HDFC Bank on Tuesday announced a leadership transition, with Anup Bagchi taking charge as its managing director and chief executive officer (MD & CEO) from October 27, 2026, following the completion of Sashidhar Jagdishan's tenure.
In an exchange filing, HDFC Bank said, "This is to inform that Mr. Sashidhar Jagdishan has vacated the office as the MD & CEO of the Bank from the close of business hours on October 26, 2026 on account of completion of his tenure and Mr. Anup Bagchi has assumed charge as MD & CEO of the Bank effective today i.e. October 27, 2026."
The bank thanked Jagdishan for his strategic vision and commitment, crediting his leadership with strengthening its performance, organisational culture and customer-centric approach. It also acknowledged his pivotal role in the successful completion of one of corporate India's largest mergers.
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Bagchi takes charge at a time when the country's largest private-sector lender is navigating a mixed earnings environment, with steady growth in profit and net interest income (NII) accompanied by results that fell short of analyst estimates on key parameters.
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Who Is Anup Bagchi?
Anup Bagchi takes over as MD & CEO after serving in senior leadership roles in the financial services industry. Before joining HDFC Bank's top leadership, he was associated with ICICI Bank and ICICI Prudential Life Insurance, bringing experience across banking, lending and insurance.
The bank had disclosed details of the appointments of Bagchi and Jagdishan in an earlier communication dated October 1, 2026. The latest filing confirms the effective date of the leadership change.
Who Is Sashidhar Jagdishan?
Sashidhar Jagdishan had been HDFC Bank's MD & CEO since October 2020, succeeding Aditya Puri, who led the bank for nearly three decades. Jagdishan took charge during a period of transition for the lender and subsequently oversaw its merger with Housing Development Finance Corporation (HDFC), which came into effect in July 2023.
The merger created a considerably larger financial institution, combining HDFC's housing finance business with the bank's lending and deposit franchise. Integrating the two businesses and managing the balance sheet following the merger have remained important priorities for the lender.
HDFC Bank Q2 Results: Profit Rises 4.7%, Misses Estimates
HDFC Bank reported a 4.7% year-on-year increase in consolidated net profit to Rs 19,510 crore for the September quarter of FY27, compared with Rs 18,641 crore a year earlier. The result fell short of the analyst estimate of Rs 19,727 crore.
Net interest income (NII) rose 10% year-on-year to Rs 34,619 crore, below the estimate of Rs 34,991 crore. Operating profit increased 5.6% to Rs 29,483 crore, compared with Rs 27,923 crore in the year-ago quarter, but also missed the estimate of Rs 29,868 crore. Net interest margin, calculated on total assets, stood at 3.16%.
Asset quality improved sequentially. The gross non-performing asset (NPA) ratio declined to 1.11% from 1.17% in the preceding quarter, while the net NPA ratio eased to 0.37% from 0.41%.
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However, provisions increased to Rs 3,574 crore from Rs 3,059 crore in the previous quarter and Rs 3,500 crore a year earlier.
Advances And Deposits Continue To Grow
HDFC Bank's average advances under management grew 14.1% year-on-year to Rs 31.87 lakh crore. Gross advances stood at Rs 32.20 lakh crore at the end of September, up 16.3% from a year earlier.
Retail loans increased 11.7% year-on-year, while lending to small and mid-market enterprises grew 23.5%. Average deposits rose 16.8% to Rs 31.66 lakh crore, while average current account and savings account (CASA) deposits increased 10.7% to Rs 9.71 lakh crore.
As of September 30, 2026, the bank operated 9,706 branches and 20,881 ATMs across 4,177 cities and towns, compared with 9,545 branches and 21,417 ATMs across 4,156 cities and towns a year earlier. Half of its branches were located in semi-urban and rural areas.
The bank had 14,365 business correspondents and 2,10,109 employees at the end of September 2026.
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