HDFC Bank Ltd. - ADR

Strong balance-sheet + liability momentum (core “growth engine”) - Deposits up 18.8% YoY (reported), with FCNR(B) special window adding ~4pp to that growth. - CASA grew ~10.8% YoY; retail CASA up ~11.2% YoY (vs ~9% YoY a year ago), signaling improving retail deposit momentum. - ~1.7 million new liability relationships in Q2, 25% higher than Q1 and 33% higher than Q4 last year → management expects this to scale further as the retail franchise matures.

Asset growth solid; retail + SME disbursements accelerating - Total AUM up 15.3% YoY (includes ~1.9% impact from FCNR(B) leverage). - Retail disbursements crossed INR 90,000 cr in Q2 FY27 vs INR 76,000 cr in Q1 (clear sequential acceleration). - EOP loan book trend improving: Sep’26 retail ex-agri annual growth ~11.2% (vs 9.1% in Jun’26 and 7.4% in Mar’26). - MSME/mid-market strengthening: Sep’26 EOP loan growth 23.5% YoY (vs 17–18% YoY in prior quarters). - Credit cards: 1.4 million new issuances, ~19% QoQ increase → indicates continued demand/rollout strength.

Asset quality remains “pristine” / low credit costs - GNPA 1.11%, 13 bps lower YoY. - Credit cost 44 bps (management characterizes as low). - Risk weights ~69% of total assets (portfolio mix / risk discipline). - Surprising/positive watchout: on agri, despite monsoon shortfall, agri sowing largely stable (~-1.5% to -2%) and agri gross NPA remained largely constant as of Sep vs Jun; they’re monitoring as the season unfolds.