFC Bank Preferred program for high net worth individuals, the HDFC Bank Plus and the Investment Advisory Services programs have been designed keeping in mind needs of customers who seek distinct financial solutions, information and advice on various investment avenues. The Bank also has a wide array of retail loan products including Auto Loans, Loans against marketable securities, Personal Loans and Loans for Two-wheelers. It is also a leading provider of Depository Participant (DP) services for retail customers, providing customers the facility to hold their investments in electronic form.

Achievements/ recognition

2007

  • Dun & Bradstreet - American Express Corporate Best Bank Award 2007 - 'Corporate Best Bank' Award
  • The Bombay Stock Exchange and Nasscom Foundation's Business for Social Responsibility Awards 2007 - 'Best Corporate Social Responsibility Practice' Award
  • Outlook Money & NDTV Profit - Best Bank Award in the Private sector category
  • The Asian Banker Excellence in Retail Financial Services Awards - Best Retail Bank in India
  • Asian Banker - Its Managing Director Aditya Puri wins the Leadership Achievement Award for India

2008

  • Finance Asia Country Awards for Achievement 2008 - 'Best Bank and Best Cash Management Bank'
  • CNN-IBN - 'Indian of the Year (Business)'
  • Nasscom IT User Award 2008 - 'Best IT Adoption in the Banking Sector'
  • Business India - 'Best Bank 2008'
  • Forbes Asia - Fab 50 companies in Asia Pacific
  • Asian Banker Excellence in Retail Financial Services - Best Retail Bank 2008
  • Asiamoney - Best local Cash Management Bank Award voted by Corporates
  • Microsoft & Indian Express Group - Security Strategist Award 2008
  • World Trade Center Award of honour - For outstanding contribution to international trade services.
  • Business Today-Monitor Group survey - One of India's 'Most Innovative Companies'
  • Financial Express-Ernst & Young Award - Best Bank Award in the Private Sector category
  • Global HR Excellence Awards - Asia Pacific HRM Congress: - 'Employer Brand of the Year 2007 -2008' Award - First Runner up, & many more
  • Business Today - 'Best Bank' Award 

2009

  • Business Standard Best Banker Award - Mr. Aditya Puri, MD, HDFC Bank
  • Fe Best Bank Awards 2009 - Best Innovator of the year award for its MD Mr. Aditya Puri - Second Best Private Bank in India - Best in Strength and Soundness Award
  • Euromoney Awards 2009 - 'Best Bank in India'
  • Economic Times Brand Equity & Nielsen Research annual survey 2009 - Most Trusted Brand - Runner Up
  • Asia Money 2009 Awards - 'Best Domestic Bank in India'
  • IBA Banking Technology Awards 2009 - 'Best IT Governance Award - Runner up'
  • Global Finance Award - 'Best Trade Finance Bank in India for 2009
  • IDRBT Banking Technology Excellence Award 2008 - 'Best IT Governance and Value Delivery'
  • Asian Banker Excellence in Retail Financial Services - 'Asian Banker Best Retail Bank in India Award 2009'

2010

  • Outlook Money 2010 Awards - Best Bank
  • Businessworld Best Bank Awards 2010 - Best Bank (Large)
  • Teacher's Achievement Awards 2010 (Business) - Mr. Aditya Puri
  • The Banker and PWM 2010 Global Private Banking Awards - Best Private Bank in India
  • Economic Times Awards for Corporate Excellence 2010 - Business Leader of the Year - Mr. Aditya Puri
  • Forbes Asia - Fab 50 Companies - 5th year in a row
  • NDTV Business Leadership Awards 2010 - Best private sector bank
  • The Banker Magazine - World's Top 1,000 Banks
  • MIS Asia IT Excellence Award 2010 - BEST BOTTOM-LINE I.T. Category
  • Dun & Bradstreet Banking Awards 2010 - Overall best bank, Best private sector bank, Best private sector bank in SME Financing
  • Institutional Investor Magazine Poll - HDFC Bank MD, Mr. Aditya Puri among ‘Asian Captains of Finance 2010’
  • IDRBT Technology 2009 Awards - IT Infrastructure, Use of IT within the Bank and Runners-up - IT Governance (Large Banks)
  • ACI Excellence Awards 2010 - Highly Commended - Asia Pacific HDFC Bank
  • FE-EVI Green Business Leadership Award - Best performer in the banking category
  • Celent's 2010 Banking Innovation Award - Model bank Award
  • Avaya Global Connect 2010 - Customer Responsiveness Award - Banking & Financial Services category
  • Forbes Top 2000 Companies - HDFC Bank at 632nd position and among 130 global high performers
  • Financial Express - Ernst & Young Survey 2009-10 - Best new private sector bank, Best in growth and Best in strength
  • Asian Banker Excellence Awards 2010 - Best retail bank in India, Excellence in automobile lending, Best M&A integration and technology implementation
  • The Asset Triple A Awards - Best cash management bank in India
  • Euromoney Private Banking and Wealth Management Poll 2010 - Best local bank in India (second year in a row), Best private banking services overall (moved up from No. 2 last year)
  • Financial Insights Innovation Awards 2010 - Innovation in branch operations - server consolidation project
  • Global Finance Award - Best trade finance provider in India for 2010
  • 2 Banking Technology Awards 2009 - Best risk management initiative and Best use of business intelligence
  • SPJIMR Marketing Impact Awards (SMIA) 2010
  • Business Today Best Employer Survey - Listed in top 10 best employers in the country

2011

  • CNBC TV18's Best Bank & Financial Institution Awards - Best Bank and Mr. Aditya Puri, for outstanding finance professional
  • Dun & Bradstreet Banking Awards 2011 - Best private sector bank - SME Financing
  • ISACA 2011 award for IT Governance - Best practices in IT Governance and IT Security
  • IBA Productivity Excellence Awards 2011 - New Channel Adopter (Private Sector)
  • DSCI (Data Security Council of India) Excellence Awards 2011 - Security in bank
  • FINANCE ASIA Country Awards 2011: India - Best bank, best cash management bank and best trade finance bank
  • Asian Banker - Strongest bank in Asia Pacific
  • Bloomberg UTV's Financial Leadership Awards 2011 - Best bank
  • IBA Banking Technology Awards 2010 - Technology bank of the year, best online bank, best customer initiative, best use of business intelligence, best risk management system and runners up - best financial inclusion
  • IDC FIIA Awards 2011 - Excellence in customer experience

2013

  • Best Internet Bank - Winner
  • Best Customer Management Initiative - Winner
  • Best use of Mobility Technology in Banking

2014

  • Business Today - KPMG Study 2014
  • Dun & Bradstreet - Polaris Financial Technology Banking Awards 2014
  • Forbes Asia

2015

  • Business Today Award
  • National Payments Excellence Awards 2015
  • Forbes Asia
  • AIMA Managing India Awards 2015
  • Finance Asia poll on Asia's Best Companies 2015
  • J. P Morgan Quality Recognition Award

2016

  • Institutional Investor All-Asia Executive Team ranking 2016
  • BrandZ Top 50 Most Valuable Indian Brands
  • Cisco-CNBC TV 18 Digitizing India Awards
  • IBA Awards
  • NABARD Award

2017

  • Business India 19th Best Bank survey
  • Forbes Asia's 13th Fab 50 Companies List
  • BrandZ Top 50 Most Valuable Indian Brands
  • The Asset Triple A Asia Infrastructure Awards 2017
  • Asiamoney India Banking Awards 2017

2019

  • UTI MF - CNBC TV18 Financial Advisor Awards 2018-19
  • Euromoney Awards for Excellence 2019
  • Business Today - Money Today Financial Awards 2019
  • Nasscom DSCI Excellence Awards 2019
  • Business Today - Money Today Financial Awards 2019

2020

  • Asiamoney Best Bank Award 2020
  • CNBC-TV18 India Business Leader Awards (IBLA) 2019-20


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