HDFC Bank (NYSE: HDB) books Rs 333,203.7M profit and details HDBFSL IPO

Rhea-AI Filing Summary

HDFC Bank Limited reports U.S. GAAP condensed consolidated results for the six-month period ended September 30, 2025. Total assets were Rs. 48,978,652.0 million (US$ 551,685.8 million), with net loans of Rs. 29,038,800.6 million and total deposits of Rs. 27,983,814.2 million. Total shareholders’ equity was Rs. 8,887,082.6 million (US$ 100,102.3 million).

For the period, net interest revenue was Rs. 730,948.6 million and non-interest revenue Rs. 483,095.7 million, giving total revenue of Rs. 1,112,291.6 million. Income before tax was Rs. 449,801.5 million and net income attributable to HDFC Bank shareholders was Rs. 333,203.7 million (US$ 3,753.3 million). Basic earnings per equity share were Rs. 21.73 and diluted Rs. 21.65; basic earnings per ADS were Rs. 65.19 and diluted Rs. 64.95.

Operating cash flows provided Rs. 747,264.8 million, while investing and financing activities used Rs. 760,042.9 million and Rs. 364,396.6 million, respectively; cash and due from banks, and restricted cash ended at Rs. 1,594,748.7 million (US$ 17,962.9 million). Shareholders approved a 1:1 bonus issue, leading to the allotment of 7,677,039,761 bonus shares on August 28, 2025 and an increase in authorized share capital from Rs. 11,906,100,000.0 to Rs. 20,000,000,000.0. Subsidiary HDB Financial Services Limited completed an IPO comprising a Rs. 25 billion fresh issue and a Rs. 100 billion offer for sale of 135.1 million shares at Rs. 740 per share; HDFC Bank now holds 74.7% of HDBFSL’s equity, which listed on the BSE and NSE on July 2, 2025.

Key Figures

Total assets: Rs. 48,978,652.0 million Total deposits: Rs. 27,983,814.2 million Net loans: Rs. 29,038,800.6 million +5 more

8 metrics

Total assets Rs. 48,978,652.0 million As of September 30, 2025 under U.S. GAAP

Total deposits Rs. 27,983,814.2 million As of September 30, 2025 including interest and non-interest-bearing deposits

Net loans Rs. 29,038,800.6 million Loans net of allowance for credit losses as of September 30, 2025

Net income attributable to shareholders Rs. 333,203.7 million Six-month period ended September 30, 2025

Basic EPS per equity share Rs. 21.73 Earnings per equity share—basic for six months ended September 30, 2025

Net cash from operating activities Rs. 747,264.8 million Six-month period ended September 30, 2025

HDBFSL offer for sale size Rs. 100 billion Offer for sale of HDB Financial Services shares by HDFC Bank in June 2025 IPO

Bonus shares issued 7,677,039,761 shares One-for-one bonus equity shares allotted on August 28, 2025

Key Terms

Available for sale debt securities, Allowance for credit losses, Value of Business Acquired (VOBA), Purchased financial assets with credit deterioration (PCD), +2 more

6 terms

Available for sale debt securities financial

"Investments available for sale debt securities, at fair value"

Available-for-sale debt securities are bonds or other loan-like investments a company buys but does not plan to hold until they mature or trade frequently. They are marked to current market value on the balance sheet, with temporary gains or losses shown outside net income, so investors can see potential unrealized value swings — like a homeowner listing a house at today’s price while still deciding whether to sell, revealing how market moves affect worth without changing reported profits.

Allowance for credit losses financial

"Loans [net of allowance of Rs. 535,829.3 and Rs. 580,682.2"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

Value of Business Acquired (VOBA) financial

"Value of business acquired (“VOBA”) is valued as the difference"

Purchased financial assets with credit deterioration (PCD) financial

"The Bank identifies purchased financial assets with credit deterioration (“PCD”) loans"

Relief from royalty method financial

"Brand value has been estimated using the income approach with the relief from royalty method"

Multi-period excess earnings method financial

"The fair value of the Contract was estimated using the income approach with the MEEM method"

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FAQ

What were HDFC Bank (HDB)'s total assets and deposits as of September 30, 2025?

As of September 30, 2025, HDFC Bank reported total assets of Rs. 48,978,652.0 million (US$ 551,685.8 million) and total deposits of Rs. 27,983,814.2 million, including both interest-bearing and non-interest-bearing balances across its franchise.

What net income and EPS did HDFC Bank (HDB) report for the six months ended September 30, 2025?

For the six-month period ended September 30, 2025, HDFC Bank generated net income attributable to shareholders of Rs. 333,203.7 million (US$ 3,753.3 million). Basic earnings per equity share were Rs. 21.73, with diluted EPS of Rs. 21.65; each ADS represents three shares.

How large was HDFC Bank (HDB)'s loan portfolio and credit loss allowance at September 30, 2025?

At September 30, 2025, HDFC Bank’s gross loans totaled Rs. 29,619,482.8 million, split between retail and wholesale. After an allowance for credit losses of Rs. 580,682.2 million, net loans stood at Rs. 29,038,800.6 million on the condensed consolidated balance sheet.

What were the key terms of the HDB Financial Services IPO disclosed by HDFC Bank (HDB)?

Subsidiary HDB Financial Services Limited launched an IPO on June 25, 2025, including a Rs. 25 billion fresh issue and a Rs. 100 billion offer for sale of 135.1 million shares at Rs. 740 each. After the IPO, HDFC Bank retained 74.7% ownership; HDBFSL listed on BSE and NSE July 2, 2025.

What bonus share issue did HDFC Bank (HDB) implement in 2025?

Shareholders approved a 1:1 bonus issue on July 19, 2025, granting one bonus share for every fully paid equity share. HDFC Bank allotted 7,677,039,761 bonus shares on August 28, 2025, funded from share premium, and increased authorized share capital to Rs. 20,000,000,000.0.

How did HDFC Bank (HDB)'s cash flows look for the six months ended September 30, 2025?

For the six-month period, HDFC Bank generated net cash from operating activities of Rs. 747,264.8 million. Investing activities used Rs. 760,042.9 million and financing activities used Rs. 364,396.6 million, leaving cash and due from banks, and restricted cash at Rs. 1,594,748.7 million (US$ 17,962.9 million).

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2026

Commission File Number 001-15216

HDFC BANK LIMITED

(Translation of registrant’s name into English)

HDFC Bank House, Senapati Bapat Marg,

Lower Parel, Mumbai. 400013, India

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				HDFC BANK LIMITED
				(Registrant)
Date: July 29, 2026				By		/s/ Srinivasan Vaidyanathan
				Name:  Srinivasan Vaidyanathan
				Title:   Chief Financial Officer

EXHIBIT INDEX

The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this Report pursuant to the General Instructions for Form 6-K.

Exhibit I

Description

Financial Statements of HDFC Bank Limited prepared in accordance with U.S. GAAP for the six-month periods ended September 30, 2024 and 2025 and as of September 30, 2025.

Exhibit I

INDEX TO FINANCIAL STATEMENTS

		Page
Condensed Consolidated Financial Statements of HDFC Bank Limited and Subsidiaries:
Condensed consolidated balance sheets as of March  31, 2025 and September 30, 2025			F-2
Condensed consolidated statements of income for the six-month periods ended September 30, 2024 and 2025			F-3
Condensed consolidated statements of comprehensive income for the six-month periods ended September 30, 2024 and 2025			F-4
Condensed consolidated statements of cash flows for the six-month periods ended September 30, 2024 and 2025			F-5
Condensed consolidated statements of shareholders’ equity for the six-month periods ended September 30, 2024 and 2025			F-7
Notes to the condensed consolidated financial statements			F-8

F-1

HDFC BANK LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

		As of
		March 31, 2025				September 30, 2025 (Unaudited)				September 30, 2025 (Unaudited)
		(In millions, except number of shares)
ASSETS:
Cash and due from banks, and restricted cash		Rs.	1,982,929.8			Rs.	1,594,748.7			US$	17,962.9
Investments held for trading, at fair value			625,388.5				549,680.6				6,191.5
Investments available for sale debt securities, at fair value [includes restricted investments of Rs. 3,936,248.0 and Rs. 3,581,476.9 (US$ 40,341.0), as of March 31, 2025 and September 30, 2025, respectively]			9,910,174.3				10,412,364.0				117,282.8
Securities purchased under agreements to resell			349,210.7				58,646.9				660.6
Loans [net of allowance of Rs. 535,829.3 and Rs. 580,682.2 (US$ 6,540.7), as of March 31, 2025 and September 30, 2025, respectively]			28,102,981.8				29,038,800.6				327,087.2
Accrued interest receivable			322,788.9				334,584.0				3,768.7
Property and equipment, net			172,437.9				173,685.9				1,956.4
Intangible assets, net			1,370,880.0				1,361,511.5				15,335.8
Goodwill			1,629,510.3				1,629,510.3				18,354.5
Other assets			2,705,087.5				2,746,834.6				30,939.8
Separate account assets			1,016,281.4				1,078,284.9				12,145.6
Total assets		Rs.	48,187,671.1			Rs.	48,978,652.0			US$	551,685.8
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Liabilities:
Interest-bearing deposits		Rs.	23,994,357.2			Rs.	25,041,575.0			US$	282,063.2
Non-interest-bearing deposits			3,116,596.7				2,942,239.2				33,140.8
Total deposits			27,110,953.9				27,983,814.2				315,204.0
Securities sold under repurchase agreements			129,190.0				576,568.0				6,494.3
Short-term borrowings			1,306,013.1				1,096,054.7				12,345.7
Accrued interest payable			258,311.8				287,173.9				3,234.7
Long-term debt			5,866,163.2				4,966,363.9				55,940.1
Accrued expenses and other liabilities			1,457,948.6				1,561,043.8				17,583.6
Separate account liabilities			1,016,281.4				1,078,284.9				12,145.6
Liabilities on policies in force			2,180,964.3				2,262,055.4				25,479.3
Undistributed policy holders earnings account			238,953.8				280,210.6				3,156.2
Total liabilities		Rs.	39,564,780.1			Rs.	40,091,569.4			US$	451,583.5
Shareholders’ equity:
Equity shares: par value Rs. 1.0 each; authorized 20,000,000,000 shares and 20,000,000,000 shares; issued 15,304,443,348 shares and 15,363,698,554 shares, as of March 31, 2025 and September 30, 2025, respectively		Rs.	15,304.4			Rs.	15,363.7			US$	173.1
Additional paid-in capital			4,428,413.5				4,551,705.7				51,269.5
Retained earnings			2,099,097.2				2,223,578.0				25,045.9
Statutory reserve			1,053,746.2				1,055,973.0				11,894.3
Accumulated other comprehensive income/ (loss)			97,194.1				73,864.2				832.0
Treasury stock, at cost			(16,864.0	)			(16,864.0	)			(190.0	)
Total HDFC Bank Limited shareholders’ equity			7,676,891.4				7,903,620.6				89,024.8
Noncontrolling interest in subsidiaries			945,999.6				983,462.0				11,077.5
Total shareholders’ equity			8,622,891.0				8,887,082.6				100,102.3
Total liabilities and shareholders’ equity		Rs.	48,187,671.1			Rs.	48,978,652.0			US$	551,685.8

See accompanying notes to condensed consolidated financial statements

F-2

HDFC BANK LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

		Six-month period ended September 30,
		2024				2025				2025
		(In millions, except share and per share amounts)
Interest and dividend revenue:
Loans		Rs.	1,238,645.3			Rs.	1,267,882.6			US$	14,281.2
Trading securities			6,250.9				9,941.1				112.0
Available for sale debt securities			300,291.3				359,579.1				4,050.2
Other			40,077.1				40,718.0				458.6
Total interest and dividend revenue			1,585,264.6				1,678,120.8				18,902.0
Interest expense:
Deposits			599,726.3				695,604.1				7,835.1
Short-term borrowings			43,100.7				43,290.7				487.6
Long-term debt			244,692.6				204,532.0				2,303.8
Other			2,939.1				3,745.4				42.2
Total interest expense			890,458.7				947,172.2				10,668.7
Net interest revenue			694,805.9				730,948.6				8,233.3
Provision for credit losses			83,055.2				101,752.7				1,146.1
Net interest revenue after provision for credit losses			611,750.7				629,195.9				7,087.2
Non-interest revenue, net:
Fees and commissions			157,039.6				168,713.5				1,900.4
Trading securities gain, net			48,500.8				27,624.7				311.2
Realized gain on sales of available for sale debt securities, net			475.7				15,296.5				172.3
Allowance on available for sale debt securities			(8.7	)			(1.8	)			—
Foreign exchange transactions			25,792.5				2,250.2				25.3
Derivatives gain, net			23,962.9				17,253.4				194.3
Premium and other operating income from the insurance business			211,568.5				239,367.3				2,696.2
Other, net			21,921.9				12,591.9				141.8
Total non-interest revenue, net			489,253.2				483,095.7				5,441.5
Total revenue, net			1,101,003.9				1,112,291.6				12,528.7
Non-interest expense:
Salaries and staff benefits			149,500.6				157,250.0				1,771.2
Premises and equipment			37,742.7				43,882.6				494.3
Depreciation and amortization			18,719.9				20,259.0				228.2
Administrative and other			111,521.0				148,600.6				1,673.8
Amortization of intangible assets			13,156.1				9,368.5				105.5
Claims and benefits paid pertaining to insurance business			264,334.7				243,189.7				2,739.2
Total non-interest expense			594,975.0				622,550.4				7,012.2
(Surplus) / Deficit in P&L transferred to undistributed policyholders earnings account			(71,056.0	)			(39,939.7	)			(449.9	)
Income before income tax expense			434,972.9				449,801.5				5,066.6
Income tax expense			88,098.8				105,168.3				1,184.6
Net income before noncontrolling interest		Rs.	346,874.1			Rs.	344,633.2			US$	3,882.0
Less: Net income attributable to shareholders of noncontrolling interest			8,315.1				11,429.5				128.7
Net income attributable to shareholders of HDFC Bank Limited		Rs.	338,559.0			Rs.	333,203.7			US$	3,753.3
Per share information: (see note 21)
Earnings per equity share—basic		Rs.	22.79			Rs.	21.73			US$	0.24
Earnings per equity share—diluted		Rs.	22.70			Rs.	21.65			US$	0.23
Per ADS information (where 1 ADS represents 3 shares): (see note 21)
Earnings per ADS—basic		Rs.	68.37			Rs.	65.19			US$	0.72
Earnings per ADS—diluted		Rs.	68.10			Rs.	64.95			US$	0.69

See accompanying notes to condensed consolidated financial statements

F-3

HDFC BANK LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

		Six-month period ended September 30,
		2024				2025				2025
		(In millions)
Net income before noncontrolling interest			Rs. 346,874.1				Rs. 344,633.2			US$	3,882.0
Other comprehensive income, net of tax:
Long- duration insurance contract discount rate change:
Net unrealized gain (loss) arising during the period [net of tax Rs. nil and Rs. (10,380.2) (US$ (116.9)), as of September 30, 2024 and September 30, 2025, respectively]			(46,910.8	)			71,292.9				803.0
Foreign currency translation adjustment:
Net unrealized gain (loss) arising during the period [net of tax Rs. (93.5) and Rs. (954.0) (US$ (10.7)) as of September 30, 2024 and September 30, 2025, respectively]			785.5				2,962.3				33.4
Available for sale debt securities:
Net unrealized gain (loss) arising during the period [net of tax Rs. (26,407.7) and Rs. 15,739.7 (US$ 177.3) as of September 30, 2024 and September 30, 2025, respectively]			109,363.2				(81,901.3	)			(922.5	)
Reclassification adjustment for net (gain) loss included in net income [net of tax Rs. (1,147.0) and Rs. 2,263.7 (US$ 25.5) as of September 30, 2024, and September 30, 2025, respectively]			3,176.8				(7,548.8	)			(85.0	)
Other comprehensive income, net of tax before minority interest			66,414.7				(15,194.9	)			(171.1	)
(Surplus)/ Deficit in OCI transferred to undistributed policyholders earnings account:
Net unrealized gain (loss) arising during the period [net of tax Rs. nil and Rs. 1,179.1 (US$ 13.3) as of September 30, 2024 and September 30, 2025, respectively]			7,144.2				(8,098.3	)			(91.2	)
Total comprehensive income			420,433.0				321,340.0				3,619.7
Less: Comprehensive income attributable to shareholders of noncontrolling interest			9,098.7				11,466.2				129.2
Comprehensive income attributable to shareholders of HDFC Bank Limited			Rs. 411,334.3				Rs. 309,873.8			US$	3,490.5

See accompanying notes to condensed consolidated financial statements

F-4

HDFC BANK LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

		Six-month period ended September 30,
		2024				2025				2025
						(In millions)
Cash flows from operating activities:
Net income before noncontrolling interest			Rs. 346,874.1				Rs. 344,633.2			US$	3,882.0
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses			83,055.2				101,752.7				1,146.1
Depreciation and amortization			18,719.9				20,259.0				228.2
Amortization of deferred customer acquisition costs and fees			16,471.3				21,809.1				245.7
Amortization of premium/(discount) on investments			10,823.6				21,443.5				241.5
Amortization of intangible assets			13,156.1				9,368.5				105.5
Allowance on available for sale debt securities			8.7				1.8				—
Deferred tax expense/ (benefit)			(16,702.6	)			(12,291.2	)			(138.4	)
Other gains, net			(6,158.2	)			(2,866.3	)			(32.3	)
Share-based compensation expense			13,181.0				10,756.6				121.2
Net realized (gain)/ loss on sale of available for sale debt securities			(475.7	)			(15,296.5	)			(172.3	)
(Gain)/ loss on disposal of property and equipment, net			(101.0	)			(600.9	)			(6.8	)
Unrealized exchange (gain)/ loss			3,455.7				19,664.3				221.5
Net change in:
Investments held for trading			48,486.2				78,101.5				879.7
Accrued interest receivable			(14,526.1	)			(11,418.2	)			(128.6	)
Other assets			(128,706.1	)			(73,419.2	)			(827.0	)
Accrued interest payable			60,605.7				28,333.8				319.1
Accrued expense and other liabilities			18,138.4				84,685.2				953.9
Policyholder’s Fund			262,088.2				122,347.9				1,378.1
Net cash provided by operating activities			728,394.4				747,264.8				8,417.1
Cash flows from investing activities:
Term placements, net			Rs.(15,995.7)				Rs.83,217.3			US$	937.3
Activity in available for sale debt securities:
Purchases			(1,874,153.9	)			(1,946,787.6	)			(21,928.2	)
Proceeds from sales			595,407.2				1,211,831.0				13,649.8
Maturities, prepayments and calls			867,964.7				187,400.5				2,110.8
Net change in repurchase agreements and reverse repurchase agreements			(349,965.5	)			737,941.8				8,312.0
Proceeds from loans securitised			246,466.1				50,433.4				568.1
Repayments on loans purchased			763.1				226.3				2.5
Increase in loans originated, net of principal collections			(764,762.0	)			(1,047,892.9	)			(11,803.3	)
Additions to property and equipment			(30,771.8	)			(25,129.7	)			(283.1	)
Proceeds from sale or disposal of property and equipment			408.2				3,051.3				34.4
Activity in equity securities, net			(42,086.5	)			(14,334.3	)			(161.5	)
Net cash used in investing activities			(1,366,726.1	)			(760,042.9	)			(8,561.2	)

See accompanying notes to condensed consolidated financial statements

F-5

HDFC BANK LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)

(Unaudited)

		Six-month period ended September 30,
		2024				2025				2025
		(In millions)
Cash flows from financing activities:
Net increase in deposits		Rs.	1,192,009.2			Rs.	841,600.6			US$	9,479.6
Net increase/(decrease) in short-term borrowings			194,839.3				(220,079.4	)			(2,478.9	)
Proceeds from issue of shares by a subsidiary to noncontrolling interests			3,235.7				28,318.8				319.0
Purchase of shares from non-controlling interests			—				(1,160.5	)			(13.1	)
Sale of subsidiary stock to non-controlling interests			—				97,550.0				1,098.8
Proceeds from issuance of long-term debt			256,460.9				442,588.2				4,985.2
Repayment of long-term debt			(837,438.3	)			(1,370,809.1	)			(15,440.5	)
Proceeds from issuance of equity shares for options and warrants exercised			39,184.1				35,893.4				404.3
Payment of dividends			(157,767.6	)			(218,298.6	)			(2,458.9	)
Net cash provided by financing activities			690,523.3				(364,396.6	)			(4,104.5	)
Effect of exchange rate changes on cash and due from banks, and restricted cash			(335.7	)			(11,006.4	)			(124.0	)
Net change in cash and due from banks, and restricted cash			51,855.9				(388,181.1	)			(4,372.6	)
Cash and due from banks, and restricted cash, beginning of year			2,086,031.4				1,982,929.8				22,335.5
Cash and due from banks, and restricted cash, end of year		Rs.	2,137,887.3			Rs.	1,594,748.7				17,962.9
Supplementary cash flow information:
Interest paid		Rs.	829,795.2			Rs.	918,310.1				10,343.7
Income taxes paid, net of refunds		Rs.	120,917.9			Rs.	85,629.3				964.5
Non-cash investment activities
i) Payable for purchase of property and equipment		Rs.	8,484.9			Rs.	5,738.4				64.6
ii) Trade date sale receivable of available for sale debt securities		Rs.	918.3			Rs.	12,193.6				137.3
iii) Operating lease right-of-use assets			Refer to note 20— “Commitments and contingencies— Lease commitments” for more information and balances as of September 30, 2025.

See accompanying notes to condensed consolidated financial statements

F-6

HDFC BANK LIMITED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

		Number of Equity Shares				Equity Share Capital				Additional Paid in Capital				Retained Earnings				Statutory Reserve (*)				Accumulated Other Comprehensive Income/(Loss)				Treasury stock at cost				Total HDFC Bank Limited Shareholders’ Equity				Noncontrolling Interest				Total Shareholders’ Equity
		(In millions, except for number of equity shares)
Balance at March 31, 2024			15,193,821,324			Rs.	15,193.8			Rs.	4,336,979.9			Rs.	1,746,416.9			Rs.	881,143.2			Rs.	(15,540.4	)		Rs.	(16,866.0	)		Rs.	6,947,327.4			Rs.	938,855.4			Rs.	7,886,182.8
Shares issued upon exercise of options			67,735,294				67.8				39,116.3																				39,184.1				—				39,184.1
Share-based compensation											13,181.0																				13,181.0								13,181.0
Dividends															(148,494.0	)															(148,494.0	)			(9,273.6	)			(157,767.6	)
Change in ownership interest in subsidiary											1,747.5																				1,747.5				(1,747.5	)			—
Shares issued to noncontrolling interest																															—				3,235.7				3,235.7
Transfer to statutory reserve															(2,187.7	)			2,187.7												—								—
Net income															338,559.0																338,559.0				8,315.1				346,874.1
Net change in accumulated other comprehensive income																							72,775.8								72,775.8				783.2				73,559.0
Balance at September 30, 2024			15,261,556,618			Rs.	15,261.6			Rs.	4,391,024.7			Rs.	1,934,294.2			Rs.	883,330.9			Rs.	57,235.4			Rs.	(16,866.0	)		Rs.	7,264,280.8			Rs.	940,168.3			Rs.	8,204,449.1

(*) Under local regulations, the Bank is required to transfer 25% of its profit after tax (per Indian GAAP) to a non-distributable statutory reserve and to meet certain other conditions in order to pay dividends without prior RBI approval.

		Number of Equity Shares				Equity Share Capital				Additional Paid in Capital				Retained Earnings				Statutory Reserve (*)				Accumulated Other Comprehensive Income/(Loss)				Treasury stock at cost				Total HDFC Bank Limited Shareholders’ Equity				Noncontrolling Interest				Total Shareholders’ Equity
		(In millions, except for number of equity shares)
Balance at March 31, 2025			15,304,443,348			Rs.	15,304.4			Rs.	4,428,413.5			Rs.	2,099,097.2			Rs.	1,053,746.2			Rs.	97,194.1			Rs.	(16,864.0	)		Rs.	7,676,891.4			Rs.	945,999.6			Rs.	8,622,891.0
Shares issued upon exercise of options			59,255,206				59.3				35,834.1																				35,893.4				—				35,893.4
Share-based compensation											10,756.6																				10,756.6								10,756.6
Dividends															(206,496.1	)															(206,496.1	)			(11,802.5	)			(218,298.6	)
Change in ownership interest in subsidiary											15,393.5																				15,393.5				(15,393.5	)			—
Purchase of subsidiary shares from noncontrolling interest											(937.2	)																			(937.2	)			(223.3	)			(1,160.5	)
Sale of subsidiary stock to non-controlling interests (net of taxes)											62,245.2																				62,245.2				25,096.8				87,342.0
Shares issued to noncontrolling interest																															—				28,318.8				28,318.8
Treasury stock															—												—				—								—
Transfer to statutory reserve															(2,226.8	)			2,226.8												—								—
Net income															333,203.7																333,203.7				11,429.5				344,633.2
Net change in accumulated other comprehensive income																							(23,329.9	)							(23,329.9	)			36.6				(23,293.3	)
Balance at September 30, 2025			15,363,698,554			Rs.	15,363.7			Rs.	4,551,705.7			Rs.	2,223,578.0			Rs.	1,055,973.0			Rs.	73,864.2			Rs.	(16,864.0	)		Rs.	7,903,620.6			Rs.	983,462.0			Rs.	8,887,082.6
Balance at September 30, 2025			15,363,698,554			US$	173.1			US$	51,269.5			US$	25,045.9			US$	11,894.3			US$	832.0			US$	(190.0	)		US$	89,024.8			US$	11,077.5			US$	100,102.3

(*) Under local regulations, the Bank is required to transfer 25% of its profit after tax (per Indian GAAP) to a non-distributable statutory reserve and to meet certain other conditions in order to pay dividends without prior RBI approval.

See accompanying notes to condensed consolidated financial statements

F-7

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Bank overview

These condensed consolidated financial statements should be read in conjunction with the financial statements of the Bank included in its Form 20-F filed with the Securities and Exchange Commission on July 14, 2025.

By way of an ordinary resolution on July 19, 2025, the shareholders of the Bank approved, through postal ballot, the issuance of bonus shares, in the proportion of one bonus equity share of Rs.1 each for every one fully paid-up equity share held as of the record date (August 27, 2025). Accordingly, the Bank allotted 7,677,039,761 equity shares as bonus shares on August 28, 2025 by utilisation of share premium. Further, in connection with the Bonus Issuance, and as approved by the shareholders of the Bank by a resolution dated August 21, 2025, the Bank’s Memorandum of Association was amended to increase the authorized share capital of the Bank from Rs. 11,906,100,000.0 to Rs. 20,000,000,000.0. All shares/ADS and per share/ADS information in the financial results reflect the effect of the bonus shares issuance retrospectively. One ADS continues to represent three equity shares.

On June 25, 2025, the Bank’s subsidiary company, HDB Financial Services Limited (“HDBFSL”) launched its initial public offering (“IPO”), comprised of a fresh issuance of equity shares aggregating to Rs. 25 billion and an offer for sale (“OFS”) of equity shares by the Bank, aggregating to Rs. 100 billion. Under the OFS, the Bank divested 135.1 million equity shares of Rs. 10 each of HDBFSL at Rs. 740 per share. Following the IPO, the Bank holds 74.7 percent of the outstanding equity share capital of HDBFSL and HDBFSL continues to be a subsidiary of the Bank, in compliance with the provisions of the applicable regulations. On July 2, 2025, the equity shares of HDBFSL were listed on the BSE Limited (the “BSE”) and the National Stock Exchange of India Limited (the “NSE”).

2. Summary of significant accounting policies

a. Principles of consolidation

The consolidated financial statements comprise the accounts of HDFC Bank Limited and its subsidiaries. The Bank consolidates subsidiaries in which, directly or indirectly, it holds more than 50% of the voting rights and/or has control. Entities where the Bank holds 20% to 50% of the voting rights and/or has the ability to exercise significant influence are accounted for under the equity method. These investments are included in Other assets and the Bank’s proportionate share of income or loss is included in “Non-interest revenue,net”. The Bank consolidates Variable Interest Entities (“VIEs”) where the Bank is determined to be the primary beneficiary. All significant inter-company balances and transactions are eliminated on consolidation.

b. Basis of presentation

These consolidated financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”). U.S. GAAP differs in certain material respects from Generally Accepted Accounting Principles in India, the requirements of India’s Banking Regulation Act 1949 and related regulations issued by the Reserve Bank of India (“RBI”), the guidelines issued by the Securities and Exchange Board of India (“SEBI”), and the guidelines issued by the Insurance Regulatory and Development Authority of India (“IRDAI”) (collectively “Indian GAAP”), which form the basis of the statutory general purpose consolidated financial statements of the Bank in India. Principal differences include the determination of the allowance for credit losses, classification and valuation of investments, classification and valuation of insurance contracts, accounting for deferred taxes, stock-based compensation, loan origination fees, derivative financial instruments, business combinations, lease accounting and the presentation format and disclosures of the consolidated financial statements and related notes.

c. Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of these consolidated financial statements and the reported amounts of revenues and expenses for the years presented. Actual results could differ from these estimates. Material estimates included in these consolidated financial statements that are susceptible to change include the allowance for credit losses, the valuation of investments, impairment of securities, valuation of derivatives, valuation of intangible assets acquired on acquisition of eHDFC, valuation of insurance policies liabilities, stock-based compensation, unrecognized tax benefits, valuation of lease liabilities and impairment assessment of recognized intangible assets and goodwill.

d. Investments in securities

Investments consist of securities purchased as part of the Bank’s treasury operations, such as government securities and other debt securities, and investments purchased as part of the Bank’s wholesale banking operations, such as credit substitute securities issued by the Bank’s wholesale banking customers.

F-8

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Credit substitute securities typically consist of commercial paper and debentures issued by the same customers with whom the Bank has a lending relationship in its wholesale banking business. Investment decisions for credit substitute securities are subject to the same credit approval processes as for loans, and the Bank bears the same customer credit risk as it does for loans extended to those customers. Additionally, the yield and maturity terms are generally directly negotiated by the Bank with the issuer.

All other securities, including mortgage- and asset-backed securities, are actively managed as part of the Bank’s treasury operations. The issuers of such securities are either government, public financial institutions or private issuers. These investments are typically purchased from the market, and debt securities are generally publicly-rated.

Securities that are held principally for resale in the near term are classified as held for trading (“HFT”) and are carried at fair value, with changes in fair value recorded in net income.

Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity (“HTM”) and are carried at amortized cost.

All debt securities that are not classified as HTM or HFT are classified as available for sale (“AFS”) debt securities and are carried at fair value. Unrealized gains and losses on such securities, net of applicable taxes, are reported in accumulated other comprehensive income/(loss), a separate component of shareholders’ equity.

Equity securities are classified under “Other assets”. Marketable securities are measured at fair value and any change in fair value is recorded in earnings. Non-marketable equity securities under the measurement alternative are carried at cost plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer and impairment, if any. The Bank’s review for impairment for equity method, cost method and measurement alternative securities typically includes an analysis of the facts and circumstances of each security, the intent or requirement to sell the security, and the expectations of cash flows.

Fair values are based on market quotations, where a market quotation is available or otherwise based on present values at current interest rates for such investments.

Transfers between categories are recorded at fair value on the date of the transfer.

For equity investments in which the Bank is the investor, control over an investee is typically determined by majority ownership; however, circumstances may arise where a majority-owned investment is not controlled. In such cases, equity method accounting is applied, particularly when the other shareholder(s) of the investee holds substantive participative rights granted by law or contract.

The Bank’s consolidated net income incorporates its proportionate share of the net income or loss from equity method investees.

e. Impairment of debt securities

The Bank conducts a review of all AFS debt securities with fair value below their carrying value or with zero loss expectation. The Bank evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If the assessment indicates that a credit loss exists, the present value of cash flows to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through a provision for credit loss expense, limited by the amount that fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The allowance is increased or decreased if credit conditions subsequently worsen or improve. A reversal of credit losses is recognized in net income. The Bank recognizes the entire difference between amortized cost basis and fair value in net income for impaired AFS debt securities that the Bank has an intent to sell or for which the Bank believes it will more-likely-than-not be required to sell prior to recovery of the amortized cost basis. The Bank does not record an allowance on accrued interest receivables on the balance sheet due to its policy to reverse interest income on debt securities in a timely manner in line with the Bank’s non-accrual and past due policies and on any debt security classified as non-performing. The Bank does not purchase debt securities with credit deterioration.

F-9

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

f. Loans

The Bank grants retail and wholesale loans to customers.

Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances adjusted for an allowance for credit losses. Loan origination fees and certain direct origination costs are deferred and recognized as adjustments to net income over the lives of the related loans.

Interest is accrued on the unpaid principal balance and is included in interest income. Loans are generally placed on “non-accrual” status when interest or principal payments are ninety days past due or if they are considered non-performing, at which time no further interest is accrued and any unrealized interest recognized in the consolidated statement of income is reversed. Interest income and principal payments on loans placed on non-accrual status are recognized when received. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured.

g. Allowance for credit losses

The Bank provides an allowance for credit losses based on management’s estimate of losses inherent in the loan portfolio which includes restructuring. The allowance for credit losses consists of allowances for retail loans and wholesale loans.

The Bank’s allowance for credit losses comprises of:

• the allowance for credit losses, which covers the Bank’s loan portfolios and is presented separately on the balance sheet in Loans,

• the allowance for lending-related commitments, which is recognized on the balance sheet in Accrued expenses and other liabilities,

• the allowance for credit losses on investment securities, which covers the Bank’s AFS debt securities and is recognized on the balance sheet in Investments AFS debt securities, at fair value; and

• the allowance for credit losses on other financial assets measured at amortized cost, and other off-balance sheet credit exposures, which is recognized on the balance sheet in Accrued expenses and other liabilities.

All changes in the allowance for credit losses are recognized in the consolidated statements of income.

The Bank’s policies used to determine its allowance for credit losses and its allowance for lending-related commitments are described below:

The Bank’s loan portfolio is bifurcated into Retail and Wholesale portfolios, wherein the Retail portfolio is segmented into homogenous pools using various factors such as nature of product, delinquencies, and other demographic and behavioral variables of the borrowers. The wholesale portfolio is segmented into various risk grades on the basis of a host of quantitative and qualitative factors including financial performance, industry risk, business risk and management quality. The allowance for loan-related losses and allowance for lending-related commitments represents expected credit losses over the remaining expected life of outstanding loans and lending-related commitments that are not unconditionally cancellable. The Bank does not record an allowance for future draws on unconditionally cancellable lending-related commitments (e.g., credit cards). The Bank does not record an allowance on accrued interest receivables on the balance sheet due to its policy to reverse interest income on loans more than 90 days past due and in the case of agricultural loans more than 365 days past due, and also on any loans classified as non-performing. The expected life for retail loans and wholesale loans is determined based on their contractual terms and expected prepayments as applicable. The expected life of funded credit card loans is generally estimated by considering expected future payments on the credit card account. The Bank has an Unconditionally Cancellable Clause (“UCC”) for credit card lines and in accordance with the current expected credit loss (CECL) accounting guidance, the Bank makes an allowance only for debt drawn at the time of expected loss measurement. The Bank applies expected principal payments to the credit card receivable balances existing at the reporting date until the balance is exhausted.

The estimate of expected credit losses includes expected recoveries of amounts previously charged off or expected to be charged off, even if such recoveries result in a negative allowance. The Retail loans are charged off against allowances typically when the account becomes 150 to 1,095 days past due depending on the type of loan. The defined delinquency levels at which major loan types are charged off are 150 days past due for personal loans and credit card receivables, 180 days for auto loans, commercial vehicle and construction equipment finance, 1,095 days past due for housing loans and on a customer by customer basis in respect of retail business banking when management believes that any future cash flows from these loans are remote including realization of collateral, if applicable, and where any restructuring or any other settlement arrangements were not feasible. The Wholesale loans are charged off against the allowance when management believes that the loan balance may not be recovered, including realization of collateral, if applicable, and where any restructuring or any other settlement arrangements were not feasible. Subsequent recoveries, if any, against write-off cases, are adjusted to provision for credit losses in the consolidated statement of income.

F-10

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Wholesale loans are considered non-performing when, based on current information and events, it is probable that the Bank will be unable to collect scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining non-performance include payment status, the financial condition of the borrower, the value of collateral held, and the probability of collecting scheduled principal and interest payments when due. Wholesale loans that experienced insignificant payment delays and payment shortfalls are generally not classified as non-performing but are placed on a surveillance watch list and closely monitored for deterioration. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, market information, and the amount of the shortfall in relation to the principal and interest owed. These factors are considered by the Bank for selection of loans for credit reviews and assessment of allowance.

In order to estimate the allowance, the Bank primarily relies on its risk-segmentation models, which are also an integral part of the Bank’s risk management framework. Risk segmentation aims to group homogenous exposures together to allow for collective assessment of expected losses.

Expected Loss estimation under collective assessment, is primarily based on Probability of Default (“PD”), Loss given Default (“LGD”) and Exposure at Default (“EAD”) estimates. The Bank has modeled its PD estimates at the aforementioned granularity for its retail and wholesale portfolios and has also created the remaining expected life structure of the same for computation of credit losses.

The Bank’s off-balance sheet credit exposures include unfunded loan commitments, financial guarantees, including standby letters of credit, and other similar instruments. For off-balance sheet credit exposures, the Bank recognizes an allowance for credit loss (“ACL”) associated with the unfunded amounts. The Bank does not recognize an ACL for commitments that are unconditionally cancellable at the Bank’s discretion. ACL for off-balance sheet credit exposures are reported as a liability in Accrued expenses and other liabilities on the consolidated balance sheets. ACL in such cases is measured for the remaining contractual term, adjusted for prepayments, of the financial asset (including off-balance sheet credit exposures) using historical experience, current conditions, and reasonable and supportable forecasts.

Collective and individual assessments

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to historical experience, current conditions, and reasonable and supportable forecasts. Historical loan default and loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information incorporate management’s view of current conditions and forecasts.

The methodology for estimating the amount of credit losses reported in the allowance for credit losses has two basic components: first, a pooled component for expected credit losses for pools of loans that share similar risk characteristics and second an asset-specific component involving loans that do not share risk characteristics and the measurement of expected credit losses for such individual loans.

As an integral part of the credit process, the Bank has a pooling and rating model for its retail and wholesale credit portfolio respectively. The Bank monitors credit quality within its segments based on primary credit quality indicators. This internal rating is reviewed at least annually.

The majority of the Bank’s credit exposures share risk characteristics with other similar exposures, and as a result are collectively assessed for allowance (“portfolio-based component”) by grouping them into homogeneous pools of loans. If an exposure does not share risk characteristics with other exposures, the Bank generally estimates expected credit losses on an individual basis, considering expected repayment and conditions impacting that individual exposure (“asset-specific component”). The asset-specific component covers loans modified or reasonably expected to be modified in a restructuring, collateral-dependent loans, and borrowers with financial difficulties.

F-11

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Portfolio-based component (Pooled Loans)

The portfolio-based component begins with a quantitative calculation that considers the likelihood of the borrower changing delinquency status or moving from one risk rating to another. The quantitative calculation covers expected credit losses over an instrument’s expected life and is estimated by applying credit loss factors to the Bank’s exposure at default.

Apart from its historical experience, the Bank seeks to incorporate any reasonable and supportable information regarding the prevalent and future economic and operating conditions, and their impact on credit losses for the Bank into its allowance. The Bank therefore includes in its estimation the use of quantitative statistical models to predict the impact of macro-economic variables, on rating downgrades/ defaults. The Bank uses macro-economic variables that are relevant to the specific product to develop a reasonable and supportable forecast specific to the relevant macro-economic variable for the expected performance of the product. In deploying these models, the Bank has assessed the impact of the relevant sets of macro-economic variables on its expected losses, and largely uses macro-economic forecasts published by Centre for Monitoring Indian Economy (CMIE) for this assessment. As the macro- economic forecasts are published for a year the Bank reverts to the historical average default rate beyond this period over a straight-line basis. Any adjustments needed to the modelled expected losses in the quantitative calculations are addressed through a qualitative adjustment. Qualitative adjustment, if any, among other things may include specific portfolio characteristics, expected sectoral performance, expected impact of internal strategies or external events on the product/segment; model limitations; idiosyncratic events; and other relevant criteria. The total ACL is comprised of the quantitative and qualitative components.

The Bank estimates its allowance for credit losses for pooled loans based on its PD and LGD, determined for the respective risk pools. The Bank estimated the collective ACL using a current expected credit losses methodology which is based on relevant information about historical experience, current conditions, and reasonable and supportable forecasts. The allowance for credit losses for the quantitative component of pooled loans is the product of multiplying the PD, LGD and EAD.

Asset-specific component

To determine the asset-specific component of the allowance, collateral-dependent loans (including those loans for which foreclosure is probable) and larger and non-accrual risk-rated loans in the wholesale portfolio segment are generally evaluated individually, while other loans are assessed on a collective basis based on shared characteristics. Loans are identified for individual assessment based on financial difficulty which includes nonperforming loans, labeled loans and loans identified based on management judgment.

The Bank generally measures the asset-specific allowance as the difference between the amortized cost of the loan and the present value of the cash flows expected to be collected, discounted at the loan’s original effective interest rate. Subsequent changes in impairment, including those related to the passage of time, are generally recognized as an adjustment to the allowance for credit losses. For collateral-dependent loans, the fair value of collateral less estimated costs to sell is used to determine the charge-off amount for declines in value (to reduce the amortized cost of the loan to the fair value of collateral) or the amount of the negative allowance that should be recognized (for recoveries of prior charge-offs associated with improvements in the fair value of collateral).

The asset-specific component of the allowance for credit losses that have been or are expected to be modified in troubled debt restructuring incorporates the effect of the modification on the loan’s expected cash flows (including forgone interest, principal forgiveness, and other concessions), and also the potential for redefault. For wholesale loans modified or expected to be modified in troubled debt restructuring, expected losses incorporate management’s expectation of the borrower’s ability to repay under the modified terms.

Estimating the timing and amounts of future cash flows is highly subject to judgment as these cash flow projections rely upon estimates such as loss severities, asset valuations, default rates (including redefault rates on modified loans), the amounts and timing of interest or principal payments (including any expected prepayments) or other factors that are reflective of current and expected market conditions. All of these estimates and assumptions require significant management judgment and certain assumptions are highly subjective.

F-12

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

h. Income tax

The Bank estimates its income tax expense for the interim periods based on its best estimate of the expected effective income tax rate for a full year.

i. Revenue recognition

Interest income from loans and from investments is recognized on an accrual basis using the effective interest method when earned except in respect of loans or investments placed on non-accrual status, where it is recognized when received.

Fees and commissions from guarantees issued are amortized over the contractual period of the commitment. Commission, Fees, and Charges for rendering services such as Investment Management fees are recognized on an accrual basis as per the terms of the underlying agreement as applicable and where there is reasonable certainty of ultimate collection.

Dividends from investments are recognized when declared.

Realized gains and losses on sale of securities are recorded on the trade date and are determined using the weighted average cost method.

Premiums related to traditional long-duration products are recognized as revenues when due from policyholders. Premiums related to short-duration products are recognized on a pro-rata basis over the applicable contract term. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred as a DPL. The DPL is also recognized on the premiums received on the business acquired as on the Purchase GAAP (“PGAAP”) date. The DPL is amortized or recognized as earnings based on the amortization basis as mentioned in deferred acquisition cost. Premiums related to short-duration products are recognized on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are reflected as liabilities until earned. Deposits related to universal life and investment-type products are credited to “Premium and other operating income from insurance business”. Revenues from such contracts consist of fees for mortality, policy administration, fund management charges, surrender charges and other charges as applicable, which are recorded in universal life and investment-type line of business in the period in which services are provided. All revenues and expenses are presented net of reinsurance, as applicable.

Other fees and income are recognized when earned, which is when the service that results in the income has been provided. The Bank amortizes annual fees on credit cards over the contractual period of the fees.

j. Goodwill

Under applicable accounting guidance, goodwill is reviewed at the reporting unit level for potential impairment at least on an annual basis at the end of the reporting period, or more frequently if events or circumstances indicate a potential impairment. The Bank tests goodwill of each separate reporting unit by initially qualitatively assessing whether events and circumstances indicate that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the reporting unit is deemed not to be impaired and no further analysis is required. If it is more likely than not that fair value of the reporting unit is below its carrying value, a quantitative test is then performed. An impairment loss recognized cannot exceed the amount of goodwill assigned to a reporting unit, and the loss establishes a new basis for the goodwill. Subsequent reversal of goodwill impairment losses is not permitted.

F-13

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

k. Intangible Assets

The Bank’s identifiable intangible assets consists of, Brand, Investment Management Contract, Value of Business Acquired (“VOBA”), Distribution Network, Customer Relationship and Transferable Development Rights. All intangible assets except Brand and Investment Management Contract are definite-lived intangible assets and are recorded at acquisition date fair value.

The Bank’s definite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived intangible assets are not amortized but are tested for impairment annually, or more frequently, if necessary.

Intangible Assets		Useful lives (years)		Amortization method
Brand		Indefinite		Not applicable
Investment Management Contract		Indefinite		Not applicable
Value of Business Acquired (VOBA)		Life of the underlying contracts		Constant level basis(*)
Distribution Network		17		Straight line
Customer Relationship		17		Straight line
Transferable Development Rights		8		Straight line

(*) VOBA is amortized on a constant-level basis that approximates straight-line amortization (Refer note 14)

The Bank reviews intangible assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Impairment is indicated if the sum of undiscounted estimated future net cash flows is less than the carrying value of the asset.

l. Recently adopted accounting standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires enhanced annual disclosures for specific categories in the income tax rate reconciliation, together with the disclosure of income taxes paid disaggregated by federal, state and foreign taxes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Bank adopted the ASU effective April 1, 2025. The adoption of this guidance did not have a material impact on the Bank’s consolidated financial position or results of operation.

m. Recently issued accounting pronouncements not yet effective

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments are intended to improve income statement expense disclosure requirements, primarily through enhanced disclosures about certain costs and expenses included in income statement expense captions. The amendments are effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Bank is currently evaluating the impact of the amendments on its financial statement disclosures, and does not expect the adoption to have a material impact on the Bank’s consolidated financial position or results of operation.

In September 2025, the FASB issued ASU No. 2025-06—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU eliminates the prior stage-based model for capitalization of internal-use software costs and replaces it with a principles-based approach that requires capitalization once management has approved and committed funding for a project and it is probable the project will be completed and the software will function as intended. The ASU is effective for the Bank for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Bank is currently evaluating the impact of this ASU on its Consolidated Financial Statements.

n. Convenience translation

The accompanying financial statements have been expressed in Indian Rupees (“Rs.”), the Bank’s functional currency. For the convenience of the reader, the financial statements as of and for the six-month period ended September 30, 2025 have been translated into U.S. dollars at US$1.00 = Rs. 88.78 as published by the Federal Reserve Board of New York on September 30, 2025. Such translation should not be construed as a representation that the rupee amounts have been or could be converted into United States dollars at that or any other rate, or at all.

F-14

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

3. Business Combination

On July 01, 2023, the Bank completed the acquisition of 100% equity interest in Housing Development Finance Corporation Limited (“HDFC Limited” or “eHDFC”) a housing finance company in India providing housing loans to individuals as well as corporates, undertaking lease rental discounting and construction finance. The acquisition was achieved by means of a composite scheme for the amalgamation of (i) HDFC Investments Limited and HDFC Holdings Limited, each a subsidiary of HDFC Limited, with and into HDFC Limited and (ii) HDFC Limited with and into the Bank. Post-acquisition, all other subsidiaries and affiliates of HDFC Limited became subsidiaries and affiliates of the Bank.

Pursuant to the Scheme of Amalgamation dated April 04, 2022 (“Scheme”) and as amended, eHDFC shareholders received 42 shares (face value Rs.1 each) of the Bank, as consideration, for every 25 shares (face value Rs.2 each) held in eHDFC (prior to giving effect to the 1:1 bonus issue on August 28, 2025 by the Bank). The scheme was approved by the shareholders at the National Company Law Tribunal (“NCLT”) convened meeting of the shareholders of the Bank held on November 25, 2022. The NCLT, vide its order dated March 17, 2023 sanctioned the Scheme. Upon receipt of all requisite approvals, the Bank filed Form INC 28 with Registrar of Companies (“ROC”) on July 01, 2023 and accordingly, the Scheme became effective on July 01, 2023 (“Effective date”), resulting in the Bank obtaining control.

Total purchase consideration was Rs. 5,337,741.5 million based on the Bank’s closing price of Rs. 1,701.4 per share (prior to giving effect to the 1:1 bonus issue on August 28, 2025 by the Bank) on the National Stock Exchange (“NSE”) as of June 30, 2023. The Bank has allotted 3,110,396,492 common equity shares (6,220,792,984 equity shares after giving effect to the 1:1 bonus issue on August 28, 2025) on completing the transaction. Share based compensation held by eHDFC’s employees were converted into the Bank’s equity share based compensation with number of shares underlying such awards adjusted based on the exchange ratio resulting in 48,461,845 shares (96,923,690 equity shares after giving effect to the 1:1 bonus issue on August 28, 2025) post acquisition and fair valued using the binomial method. Share warrants issued to qualified institutional buyers were converted into the Bank’s common equity shares with the number of shares underlying such warrants adjusted based on the exchange ratio resulting in 24,792,768 warrants (49,585,536 equity shares after giving effect to the 1:1 bonus issue on August 28, 2025) post acquisition and fair valued using the Black and Scholes method. The merger was completed for the purpose of increasing revenue opportunities through cross-selling of products leveraging the extensive customer base, offering a comprehensive suite of financial services, and tapping into operational efficiencies by streamlining back-office functions and benefiting from economies of scale. Additionally, the Bank sought to improve liquidity through access to a wider pool of funds at potentially lower rates and enhance capital adequacy through the combined strong capital base post-merger.

The results of operations acquired from eHDFC group have been included in the Bank’s financial statements since July 01, 2023.

The business combination was completed during fiscal year 2024 and has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations. Accordingly, assets acquired and liabilities assumed were recorded at their estimated fair value on the acquisition date. The determination of estimated fair values required management to exercise judgment and make estimates concerning discount rates, anticipated future cash flows, prevailing market conditions, among others at the time of the merger, and other forthcoming events that are highly sensitive in nature.

F-15

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The following table provides a purchase price allocation to the identifiable assets acquired and liabilities assumed of eHDFC group and the noncontrolling interest at their estimated fair values as of the acquisition date.

Particulars		As of July 1, 2023,
		(In millions)
Consideration
Common equity share issued (3,110,396,492 shares of the Bank (6,220,792,984 equity shares after giving effect to the 1:1 bonus issue on August 28, 2025))		Rs.	5,292,028.6
Share-based compensation			35,240.7
Share warrants			10,472.2
Fair value of total consideration transferred			5,337,741.5
Settlement of pre-existing relationship (refer note below)			(69,312.6	)
Investment in the Bank by eHDFC (refer note below)			(1,981,494.4	)
Fair value of net purchase consideration transferred			3,286,934.5
Acquisition-related costs			1,900.0
Less:
A. Recognised amounts of identifiable assets acquired
Cash and due from banks			10,344.1
Investment securities			2,842,356.2
Loans - Net			6,428,635.4
Accrued interest receivable			37,276.7
Property and equipment			39,136.2
Identified intangible assets			1,434,818.1
Other assets			622,978.8
Separate account assets			857,528.7
Total estimated assets acquired			12,273,074.2
Add:
B. Recognized amounts of identifiable liabilities assumed and Noncontrolling Interests
Deposits			1,571,204.5
Accrued expenses and other liabilities			781,742.3
Borrowings			4,977,276.5
Separate account liabilities			857,528.7
Liabilities on policies in force			1,499,749.1
Noncontrolling Interest in eHDFC subsidiaries			926,787.1
Total estimated liabilities assumed			10,614,288.2
Goodwill			1,628,148.5

Above identifiable net assets include assets and liabilities of the disposal group classified as held for sale as on date of acquisition i.e., HDFC Credila Financial Services Limited and HDFC Education and Development Services Limited amounting to Rs. 103,500 million including goodwill amounting to Rs. 73,576.1 million and Rs. 1,976.0 million, respectively.

F-16

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Total amount of goodwill is Rs. 1,628,148.5 million. None of the goodwill recognized is expected to be deductible for income tax purpose.

The recorded goodwill of Rs. 1,628,148.5 million resulting from the acquisition primarily reflects the anticipated synergies and economies of scale derived from the integration of operations between the Bank and eHDFC group. Additionally, a portion of this goodwill is attributable to intangible assets that do not meet the criteria for separate recognition as per ASC 805, Business Combinations.

Goodwill is allocated among the Reporting Units (“RUs”) as per the assignment method where goodwill is derived from the residual amount of the relative excess of the fair value of the RUs over the net assets of the RUs. The assignment of Goodwill recorded as a result of the acquisition to the Bank’s reportable segments is as follows:

Particulars		As of July 1, 2023,
		(In millions)
Retail Banking		Rs.	368,079.6
Wholesale Banking			71,617.3
Insurance Services			959,080.0
Others			229,371.6
Total			1,628,148.5

Valuation methodology adopted for estimation of fair values of significant assets acquired and liabilities assumed:

Cash and due from banks: Given the short-term nature of assets, the carrying amount was determined to be reasonable estimate for fair value.

Investment in securities: Includes Investments held for trading, Investments available for sale debt securities and securities purchased under agreements to resell. The carrying amount of these assets is a reasonable estimate of their fair value which are based on market quotations, where market quotations are available or otherwise based on present values at current interest rates for such investments.

Loans: The loan asset was segmented into two categories i.e. retail loans and wholesale loans. The present value of retail loans is determined by considering the exposure at default (“EAD”), weighted average interest rate, and remaining tenure for each segment. This involves calculating the monthly equated monthly instalments (“EMI”), interest, principal payments, and accounting for prepayments. Discount rates are then applied to the projected cash flows to derive the present value. The valuation methodology of wholesale loans involves computing yields using base rates and spreads to derive yield curves. Monthly cash flows are calculated based on the repayment schedule, with present values derived using the yields as discount rates. The total present value is the sum of the discounted cash flows over the loan’s tenure.

Property and Equipment: Property and Equipment includes Buildings and Other Fixed Assets including computer/IT equipment, electric installations, air conditioners, etc. Fair Valuation of Buildings has been carried out using the sales comparison method under market approach, which involves comparing the properties being appraised with similar buildings that have recently been sold or rented (comparable buildings) or for which offers to purchase or rent have been made, thereby modelling the behavior of the market. Valuation of Other Fixed Asset is done using depreciated replacement cost method under cost approach. The method considers the remaining useful economic life, age, condition, depreciation, obsolescence, residual value, and other relevant factors to determine the attributable value of the assets.

Other assets: Other assets substantially includes investments in affiliates valued at fair value based on the latest transaction price.

Separate account assets and liabilities: The carrying amount of these assets and liabilities are reasonable estimates of fair value. The assets consist primarily of equity securities, fixed maturities, real estate-related investments, short-term investments and derivative instruments and are reported at fair value.

F-17

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The liabilities primarily represent the policyholder’s account balances in separate account assets and will be equal and offsetting to total separate account assets.

Deposits: The fair value of deposits, including public individual, public trust, recurring deposit, and compounding instruments, is estimated using the discounted cash flow method. This approach applies cumulative interest rates from the respective rate cards, which are determined based on a market participant perspective, and considers the remaining tenure for each deposit category.

Borrowings: The fair value of borrowings comprising commercial papers, non-convertible debentures (“NCDs”), and subordinate debt issued are estimated by discounting the estimated future cash flows using rates currently available to the Bank for debt with similar remaining maturities. As deemed appropriate proxy discount rates reflecting market yields on commercial papers, zero rates (zero rates are interpolated to map the timing of the interest and notional amounts) of the benchmark curve sourced from Bloomberg for external commercial borrowings (“ECBs”) and bonds, Fixed Income Money Market and Derivatives Association of India (“ FIMMDA”) AAA rate yields for non-banking financial companies for NCDs and other borrowings have been used for the purpose of discounting the cash flows to arrive at the fair value.

Liabilities on policies in force: Liabilities for future policy benefits (LFPBs) for traditional and limited-payment long-duration insurance contracts have been established based on the present value of expected future benefits and expenses, adjusted for net premiums and updated assumptions per U.S. GAAP.

Noncontrolling interest: The fair value of noncontrolling interest was calculated after determination of fair value of the subsidiaries of eHDFC. The noncontrolling interest associated with HDFC Life Insurance Company Limited and HDFC Asset Management Company Limited was determined using the market approach while the portion of noncontrolling interest attributable to HDFC Capital Advisors Limited was recorded at its historical carrying amount.

Intangible assets disclosure

The Bank has assigned Rs. 1,434,818.1 million of the purchase price to identifiable intangible assets consisting of brand, investment management contract, value of business acquired, distribution network, customer relationship and transferable development rights. The following table summarizes the major classes of identifiable acquired intangible assets and estimated period of amortization:

		As of July 1, 2023
		Estimated Fair Value (In millions)				Useful lives (in years)		Valuation Methodology
Intangible asset
Brand		Rs.	750,758.2			Indefinite life		Relief from royalty method(a)
Investment management contract			369,785.6			Indefinite life		Multi-period excess earnings method(b)
Value of business acquired			221,738.5			Life of the underlying contracts		Refer below(c)
Distribution network			59,543.2			17		Multi-period excess earnings method(b)
Customer relationship			29,874.9			17		Multi-period excess earnings method(b)
Transferable development rights			3,117.7			8		Comparison method
Total			1,434,818.1

Above intangible assets includes Brand amounting to Rs. 8,527.5 million and Distribution network amounting to Rs. 8,972.4 million pertaining to HDFC Credila Financial Services Limited which was classified as held for sale as on date of acquisition. These have been derecognized following the divestment of stake on March 19, 2024.

(a) Relief from royalty method: The principle of the relief-from-royalty-method asserts that the value of an intangible asset is what the owner would pay to licence the asset if he did not own it. In other words, the value equates to the avoided cost of not having to pay a royalty.

(b) Multi-period excess earnings Method (MEEM): The MEEM method is predicted on the basis that the value of the intangible asset is the present value of the earnings it generates, net of a reasonable return on the other assets also contributing to the stream of earnings. Valuation of Investment Management Contract, Distribution Network and Customer Relationship is done under Income Approach.

F-18

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

(c) Difference between the estimated Fair Value of liabilities (FVL) and the value of Liabilities (GVL). The FVL is derived as the sum of the best estimate of liabilities (“BEL”) and the risk margin (“RM”). GVL is derived as the liability for future policy benefits (“LFPB”) plus other liability items less reinsurance recoverable (refer note 14).

Brand: Brand value has been estimated using the income approach with the relief from royalty method. This method considers the projected revenue for the future periods multiplied by the royalty rate and is discounted using the appropriate risk adjusted discount rate and the sum of present value of the above is considered as the value of the brand. As the brand is expected to contribute to cash flows indefinitely, it would be considered to have an indefinite useful life. Significant assumptions in the valuation include royalty rates, projected revenue growth rates and periods, and the risk adjusted discount rate.

Investment management contract (the “Contract”): The fair value of the Contract was estimated using the income approach with the MEEM method. This method considers future earnings generated by the Contract along with the contribution of other relevant assets (tangible and intangible) needed for its operation. A detailed financial projection was used and notional charges (fair value, return and risk associated with such assets) were factored in to take into account for the economic contribution of these supporting assets. The final fair value of the Contract reflects the present value of its projected earnings after considering taxes and the contribution of other assets by discounting using an appropriate risk adjusted discount rate. The Contract is not expected to be terminated and will contribute to cash flows indefinitely and it would be considered to have an indefinite useful life. Significant assumptions included future period post-tax earnings and projection period, rate of return and the risk adjusted discount rate.

Value of business acquired (“VOBA”): VOBA is valued as the difference between the estimated fair value of liabilities (“FVL”) and the carrying value of those same insurance contract liabilities. The FVL for the acquired business is derived as the sum of the best estimate of liabilities (“BEL”) and the risk margin (“RM”) calculated using the same best estimate assumptions as those used in deriving the company’s Indian embedded value (“IEV”) as at June 30, 2023. The carrying value of those same insurance contract liabilities is derived as the liability for future policy benefits (“LFPB”) plus other liability items (reserves for unmodelled products, sales inducement liability, time value of options and guarantees, and additional reserves) less reinsurance recoverable. Cash flow assumptions including mortality, morbidity, persistency, and discount rates for fair value of liabilities were considered.

Distribution network & Customer relationship: The fair value of the distribution network and customer relationship was estimated using the income approach with the MEEM method. The method requires estimating future excess earnings from acquiring new customers through existing channels of distribution and future excess earnings from existing customers. An attrition rate, derived from historical data, was used to derive the annualized premium equivalent (“APE”) corresponding to such channels of distribution existing as on the Effective Date. Projected profits, based on expected value of new business (“VNB”) margins, were considered for new business. Notional charges (fair value, return and risk associated with contributory assets) for the economic contribution of other assets were considered. Finally, a risk-adjusted discount rate was applied to the projected excess earnings to determine the present value, resulting in the fair value of the distribution network and customer relationship.

Transferable development rights (“TDR”): TDR were valued using the comparison method, in which a comparison is made with similar properties that have recently been quoted/sold in the market and thus have a quoting/transaction price. The comparison approach is the preferred approach when comparable instances are available.

F-19

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Certain acquired receivables:

The Bank identifies purchased financial assets with credit deterioration (“PCD”) loans as those that have experienced a more-than-insignificant deterioration in credit quality since origination. The Bank considers a variety of factors to evaluate and identify whether acquired loans are PCD loans, including but not limited to, nonaccrual status, delinquency, decreases in credit scores and other factors. Upon acquisition, current expected credit losses are added to the fair value of individual PCD loans to determine the amortized cost basis. After initial recognition, any changes to the estimate of expected credit losses, favorable or unfavorable, are recorded as a provision for credit loss during the period of change. Following are the details of PCD of eHDFC acquired.

		As of July 1, 2023
Particulars		Wholesale				Retail				Total
		(In millions)
Par value of PCD loans at acquisition			Rs. 72,684.7				Rs. 43,961.6				Rs. 116,646.3
Allowance for credit losses on PCD loans at acquisition			36,487.3				2,927.9				39,415.2
Fair value of receivables at acquisition			36,197.4				41,003.0				77,200.4
Non-credit discount/(premium) on PCD loans at acquisition			—				30.7				30.7

Contingencies:

eHDFC group had contingent liabilities on account of disputed dues towards service tax and goods & service tax. The Bank recognizes a loss contingency in accordance with ASC 450 when it is probable that a liability has been incurred and the amount can be reasonably estimated. If both conditions are not met, the Bank discloses the contingency if there is at least a reasonable possibility that a loss may have been incurred. The contingent liabilities are in the nature of statutory demands and liabilities in dispute related to service tax and goods & service tax amounted to Rs. 11,063.0 million.

Separately accounted for transactions, including pre-existing relationship:

Following are the details of pre-existing relationship between HDFC Bank group (“the Bank and its subsidiaries”) and eHDFC group:

		As of July 1, 2023
		(In millions)
Financial statement line items
Cash and due from Banks			Rs. 52,875.3
Investments, available for sale, at market			18,407.5
Accrued expenses and other liabilities			(5,777.5	)
Other assets			3,807.3
Net Assets			Rs. 69,312.6

The pre-existing relationship between the Bank and eHDFC has been legally extinguished upon the business combination and is effectively settled as part of the acquisition. As of the effective date, the pre-existing relationship between the Bank group and eHDFC subsidiaries is an intercompany relationship and was subsequently eliminated during the consolidation process.

F-20

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Investment in the Bank by eHDFC

eHDFC held a 20.8% equity interest in the Bank. Upon the acquisition of eHDFC by the Bank, this equity interest was cancelled through a share cancellation process, effectively eliminating the shares that eHDFC held in the Bank.

Acquisition cost

Acquisition related costs amounting to Rs. 1,900.0 million, comprised of expenses recognized separately from the acquisition of assets and assumptions of liabilities in the business combination, were recognized as an expense in “Non-interest expense- Administrative and other” in the consolidated statements of income.

4. Cash and due from banks, and restricted cash

The Bank is required to maintain a specific percentage of its demand and time liabilities by way of a balance in a current account with the RBI. This is to maintain the solvency of the banking system. As prescribed by the RBI, the cash reserve ratio has to be maintained on an average basis for a two-week period. The average balance maintained for such two-week period should not fall below the prescribed threshold limit. Non-maintenance of the requisite balance is subject to levy of penalty. The Bank has classified the cash reserve maintained with the RBI as restricted cash or restricted cash equivalents (restricted cash).

The cash and due from banks, and restricted cash consist of restricted cash of Rs. 1,142,014.9 million and Rs. 1,131,000.7 million (US$ 12,739.4 million) as of March 31, 2025 and September 30, 2025, respectively.

5. Investments, held for trading

The portfolio of trading securities as of March 31, 2025 and September 30, 2025 was as follows:

		As of March 31, 2025
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	156,198.9			Rs.	215.3			Rs.	8.2			Rs.	156,406.0
Other corporate/financial institution securities			91,649.9				176.8				199.4				91,627.3
Total debt securities		Rs.	247,848.8			Rs.	392.1			Rs.	207.6			Rs.	248,033.3
Other securities (including mutual fund units)			300,987.0				87,908.0				11,539.8				377,355.2
Total		Rs.	548,835.8			Rs.	88,300.1			Rs.	11,747.4			Rs.	625,388.5
		As of September 30, 2025
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	93,970.1			Rs.	28.3			Rs.	17.8			Rs.	93,980.6
Other corporate/financial institution securities			78,196.5				49.7				219.3				78,026.9
Total debt securities		Rs.	172,166.6			Rs.	78.0			Rs.	237.1			Rs.	172,007.5
Other securities (including mutual fund units and equity securities)			287,958.5				98,354.3				8,639.7				377,673.1
Total		Rs.	460,125.1			Rs.	98,432.3			Rs.	8,876.8			Rs.	549,680.6
Total		US$	5,182.8			US$	1,108.7			US$	100.0			US$	6,191.5

F-21

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

6. Investments, AFS debt securities

The portfolio of AFS debt securities as of March 31, 2025 and September 30, 2025 was as follows:

		As of March 31, 2025
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	6,871,303.8			Rs.	135,750.3			Rs.	6,077.2			Rs.	7,000,976.9
State government securities			1,646,894.8				39,861.0				2,498.1				1,684,257.7
Government securities outside India			10,280.7				74.5				0.3				10,354.9
Credit substitutes			161,308.5				473.8				602.7				161,179.6
Other corporate/financial institution bonds			912,282.2				32,335.9				4,863.0				939,755.1
Debt securities, other than asset and mortgage-backed securities			9,602,070.0				208,495.5				14,041.3				9,796,524.2
Mortgage-backed securities			59.4				2.3				0.8				60.9
Asset-backed securities			112,544.1				1,112.2				67.1				113,589.2
Total		Rs.	9,714,673.5			Rs.	209,610.0			Rs.	14,109.2			Rs.	9,910,174.3
Securities with gross unrealized losses														Rs.	1,022,535.5
Securities with gross unrealized gains															8,887,638.8
														Rs.	9,910,174.3
		As of September 30, 2025
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In millions)
Government of India securities		Rs.	7,834,299.3			Rs.	123,859.5			Rs.	45,905.8			Rs.	7,912,253.0
State government securities			1,670,729.8				13,173.3				10,017.1				1,673,886.0
Government securities outside India			12,846.5				147.8				—				12,994.3
Credit substitutes			210,385.5				2,015.5				475.9				211,925.1
Other corporate/financial institution bonds			475,022.7				13,058.5				316.3				487,764.9
Debt securities, other than asset and mortgage-backed securities			10,203,283.8				152,254.6				56,715.1				10,298,823.3
Mortgage-backed securities			51.4				2.1				0.5				53.0
Asset-backed securities			111,836.0				1,656.2				4.5				113,487.7
Total		Rs.	10,315,171.2			Rs.	153,912.9			Rs.	56,720.1			Rs.	10,412,364.0
Total		US$	116,188.0			US$	1,733.6			US$	638.8			US$	117,282.8
Securities with gross unrealized losses														Rs.	2,827,950.2
Securities with gross unrealized gains															7,584,413.8
														Rs.	10,412,364.0
														US$	117,282.8

F-22

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

AFS investments of Rs. 7,606,321.8 million and Rs. 7,946,461.4 million (US$ 89,507.3 million) as of March 31, 2025 and September 30, 2025, respectively, are eligible towards the Bank’s statutory liquidity reserve requirements. These balances are subject to withdrawal and usage restrictions towards the reserve requirements, but may be freely traded by the Bank. Of these investments, Rs. 3,936,248.0 million as of March 31, 2025 and Rs. 3,581,476.9 million (US$ 40,341.0 million) as of September 30, 2025, were kept as margins for clearing, collateral borrowing and lending obligation (“CBLO”) and real time gross settlement (“RTGS”), with the RBI and other financial institutions.

Amortized cost is net of nil and Rs. 8.1 million as allowance for credit losses as for the fiscal year ended March 31, 2025 and for the six-month period ended September 30, 2025, respectively.

The below table presents the gross unrealized losses and the associated fair value of AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or 12 months or greater as of March 31, 2025:

		As of March 31, 2025
		Less Than 12 Months								12 Months or Greater								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
										(In millions)
Government of India securities			Rs.4,657.3				Rs.70.2				Rs.542,172.0				Rs.6,007.0				Rs. 546,829.3				Rs. 6,077.2
State government securities			254.0				1.6				215,435.8				2,496.5				215,689.8				2,498.1
Government securities outside India			—				—				854.4				0.3				854.4				0.3
Credit substitutes			15,060.8				197.0				48,115.3				405.7				63,176.1				602.7
Other corporate/financial institution bonds			33,686.7				620.0				146,345.1				4,243.0				180,031.8				4,863.0
Debt securities, other than asset- and mortgage-backed securities			53,658.8				888.8				952,922.6				13,152.5				1,006,581.4				14,041.3
Mortgage-backed securities			—				—				10.8				0.8				10.8				0.8
Asset-backed securities			—				—				15,943.3				67.1				15,943.3				67.1
Total		Rs.	53,658.8				Rs.  888.8				Rs  968,876.7				Rs.  13,220.4				Rs.  1,022,535.5				Rs.  14,109.2

The below table presents the gross unrealized losses and the associated fair value of AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or 12 months or greater as of September 30, 2025:

		As of September 30, 2025
		Less Than 12 Months								12 Months or Greater								Total
		Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
										(In millions)
Government of India securities			Rs.1,400,279.4				Rs.23,015.4				Rs.554,799.2				Rs.22,890.4				Rs.1,955,078.6				Rs.45,905.8
State government securities			567,837.6				7,375.5				217,784.9				2,641.6				785,622.5				10,017.1
Government securities outside India			—				—				—				—				—				—
Credit substitutes			33,650.2				438.4				8,212.5				37.5				41,862.7				475.9
Other corporate/financial institution bonds			20,618.7				141.1				23,369.3				175.3				43,988.0				316.3
Debt securities, other than asset- and mortgage-backed securities			2,022,385.9				30,970.4				804,165.9				25,744.8				2,826,551.8				56,715.1
Mortgage-backed securities			—				—				9.9				0.5				9.9				0.5
Asset-backed securities			—				—				1,388.5				4.5				1,388.5				4.5
Total		Rs.	2,022,385.9			Rs.	30,970.4			Rs.	805,564.3			Rs.	25,749.8			Rs.	2,827,950.2			Rs.	56,720.1
Total		US$	22,779.7			US$	348.8			US$	9,073.7			US$	290.0			US$	31,853.4			US$	638.8

F-23

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

As of September 30, 2025, there were 939 AFS investments in Government of India securities, State government securities and Government securities outside India with unrealized losses totalling Rs. 55,922.9 million. Upon analyzing the debt security portfolios, the Bank determined that no allowance was required as of September 30, 2025 in government issued or backed securities as for these debt securities the risk of loss was deemed minimal. Additionally, none of the remaining AFS investments in debt securities held by the Bank were past due or in non-accrual status as of September 30, 2025. The declines in the market value of these securities were mainly attributable to changes in interest rates and not credit quality, and because the Bank had the ability and intent to hold these investments until there is a recovery in fair value, which may be at maturity, the Bank did not record any write-offs for credit losses on any of these securities at September 30, 2025.

Allowances for AFS debt securities as of March 31, 2025 are as follows:

As of March 31, 2025

Allowance for credit losses, beginning of the period

Write-offs

Addition/ (Deletion) to allowance for credit losses

Allowance for credit losses, end of the period

(In millions)

Credit substitutes

Rs.  —

Rs.  —

Rs.  —

Rs.  —

Other corporate/financial institution bonds

—

—

—

—

Total

Rs.  —

Rs.  —

Rs.  —

Rs.  —

Allowances for AFS debt securities as of September 30, 2025 are as follows:

		As of September 30, 2025
		Allowance for credit losses, beginning of the period				Write-offs				Addition/ (Deletion) to allowance for credit losses				Allowance for credit losses, end of the period
		(In millions)
Credit substitutes		Rs.	—			Rs.	—			Rs.	1.8			Rs.	1.8
Other corporate/financial institution bonds			—				—				—				—
Total		Rs.	—			Rs.	—			Rs.	1.8			Rs.	1.8
Total		US$	—			US$	—			US$	—			US$	—

Credit Quality Indicators

The Bank monitors the credit quality of its investment securities through various risk management procedures, including the monitoring of credit ratings. A majority of the debt securities in the Bank’s investment portfolio were issued by the Government of India or State governments or entities or agencies that are either explicitly or implicitly guaranteed by such governments. The Bank believes the long history of no credit losses on these securities indicates that the expectation of non-payment of the amortized cost basis is zero, even if such governments were to technically default. Therefore, for the aforementioned securities, the Bank does not assess, or record expected credit losses due to the zero loss assumption. The Bank monitors the credit quality of its remaining AFS investment portfolio which is updated periodically. Such of the remaining AFS investment portfolio in an unrealized loss position are evaluated to determine if the loss is attributable to credit related factors and if an allowance for credit loss is needed. The average credit rating of the securities comprising the mortgage-backed securities and asset-backed securities was AAA (based upon external ratings where available) as of September 30, 2025.

F-24

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The contractual residual maturity of AFS debt securities other than asset and mortgage-backed securities as of September 30, 2025 is set out below:

		As of September 30, 2025
		Amortized Cost				Fair Value				Fair Value
		(In millions)
Within one year		Rs.	705,587.5			Rs.	708,379.9			US$	7,979.0
Over one year through five years			2,597,381.7				2,643,038.3				29,770.6
Over five years through ten years			5,414,672.5				5,453,394.7				61,425.9
Over ten years			1,485,642.1				1,494,010.4				16,828.4
Total		Rs.	10,203,283.8			Rs.	10,298,823.3			US$	116,003.9

The contractual residual maturity of AFS mortgage-backed and asset-backed debt securities as of September 30, 2025 is set out below:

		As of September 30, 2025
		Amortized Cost				Fair Value				Fair Value
						(In millions)
Within one year		Rs.	47,981.0			Rs.	48,627.7			US$	547.7
Over one year through five years			63,637.4				64,638.8				728.1
Over five years through ten years			266.9				272.0				3.1
Over ten years			2.1				2.2				—
Total		Rs.	111,887.4			Rs.	113,540.7			US$	1,278.9

Gross realized gains and gross realized losses from sale of AFS debt securities and dividends and interest on such securities are set out below:

		Six-month period ended September 30,
		2024				2025				2025
Gross realized gains on sale		Rs.	3,081.4			Rs.	23,500.6			US$	264.7
Gross realized losses on sale			(2,605.7	)			(8,204.1	)			(92.4	)
Realized gains/ (losses), net			475.7				15,296.5				172.3
Dividends and interest			300,291.3				359,579.1				4,050.2
Total		Rs.	300,767.0			Rs.	374,875.6			US$	4,222.5

7. Investments, held to maturity

There were no HTM securities as of March 31, 2025 and September 30, 2025.

F-25

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

8. Loans

Loan balances included Rs. 2,750,841.6 million and Rs. 1,941,806.2 million (US$ 21,872.1 million) as of March 31, 2025 and September 30, 2025, respectively, which have been provided as collateral for borrowings and are therefore restricted.

Loans by facility as of March 31, 2025 and September 30, 2025 were as follows:

		As of
		March 31, 2025				September 30, 2025				September 30, 2025
		(In millions)
Retail loans:
Auto loans		Rs.	1,550,907.4			Rs.	1,621,160.4			US$	18,260.4
Personal loans/Credit cards			3,426,193.3				3,512,256.7				39,561.4
Retail business banking			4,967,690.0				5,337,914.5				60,125.2
Commercial vehicle and construction equipment finance			1,862,193.6				1,923,516.5				21,666.1
Housing loans			7,141,179.0				7,239,784.2				81,547.5
Other retail loans			2,583,402.1				2,675,949.6				30,141.3
Subtotal		Rs.	21,531,565.4			Rs.	22,310,581.9			US$	251,301.9
Wholesale loans		Rs.	7,107,245.7			Rs.	7,308,900.9			US$	82,326.0
Gross loans			28,638,811.1				29,619,482.8				333,627.9
Less: Allowance for credit losses			535,829.3				580,682.2				6,540.7
Total		Rs.	28,102,981.8			Rs.	29,038,800.6			US$	327,087.2

Loans, other than crop-related agricultural loans, are generally placed on non-accrual status and considered non-performing if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be doubtful. Crop-related agricultural loans are generally placed on non-accrual status and considered non-performing if principal or interest payments become 366 days past due and/or management deems the collectability of the principal and/or interest to be doubtful. Loans are returned to accrual status when the principal and interest amounts contractually due are brought current.

The following table provides details of age analysis of loans and finance receivable on non-accrual status as of March 31, 2025 and September 30, 2025.

		As of March 31, 2025
		31-90 days past due				Non-accrual/ 91 days or more past due				Current (1), (2)				Total				Finance receivable on non-accrual status
		(In millions)
Retail Loans
Auto loans		Rs.	8,143.6			Rs.	16,360.1			Rs.	1,526,403.7			Rs.	1,550,907.4			Rs.	16,360.1
Personal loans/Credit card			32,386.3				28,927.7				3,364,879.3				3,426,193.3				28,927.7
Retail business banking			20,814.2				67,930.3				4,878,945.5				4,967,690.0				67,930.3
Commercial vehicle and construction equipment finance			21,153.2				28,370.4				1,812,670.0				1,862,193.6				28,370.4
Housing loans			35,639.8				50,161.9				7,055,377.3				7,141,179.0				50,161.9
Other retail			41,687.8				89,835.3				2,451,879.0				2,583,402.1				89,835.3
Wholesale loans			3,123.4				94,325.2				7,009,797.1				7,107,245.7				94,325.2
Total		Rs.	162,948.3			Rs.	375,910.9			Rs.	28,099,951.9			Rs.	28,638,811.1			Rs.	375,910.9

(1) Loans up to 30 days past due are considered current.

(2) Includes crop-related agricultural loans with days past due less than 366 as they are not considered as non-performing of Rs. 44.4 billion.

F-26

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

		As of September 30, 2025
		31-90 days past due				Non-accrual/ 91 days or more past due				Current (1),(2)				Total				Finance receivable on non-accrual status
		(In millions)
Retail Loans
Auto loans		Rs.	9,204.3			Rs.	17,727.1			Rs.	1,594,229.0			Rs.	1,621,160.4			Rs.	17,727.1
Personal loans/Credit card			35,920.8				28,524.9				3,447,811.0				3,512,256.7				28,524.9
Retail business banking			25,586.0				78,352.9				5,233,975.6				5,337,914.5				78,352.9
Commercial vehicle and construction equipment finance			20,232.0				33,998.9				1,869,285.6				1,923,516.5				33,998.9
Housing loans			40,232.6				47,906.9				7,151,644.7				7,239,784.2				47,906.9
Other retail			24,866.7				103,451.9				2,547,631.0				2,675,949.6				103,451.9
Wholesale loans			7,643.5				63,433.1				7,237,824.3				7,308,900.9				63,433.1
Total		Rs.	163,685.9			Rs.	373,395.7			Rs.	29,082,401.2			Rs.	29,619,482.8			Rs.	373,395.7
Total		US$	1,843.7			US$	4,205.9			US$	327,578.3			US$	333,627.9			US$	4,205.9

(1) Loans up to 30 days past due are considered current.

(2) Includes crop-related agricultural loans with days past due less than 366 as they are not considered as non-performing of Rs. 35.4 billion.

For retail loans, the policy and approval processes are designed to account for the Bank’s high volumes of relatively homogeneous, small value transactions in retail loans. There are product programs for each of these products, which define the target markets, credit philosophy and process, detailed underwriting criteria for evaluating individual credits, exception reporting systems and individual loan exposure caps. The quantitative parameters considered include income, residence stability and the nature of the employment/business, while the qualitative parameters include accessibility, contractibility and profile. The credit policies/product programs are based on a statistical analysis of the Bank’s experience and industry data, in combination with the judgment of the Bank’s senior officers. The Bank regularly mines data on its borrower account behavior as well as static data to monitor the portfolio performance of each product segment and uses these as inputs for revising the Bank’s product programs, target market definitions and credit assessment criteria to meet the Bank’s twin objectives of combining volume growth and maintenance of asset quality.

As an integral part of the credit process, the Bank has a pooling and credit rating model for its wholesale and retail credit segments. The Bank monitors credit quality within its segments based on primary credit quality indicators. This internal rating is reviewed at least annually. Disbursals under one-time restructurings are also included.

The amount of purchased financing receivables outstanding as of March 31, 2025 and September 30, 2025 was Rs. 1,691.8 million and Rs. 1,465.4 million, respectively.

F-27

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The following table provides information on primary credit quality indicators as of March 31, 2025:

		Term loans by origination
Credit quality indicators- Internally assigned grade		Prior				Year ended March 31, 2021				Year ended March 31, 2022				Year ended March 31, 2023				Year ended March 31, 2024				Year ended March 31, 2025				Revolving loans				Revolving loans converted to term loans				Total
		(In millions)
Auto loans
Performing		Rs.	16,872.3			Rs.	38,368.9			Rs.	109,709.7			Rs.	261,060.2			Rs.	403,060.5			Rs.	611,564.6			Rs.	93,911.1			Rs.	—			Rs.	1,534,547.3
Non-performing			1,124.3				1,172.5				2,224.1				4,143.9				3,631.6				1,052.2				3,011.5				—				16,360.1
Subtotal		Rs.	17,996.6			Rs.	39,541.4			Rs.	111,933.8			Rs.	265,204.1			Rs.	406,692.1			Rs.	612,616.8			Rs.	96,922.6			Rs.	—			Rs.	1,550,907.4
Write off			1,490.5				1,103.9				1,768.9				2,771.3				2,057.7				394.4				—				—				9,586.7
Personal loans/Credit card
Performing		Rs.	6,682.8			Rs.	19,129.5			Rs.	100,673.9			Rs.	320,434.6			Rs.	623,756.2			Rs.	1,238,873.6			Rs.	661,166.9			Rs.	426,548.1			Rs.	3,397,265.6
Non-performing			543.1				966.9				1,807.2				4,805.9				5,657.0				2,389.8				11,767.8				990.0				28,927.7
Subtotal		Rs.	7,225.9			Rs.	20,096.4			Rs.	102,481.1			Rs.	325,240.5			Rs.	629,413.2			Rs.	1,241,263.4			Rs.	672,934.7			Rs.	427,538.1			Rs.	3,426,193.3
Write off			2,263.9				1,559.0				5,988.1				18,451.4				21,504.4				4,065.9				25,111.9				16,801.6				95,746.2
Retail business banking
Performing		Rs.	84,507.8			Rs.	59,255.0			Rs.	204,872.5			Rs.	402,892.1			Rs.	627,467.3			Rs.	769,923.2			Rs.	2,750,841.8			Rs.	—			Rs.	4,899,759.7
Non-performing			5,779.0				3,713.2				3,449.7				3,293.4				1,546.1				191.8				49,957.1				—				67,930.3
Subtotal		Rs.	90,286.8			Rs.	62,968.2			Rs.	208,322.2			Rs.	406,185.5			Rs.	629,013.4			Rs.	770,115.0			Rs.	2,800,798.9			Rs.	—			Rs.	4,967,690.0
Write off			1,382.6				176.1				270.1				39.7				44.5				125.9				22.1				—				2,061.0
Commercial vehicle and construction equipment finance
Performing		Rs.	9,615.7			Rs.	7,142.1			Rs.	61,927.7			Rs.	263,199.8			Rs.	507,988.5			Rs.	739,656.0			Rs.	244,293.4			Rs.	—			Rs.	1,833,823.2
Non-performing			906.6				1,388.2				2,463.7				7,286.5				8,047.8				1,399.6				6,878.0				—				28,370.4
Subtotal		Rs.	10,522.3			Rs.	8,530.3			Rs.	64,391.4			Rs.	270,486.3			Rs.	516,036.3			Rs.	741,055.6			Rs.	251,171.4			Rs.	—			Rs.	1,862,193.6
Write off			1,242.2				853.3				2,499.5				4,319.4				2,794.0				2,555.9				6.0				—				14,270.3
Housing loans
Performing		Rs.	1,488,044.3			Rs.	590,450.9			Rs.	910,615.5			Rs.	1,182,559.1			Rs.	1,626,523.9			Rs.	1,292,823.4			Rs.	—			Rs.	—			Rs.	7,091,017.1
Non-performing			25,341.0				6,041.4				6,946.4				7,306.7				3,952.9				573.5				—				—				50,161.9
Subtotal		Rs.	1,513,385.3			Rs.	596,492.3			Rs.	917,561.9			Rs.	1,189,865.8			Rs.	1,630,476.8			Rs.	1,293,396.9			Rs.	—			Rs.	—			Rs.	7,141,179.0
Write off			3,091.7				477.1				79.8				5.1				23.0				—				—				—				3,676.7
Other retail loans
Performing		Rs.	15,220.9			Rs.	9,225.1			Rs.	29,591.7			Rs.	84,335.1			Rs.	312,070.2			Rs.	676,203.4			Rs.	1,366,920.4			Rs.	—			Rs.	2,493,566.8
Non-performing			5,904.0				1,256.1				1,776.7				5,873.5				28,568.9				3,940.3				42,515.8				—				89,835.3
Subtotal		Rs.	21,124.9			Rs.	10,481.2			Rs.	31,368.4			Rs.	90,208.6			Rs.	340,639.1			Rs.	680,143.7			Rs.	1,409,436.2			Rs.	—			Rs.	2,583,402.1
Write off			4,082.3				956.3				1,123.0				4,228.7				3,590.0				957.4				4,911.8				—				19,849.5
Total		Rs.	1,660,541.8			Rs.	738,109.8			Rs.	1,436,058.8			Rs.	2,547,190.8			Rs.	4,152,270.9			Rs.	5,338,591.4			Rs.	5,231,263.8			Rs.	427,538.1			Rs.	21,531,565.4
Total (Write Off)		Rs.	13,553.2			Rs.	5,125.7			Rs.	11,729.4			Rs.	29,815.6			Rs.	30,013.6			Rs.	8,099.5			Rs.	30,051.8			Rs.	16,801.6			Rs.	145,190.4

F-28

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The following table provides information on primary credit quality indicators as of September 30, 2025:

		Term loans by origination
Credit quality indicators- Internally assigned grade		Prior				Year ended March 31, 2022				Year ended March 31, 2023				Year ended March 31, 2024				Year ended March 31, 2025				Six-month period ended September 30, 2025				Revolving loans				Revolving loans converted to term loans				Total
		(In millions)
Auto loans
Performing		Rs.	31,050.4			Rs.	75,608.7			Rs.	200,189.2			Rs.	335,566.7			Rs.	537,694.8			Rs.	414,745.6			Rs.	8,577.9			Rs.	—			Rs.	1,603,433.3
Non-performing			3,851.1				1,801.7				3,673.9				4,618.5				3,047.1				124.3				610.5				—				17,727.1
Subtotal		Rs.	34,901.5			Rs.	77,410.4			Rs.	203,863.1			Rs.	340,185.2			Rs.	540,741.9			Rs.	414,869.9			Rs.	9,188.4			Rs.	—			Rs.	1,621,160.4
Write off			722.7				650.9				1,369.9				1,555.7				937.7				0.4				—				—				5,237.3
Personal loans/Credit card
Performing		Rs.	9,323.7			Rs.	59,719.4			Rs.	212,173.9			Rs.	435,073.1			Rs.	898,798.4			Rs.	742,883.2			Rs.	664,974.0			Rs.	460,786.1			Rs.	3,483,731.8
Non-performing			1,014.6				1,199.7				3,686.8				5,182.5				4,475.2				199.2				11,584.8				1,182.1				28,524.9
Subtotal		Rs.	10,338.3			Rs.	60,919.1			Rs.	215,860.7			Rs.	440,255.6			Rs.	903,273.6			Rs.	743,082.4			Rs.	676,558.8			Rs.	461,968.2			Rs.	3,512,256.7
Write off			776.2				1,709.6				5,874.7				10,851.7				8,829.1				24.7				13,207.5				9,387.1				50,660.6
Retail business banking
Performing		Rs.	677,081.1			Rs.	141,081.9			Rs.	268,554.7			Rs.	408,603.5			Rs.	549,817.1			Rs.	630,611.2			Rs.	2,583,812.1			Rs.	—			Rs.	5,259,561.6
Non-performing			12,529.5				2,844.1				3,769.9				2,702.9				1,792.5				149.1				54,564.9				—				78,352.9
Subtotal		Rs.	689,610.6			Rs.	143,926.0			Rs.	272,324.6			Rs.	411,306.4			Rs.	551,609.6			Rs.	630,760.3			Rs.	2,638,377.0			Rs.	—			Rs.	5,337,914.5
Write off			734.2				202.7				140.9				12.8				0.1				—				73.4				—				1,164.1
Commercial vehicle and construction equipment finance
Performing		Rs.	36,621.7			Rs.	32,553.4			Rs.	173,271.4			Rs.	390,300.7			Rs.	627,628.0			Rs.	453,943.4			Rs.	175,199.0			Rs.	—			Rs.	1,889,517.6
Non-performing			2,224.3				1,826.9				7,211.1				11,693.0				5,404.4				129.7				5,509.5				—				33,998.9
Subtotal		Rs.	38,846.0			Rs.	34,380.3			Rs.	180,482.5			Rs.	401,993.7			Rs.	633,032.4			Rs.	454,073.1			Rs.	180,708.5			Rs.	—			Rs.	1,923,516.5
Write off			381.5				736.2				2,738.4				3,381.3				739.6				0.2				—				—				7,977.2
Housing loans
Performing		Rs.	1,825,082.7			Rs.	825,812.9			Rs.	1,077,029.0			Rs.	1,542,327.6			Rs.	1,300,459.1			Rs.	621,166.0			Rs.	—			Rs.	—			Rs.	7,191,877.3
Non-performing			26,717.0				6,673.5				7,816.0				5,081.3				1,561.9				57.2				—				—				47,906.9
Subtotal		Rs.	1,851,799.7			Rs.	832,486.4			Rs.	1,084,845.0			Rs.	1,547,408.9			Rs.	1,302,021.0			Rs.	621,223.2			Rs.	—			Rs.	—			Rs.	7,239,784.2
Write off			3,156.9				169.5				47.4				21.5				5.8				—				2.0				—				3,403.1
Other retail loans
Performing		Rs.	71,611.0			Rs.	18,205.9			Rs.	50,422.1			Rs.	183,620.0			Rs.	387,751.6			Rs.	390,014.8			Rs.	1,470,872.3			Rs.	—			Rs.	2,572,497.7
Non-performing			4,589.0				1,320.0				5,489.7				36,008.4				8,120.0				193.8				47,731.0				—				103,451.9
Subtotal		Rs.	76,200.0			Rs.	19,525.9			Rs.	55,911.8			Rs.	219,628.4			Rs.	395,871.6			Rs.	390,208.6			Rs.	1,518,603.3			Rs.	—			Rs.	2,675,949.6
Write off			2,835.8				544.3				1,129.4				2,652.5				1,977.7				4.2				2,007.7				—				11,151.6
Total		Rs.	2,701,696.1			Rs.	1,168,648.1			Rs.	2,013,287.7			Rs.	3,360,778.2			Rs.	4,326,550.1			Rs.	3,254,217.5			Rs.	5,023,436.0			Rs.	461,968.2			Rs.	22,310,581.9
Total		US$	30,431.4			US$	13,163.4			US$	22,677.3			US$	37,855.1			US$	48,733.4			US$	36,654.8			US$	56,583.0			US$	5,203.5			US$	251,301.9
Total (Write Off)		Rs.	8,607.3			Rs.	4,013.2			Rs.	11,300.7			Rs.	18,475.5			Rs.	12,490.0			Rs.	29.5			Rs.	15,290.6			Rs.	9,387.1			Rs.	79,593.9
Total (Write Off)		US$	97.0			US$	45.2			US$	127.3			US$	208.1			US$	140.7			US$	0.3			US$	172.2			US$	105.7			US$	896.5

F-29

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Wholesale Loans

The Bank has a process in place for grading each borrower according to its financial health and the performance of its business and each borrower is graded as pass, labelled or non-performing. Wholesale loans that are not non-performing are disclosed as pass or labeled and considered to be performing. Labeled loans are those with evidence of weakness where such exposures indicate deteriorating trends which if not corrected could adversely impact repayment of the obligations. The Bank’s model assesses the overall risk over four major categories: industry risk, business risk, management risk and financial risk. The inputs in each of the categories are combined to provide an aggregate numerical rating, which is a function of the aggregate weighted scores based on the assessment under each of these four risk categories.

The following table provides information on primary credit quality indicators as of March 31, 2025.

		Term loans by origination
Credit quality indicators-Internally assigned grade		Prior				2021				2022				2023				2024				2025				Revolving Loans				Total
		(In millions)
Wholesale loans
Pass		Rs.	303,812.7			Rs.	393,131.7			Rs.	674,953.6			Rs.	863,574.4			Rs.	1,483,506.6			Rs.	1,395,844.6			Rs.	1,841,034.8			Rs.	6,955,858.4
Labeled			2,577.7				9,883.5				11,399.0				12,831.6				5,985.4				1,576.3				12,808.6				57,062.1
Non-performing			26,166.1				11,899.6				7,852.5				1,305.1				23,368.8				—				23,733.1				94,325.2
Total		Rs.	332,556.5			Rs.	414,914.8			Rs.	694,205.1			Rs.	877,711.1			Rs.	1,512,860.8			Rs.	1,397,420.9			Rs.	1,877,576.5			Rs.	7,107,245.7
Total Write off		Rs.	10.9			Rs.	2.1			Rs.	—			Rs.	—			Rs.	708.0			Rs.	—			Rs.	3,478.2			Rs.	4,199.2

The following table provides information on primary credit quality indicators as of September 30, 2025.

		Term loans by origination
Credit quality indicators-Internally assigned grade		Prior				Year ended March 31, 2022				Year ended March 31, 2023				Year ended March 31, 2024				Year ended March 31, 2025				Six-month period ended September 30, 2025				Revolving Loans				Total
		(In millions)
Wholesale loans
Pass		Rs.	560,355.5			Rs.	504,742.8			Rs.	691,272.8			Rs.	1,271,110.0			Rs.	1,148,559.2			Rs.	2,238,385.2			Rs.	759,096.2			Rs.	7,173,521.7
Labeled			11,487.2				8,362.1				12,065.4				21,017.7				744.4				7,983.9				10,285.4				71,946.1
Non-performing			28,984.0				9,199.0				2,012.1				4,099.9				440.9				7.2				18,690.0				63,433.1
Total		Rs.	600,826.7			Rs.	522,303.9			Rs.	705,350.3			Rs.	1,296,227.6			Rs.	1,149,744.5			Rs.	2,246,376.3			Rs.	788,071.6			Rs.	7,308,900.9
Total Write off		Rs.	—			Rs	—			Rs	—			Rs	—			Rs	0.1			Rs	—			Rs	121.3			Rs	121.4
Total		US$	6,767.6			US$	5,883.1			US$	7,944.9			US$	14,600.4			US$	12,950.6			US$	25,302.7			US$	8,876.7			US$	82,326.0
Total (Write Off)		US$	—			US$	—			US$	—			US$	—			US$	—			US$	—			US$	1.4			US$	1.4

F-30

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Non-performing loans by industry as of March 31, 2025 and September 30, 2025 are as follows:

		As of March 31, 2025
		(In millions)
Gross non-performing loans by industry:
— Consumer Loans		Rs.	79,499.2
— Real Estate & Property services			59,831.5
— Agri Production—Food			28,230.0
— Animal Husbandry			25,425.7
— Retail Trade			19,757.7
— Others (none greater than 5% of non-performing loans)			163,166.8
Total		Rs.	375,910.9

		As of September 30, 2025
		(In millions)
Gross non-performing loans by industry:
— Consumer Loans		Rs.	76,508.3			US$	861.8
— Real Estate & Property services			26,795.3				301.8
— Agri Production—Food			31,309.2				352.7
— Retail Trade			20,620.7				232.3
— Animal Husbandry			32,648.0				367.7
— Agri Allied			20,261.4				228.2
— Road Transportation			20,903.9				235.5
— Consumer services			—				—
— Others (none greater than 5% of non-performing loans)			144,348.9				1,625.9
Total		Rs.	373,395.7			US$	4,205.9

Summary information relating to interest income recognized on non-performing loans during the six-month period ended September 30, 2024 and September 30, 2025 is as follows:

September 30, 2024

September 30, 2025

September 30, 2025

Interest income recognized on non-performing loans

Rs.

4,853.5

Rs.

5,182.1

US$

58.4

F-31

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is dependent on the sale or operation of the underlying collateral. Such loans are carried at fair value based on current values determined by either independent appraisals or internal evaluations, adjusted for selling costs or other amounts to be deducted when estimating expected net sales proceeds. For the fiscal year ended March 31, 2025 and the six-month period ended September 30, 2025, the Bank did not have collateral-dependent loans wherein the borrower is experiencing financial difficulty and the repayment of the loan is dependent on the sale of the underlying collateral.

Allowances for credit losses as of March 31, 2025 are as follows:

		Auto loans				Personal loans/ Credit card				Retail business banking				Commercial vehicle and construction equipment finance				Housing loans				Other retail				Wholesale				Total
		(In millions)
Allowance for credit losses, beginning of the period		Rs.	29,948.9			Rs.	116,999.6			Rs.	75,300.5			Rs.	32,096.1			Rs.	9,906.8			Rs.	80,453.8			Rs.	112,640.8			Rs.	457,346.5
Allowance for credit losses on PCD Loans at acquisition			—				—				—				—				—				—				—				—
Write-offs			(9,586.7	)			(95,746.2	)			(2,061.0	)			(14,270.3	)			(3,676.7	)			(19,849.5	)			(4,199.2	)			(149,389.6	)
Net allowance for credit losses (*)			17,085.4				114,516.3				24,429.6				20,223.4				9,290.8				51,078.2				(8,751.3	)			227,872.4
Allowance for credit losses, end of the period		Rs.	37,447.6			Rs.	135,769.7			Rs.	97,669.1			Rs.	38,049.2			Rs.	15,520.9			Rs.	111,682.5			Rs.	99,690.3			Rs.	535,829.3
Allowance for credit losses:
Individually evaluated allowance		Rs.	3.0			Rs.	—			Rs.	2,691.1			Rs.	281.1			Rs.	0.6			Rs.	532.7			Rs.	58,385.5			Rs.	61,894.0
Collectively evaluated allowance			37,444.6				135,769.7				94,978.0				37,768.1				15,520.3				111,149.8				41,304.8				473,935.3
Loans:
Individually evaluated loans			3.5				—				3,087.8				426.5				1.9				533.4				90,447.5				94,500.6
Collectively evaluated loans			1,550,903.9				3,426,193.3				4,964,602.2				1,861,767.1				7,141,177.1				2,582,868.7				7,016,798.2				28,544,310.5

(*) Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs. 48,690.9 million. Recoveries from retail loans is Rs. 44,432.2 million and from wholesale loans is Rs. 4,258.7 million.

Allowances for credit losses as of September 30, 2025 are as follows:

		Auto loans				Personal loans/ Credit card				Retail business banking				Commercial vehicle and construction equipment finance				Housing loans				Other retail				Wholesale				Total				Total
		(In millions)
Allowance for credit losses, beginning of the period		Rs.	37,447.6			Rs.	135,769.7			Rs.	97,669.1			Rs.	38,049.2			Rs.	15,520.9			Rs.	111,682.5			Rs.	99,690.3			Rs.	535,829.3			US$	6,035.5
Allowance for credit losses on PCD Loans at acquisition			—				—				—				—				—				—				—				—				—
Write-offs			(5,237.3	)			(50,660.6	)			(1,164.1	)			(7,977.2	)			(3,403.1	)			(11,151.6	)			(121.4	)			(79,715.3	)			(897.9)
Net allowance for credit losses (*)			4,991.0				61,559.2				23,377.7				12,188.0				7,257.0				22,822.4				(7,627.1	)			124,568.2				1,403.1
Allowance for credit losses, end of the period		Rs.	37,201.3			Rs.	146,668.3			Rs.	119,882.7			Rs.	42,260.0			Rs.	19,374.8			Rs.	123,353.3			Rs.	91,941.8			Rs.	580,682.2			US$	6,540.7
Allowance for credit losses:
Individually evaluated allowance		Rs.	3.2			Rs.	0.1			Rs.	4,808.1			Rs.	409.5			Rs.	6.8			Rs.	519.5			Rs.	47,478.1			Rs.	53,225.3			US$	599.5
Collectively evaluated allowance			37,198.1				146,668.2				115,074.6				41,850.5				19,368.0				122,833.8				44,463.7				527,456.9				5,941.2
Loans:
Individually evaluated loans			3.5				0.2				5,340.9				411.3				19.0				520.2				56,601.0				62,896.1				708.4
Collectively evaluated loans			1,621,156.9				3,512,256.5				5,332,573.6				1,923,105.2				7,239,765.2				2,675,429.4				7,252,299.9				29,556,586.7				332,919.4

(*) Net allowances for credit losses charged to expense does not include the recoveries against write-off cases amounting to Rs. 22,815.5 million (US$ 257.1). Recoveries from retail loans is Rs. 21,174.4 million and from wholesale loans is Rs. 1,641.0 million.

The allowance for credit losses is assessed at each period end and the increase/(decrease), as the case may be, is recorded in the consolidated statements of income under allowance for credit losses net of recoveries against write-offs.

F-32

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

9. Goodwill and Intangible assets

Goodwill arising from a business combination is not amortized but is tested for impairment. The Bank tests goodwill of each separate reporting unit by initially qualitatively assessing whether events and circumstances indicate that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If such assessment indicates fair value is not less than the carrying value, the reporting unit is deemed not to be impaired and no further analysis is required. If it is more likely than not that fair value of the reporting unit is below its carrying value, a quantitative test is then performed. There were no changes in carrying amount of goodwill of Rs. 1,629,510.3 million (US$ 18,354.5 million) that had arisen on acquisition of erstwhile Centurion Bank of Punjab (“eCBoP”) and eHDFC for possible impairment for the fiscal year ended as of March 31, 2025 and for the six-month period ended September 30, 2025.

The following table represents the changes in the carrying amount of goodwill reported in the consolidated balance sheets for the year ended March 31, 2025 and six-month period ended September 30, 2025:

		As of March 31, 2025
		Retail Banking				Wholesale Banking				Treasury Services				Insurance Services				Others				Total
		(In millions)
Balance, March 31, 2024		Rs.	443,017.5			Rs.	71,617.3			Rs.	—			Rs.	959,080.0			Rs.	155,795.5			Rs.	1,629,510.3
Goodwill on acquisition during the year			—				—				—				—				—				—
Less: Goodwill Derecognised on disposal during the year			—				—				—				—				—				—
Balance, March 31, 2025		Rs.	443,017.5			Rs.	71,617.3			Rs.	—			Rs.	959,080.0			Rs.	155,795.5			Rs.	1,629,510.3

		As of September 30, 2025
		Retail Banking				Wholesale Banking				Treasury Services				Insurance Services				Others				Total				Total
		(In millions)
Balance, March 31, 2025		Rs.	443,017.5			Rs.	71,617.3				Rs. —			Rs.	959,080.0			Rs.	155,795.5			Rs.	1,629,510.3			US$	18,354.5
Less: Goodwill Derecognised during the period			—				—				—				—				—				—				—
Balance, September 30, 2025		Rs.	443,017.5			Rs.	71,617.3				Rs. —			Rs.	959,080.0			Rs.	155,795.5			Rs.	1,629,510.3			US$	18,354.5

Intangible assets, net, consists of the following:

		As of,
		March 31, 2025				September 30, 2025				September 30, 2025
		(Rs. in millions)
Brand		Rs.	742,230.7			Rs.	742,230.7			US$	8,360.2
Investment management contract			369,785.6				369,785.6				4,165.2
Value of business acquired			221,738.5				221,738.5				2,497.6
Distribution network			50,570.8				50,570.8				569.6
Customer Relationship			29,874.9				29,874.9				336.4
Transferable Development Rights			3,117.7				3,117.7				35.1
Other Intangible Assets		Rs.	1,417,318.2			Rs.	1,417,318.2			US$	15,964.1
Less: Accumulated amortization			46,438.2				55,806.7				628.3
Total intangible assets, net		Rs.	1,370,880.0			Rs.	1,361,511.5			US$	15,335.8

(*) All the above intangible assets excluding Brand and Investment Management Contract are subject to amortization.

F-33

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Amortization expense related to intangible assets was Rs. 9,368.5 million for six-month period ended September 30, 2025. This amount is included in Non-Interest Expense—Amortization of intangible assets in the consolidated statements of income.

At September 30, 2025, the expected future amortization of finite-lived intangible assets is as follows:

		As of September 30, 2025
		(in millions)
Fiscal year ending March 31:
2026 (remaining period)		Rs.	16,162.7			US$	182.1
2027			17,032.5				191.9
2028			15,117.5				170.3
2029			13,903.6				156.6
2030			13,043.7				146.9
Thereafter			174,235.2				1,962.6
		Rs.	249,495.2			US$	2,810.4

10. Deposits

Deposits include demand deposits, which are non-interest-bearing, and savings and time deposits, which are interest-bearing. Deposits as of March 31, 2025 and September 30, 2025 are as follows:

		As of,
		March 31, 2025				September 30, 2025				September 30, 2025
		(In millions)
Interest-bearing:
Savings deposits		Rs.	6,304,659.5			Rs.	6,527,303.8			US$	73,522.2
Time deposits			17,689,697.7				18,514,271.2				208,541.0
Total interest-bearing deposits			23,994,357.2				25,041,575.0				282,063.2
Non-interest-bearing deposits			3,116,596.7				2,942,239.2				33,140.8
Total		Rs.	27,110,953.9			Rs.	27,983,814.2			US$	315,204.0

11. Short-term borrowings

Short-term borrowings mainly comprised of money market borrowings which are unsecured and are utilized by the Bank for its operations. Short-term borrowings as of March 31, 2025 and September 30, 2025 comprised the following:

		As of,
		March 31, 2025				September 30, 2025				September 30, 2025
		(In millions)
Borrowed in the call market		Rs.	9,763.7			Rs.	9,090.1			US$	102.4
Term borrowings from institutions/banks			1,080,206.2				822,734.9				9,267.1
Foreign currency borrowings			216,043.2				264,229.7				2,976.2
Bills rediscounted			—				—				—
Total		Rs.	1,306,013.1			Rs.	1,096,054.7			US$	12,345.7

F-34

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

12. Long-term debt

Long-term debt as of March 31, 2025 and September 30, 2025 are comprised of the following:

		As of,
		March 31, 2025				September 30, 2025				September 30, 2025
		(In millions)
Subordinated debt		Rs.	431,896.9			Rs.	418,302.1			US$	4,711.7
Others			5,436,429.4				4,549,489.9				51,244.5
Debt issuance cost			(2,163.1	)			(1,428.1	)			(16.1	)
Total		Rs.	5,866,163.2			Rs.	4,966,363.9			US$	55,940.1

The below table presents the balance of long-term debt as of March 31, 2025 and September 30, 2025 and the related contractual rates and maturity dates:

		As of
		March 31, 2025										September 30, 2025
		Maturity / Call dates				Stated interest rates		Total				Maturity / Call dates				Stated interest rates		Total				Total
		(In millions)
Subordinated debt
Subordinated debt (other than perpetual debt)			2026-2035			6.67% to 9.70%		Rs.	293,902.2				2026-2035			6.67% to 9.70%		Rs.	291,982.7			US$	3,288.8
Perpetual debt — (1)			2026-2034			7.55% to 9.40%			52,272.7				2026-2034			7.55% to 9.40%			52,281.2				588.9
Perpetual debt — (2)			2027			3.70%			85,291.5				2027			3.70%			88,674.6				998.8
Others (*)
Variable rate — (1)			2026-2030			4.92% to 6.22%			581,229.3				2026-2030			4.92% to 6.22%			453,285.4				5,105.7
Variable rate — (2)			2026-2032			6.47% to 8.60%			623,118.6				2026-2032			5.55%-8.35%			389,052.3				4,382.2
Fixed rate — (1)			2026-2034			2.80% to 9.05%			3,955,489.6				2026-2034			2.80% to 9.05%			3,419,286.9				38,514.2
Fixed rate — (2)			2026-2029			4.30% to 8.19%			274,859.3				2026-2029			4.1%-8.19%			271,800.8				3,061.5
Total								Rs.	5,866,163.2									Rs.	4,966,363.9			US$	55,940.1

(*) Variable rate — (1), Perpetual debt — (2) and Fixed rate — (2) represent foreign currency debt. Variable rate debt is typically indexed to SOFR, T-bill rates, and Marginal cost of funds based lending rates (“MCLR”), among others.

The scheduled maturities of long-term debt are set out below:

		As of September 30, 2025
		(In millions)
Due in the fiscal year ending March 31:
2026 (remaining period)		Rs.	600,217.0			US$	6,760.7
2027			1,246,267.7				14,037.7
2028			388,336.4				4,374.1
2029			593,982.2				6,690.5
2030			281,102.1				3,166.3
Thereafter			1,715,502.7				19,323.1
Total (1)		Rs.	4,825,408.1			US$	54,352.4

(1) The scheduled maturities of long-term debt do not include perpetual bonds of Rs. 140,955.8 million (net of debt issuance cost).

During the six-month period ended September 30, 2025, the Bank issued subordinated debt amounting to Rs. 4,000 million (previous period nil) and perpetual debt amounting to nil (previous period nil). During the six-month period ended September 30, 2025, the Bank also raised other long-term debt amounting to Rs. 438,588.2 million (previous period Rs. 256,460.9 million).

As of March 31, 2025 and September 30, 2025, other long-term debt includes foreign currency borrowings from other banks aggregating to Rs. 856,647.3 million and Rs. 725,237.1 million, respectively, and functional currency borrowings aggregating to Rs. 4,579,782.1 million and Rs. 3,823,889.3 million, respectively.

F-35

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

13. Accumulated other comprehensive income

The below table presents the changes in AOCI after income tax for the fiscal year ended March 31, 2025 and six-month period ended September 30, 2025.

		AFS debt securities				Foreign currency translation reserve				Long-Duration Insurance Contract				Total
		(In millions)
Balance, March 31, 2024		Rs.	(7,505.2	)		Rs.	7,441.8			Rs.	(15,477.0	)		Rs.	(15,540.4	)
Net unrealized gain/ (loss) arising during the period			145,589.7				2,004.3				—				147,594.0
Amounts reclassified to income			9,835.5				—				—				9,835.5
Long-duration insurance contract discount rate change			—				—				(59,827.6	)			(59,827.6	)
Transferred to undistributed policyholders earnings account			(58,778.7	)			—				75,304.6				16,525.9
Less: Other comprehensive income attributable to shareholders of noncontrolling interest			1,361.3				32.0				—				1,393.3
Balance, March 31, 2025		Rs.	87,780.0			Rs.	9,414.1			Rs.	—			Rs.	97,194.1
		AFS debt securities				Foreign currency translation reserve				Long-Duration Insurance Contract				Total
		(In millions)
Balance, March 31, 2025		Rs.	87,780.0			Rs.	9,414.1			Rs.	—			Rs.	97,194.1
Net unrealized gain/ (loss) arising during the period			(81,901.3	)			2,962.3				—				(78,939.0	)
Amounts reclassified to income			(7,548.8	)			—				—				(7,548.8	)
Long-duration insurance contract discount rate change			—				—				71,292.9				71,292.9
Transferred to undistributed policyholders earnings account			63,194.6				—				(71,292.9	)			(8,098.3	)
Less: Other comprehensive income attributable to shareholders of noncontrolling interest			(9.2	)			45.9				—				36.7
Balance, September 30, 2025		Rs.	61,533.7			Rs.	12,330.5			Rs.	—			Rs.	73,864.2
Balance, September 30, 2025		US$	693.1			US$	138.9			US$	—			US$	832.0

The below table presents the reclassification out of AOCI by income line item and the related income tax effect for the six-month periods ended September 30, 2024 and September 30, 2025.

		As of September 30,
		2024				2025				2025
		(In millions)
AFS debt securities:
Realized (gain)/loss on sales of AFS debt securities, net		Rs.	4,315.1			Rs.	(9,814.3	)		US$	(110.5	)
Allowance on AFS debt securities			8.7				1.8				—
Total before income tax		Rs.	4,323.8			Rs.	(9,812.5	)		US$	(110.5	)
Income tax			(1,147.0	)			2,263.7				25.5
Net of income tax		Rs.	3,176.8			Rs.	(7,548.8	)		US$	(85.0	)

F-36

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

14. Insurance services:

Separate accounts assets and liabilities:

Separate account assets consist of investment accounts established and maintained by the Bank. The investment objectives of these assets are directed by the contract holder. An equivalent amount is reported as separate account liabilities. These accounts are reported separately from the general account assets and liabilities.

The following information about the separate account liabilities includes disaggregated rollforwards. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular line of business. The separate account liabilities are primarily comprised of the following Unit-Linked Life, Unit-Linked Pension and Group Linked contracts.

The balances of and changes in separate account liabilities as of March 31, 2025 are as follows:

		As of March 31, 2025
Particulars		Unit-Linked Life				Unit-Linked Pension				Group Linked				Total
		(In millions)
Balance, April 1, 2024		Rs.	790,711.5			Rs.	55,596.3			Rs.	109,108.5			Rs.	955,416.3
Premiums and deposits			144,941.9				7,515.3				38,092.2				190,549.4
Policy Charges			(18,978.4	)			(789.3	)			(1,289.6	)			(21,057.3	)
Surrenders and withdrawals			(93,686.8	)			(7,853.0	)			(16,508.7	)			(118,048.5	)
Benefit Payments			(68,275.4	)			(4,180.8	)			—				(72,456.2	)
Investment Performance			71,320.8				4,643.4				10,821.3				86,785.5
Other Charges			(4,473.8	)			(193.9	)			(240.1	)			(4,907.8	)
Balance, March 31, 2025		Rs.	821,559.8			Rs.	54,738.0			Rs.	139,983.6			Rs.	1,016,281.4

The balances of and changes in separate account liabilities as of September 30, 2025 are as follows:

		As of September 30, 2025
Particulars		Unit-Linked Life				Unit-Linked Pension				Group Linked				Total				Total
		(In millions)
Balance, March 31, 2025		Rs.	821,559.8			Rs.	54,738.0			Rs.	139,983.6			Rs.	1,016,281.4			US$	11,447.3
Premiums and deposits			70,870.4				5,001.5				19,259.3				95,131.2				1,071.5
Policy Charges			(10,126.2	)			(394.6	)			(808.4	)			(11,329.2	)			(127.6	)
Surrenders and withdrawals			(42,036.2	)			(3,385.0	)			(5,205.3	)			(50,626.5	)			(570.2	)
Benefit Payments			(30,310.3	)			(2,760.5	)			—				(33,070.8	)			(372.5	)
Investment Performance			57,032.6				2,864.4				4,479.3				64,376.3				725.0
Other Charges			(2,212.0	)			(119.7	)			(145.8	)			(2,477.5	)			(27.9	)
Balance, September 30, 2025		Rs.	864,778.1			Rs.	55,944.1			Rs.	157,562.7			Rs.	1,078,284.9			US$	12,145.6

F-37

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The Bank’s aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities as of March 31, 2025 and September 30, 2025 are as follows:

		As of March 31, 2025
Particulars		Unit-Linked Life				Unit-Linked Pension				Group Linked				Total
		(In millions)
Government of India securities		Rs.	30,908.6			Rs.	5,813.3			Rs.	60,989.7			Rs.	97,711.6
Other corporate/financial institution securities			88,265.9				8,133.3				44,030.8				140,430.0
Total debt securities			119,174.5				13,946.6				105,020.5				238,141.6
Other securities (including mutual fund units)			697,104.6				40,158.2				29,029.6				766,292.4
Other net current assets			5,280.7				633.2				5,933.5				11,847.4
Total		Rs.	821,559.8			Rs.	54,738.0			Rs.	139,983.6			Rs.	1,016,281.4

		As of September 30, 2025
Particulars		Unit-Linked Life				Unit-Linked Pension				Group Linked				Total				Total
		(In millions)
Government of India securities		Rs.	21,719.6			Rs.	5,370.0			Rs.	53,900.1			Rs.	80,989.7			US$	912.3
Other corporate/financial institution securities			98,945.4				8,498.3				68,216.1				175,659.8				1,978.6
Total debt securities			120,665.0				13,868.3				122,116.2				256,649.5				2,890.9
Other securities (including mutual fund units)			738,939.0				41,560.6				32,013.8				812,513.4				9,152.0
Other net current assets			5,174.1				515.2				3,432.7				9,122.0				102.7
Total		Rs.	864,778.1			Rs.	55,944.1			Rs.	157,562.7			Rs.	1,078,284.9			US$	12,145.6

Liabilities on policies in force

The Bank’s Liabilities on policies in force on the consolidated balance sheets as of March 31, 2025 and September 30, 2025 are as follows:

		As of,
Description		March 31, 2025				September 30, 2025				September 30, 2025
		(In millions)
Liability for Future Policy Benefits		Rs.	2,087,603.8			Rs.	2,171,423.6			US$	24,458.3
Policyholder Account Balances			81,652.8				75,538.3				850.9
Other Policy Liabilities			11,707.7				15,093.5				170.1
Total		Rs.	2,180,964.3			Rs.	2,262,055.4			US$	25,479.3

Liability for future policy benefits

The Bank’s liability for future policy benefits on the consolidated balance sheets as of March 31, 2025 and September 30, 2025 are as follows:

		As of,
Description		March 31, 2025				September 30, 2025				September 30, 2025
		(In millions)
Non Par Protection		Rs.	197,562.8			Rs.	205,397.7			US$	2,313.5
Non Par Riders			89.7				57.4				0.6
Non Par Savings			740,769.5				770,229.0				8,675.7
Non Par Pension			17,986.6				18,207.7				205.1
Individual Annuity			319,760.4				338,252.3				3,810.0
Individual health			275.4				490.1				5.5
Par life			654,173.3				677,926.8				7,636.0
Par Pension			15,878.0				20,366.5				229.4
Group Non Par Life			141,108.1				140,496.1				1,582.5
Total		Rs.	2,087,603.8			Rs.	2,171,423.6			US$	24,458.3

F-38

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The following information about the liability for future policy benefits includes disaggregated rollforwards of expected future net premiums and expected future benefits. The products grouped within these rollforwards were selected based upon common characteristics and valuations using similar inputs, judgments, assumptions and methodologies within a particular line of business. All amounts presented in the rollforwards and accompanying financial information do not include a reduction for amounts ceded to reinsurers, except with respect to ending net liability for future policy benefits balances where applicable.

		Year Ended March 31, 2025
		Non Par Protection				Non Par Riders				Non Par Savings				Non Par Pension				Individual Annuity				Individual Health				Par Life				Par Pension				Group Non Par Life				Total
		(Rs. In million, other than weighted average)
Present value of Expected Net Premium
Balance at April 01, 2024 at current discount rate at balance sheet date			58,562.2				1,146.5				292,140.3				1,571.2				8,156.7				740.6				25,635.6				1,613.3				6.9				389,573.3
Balance at April 01, 2024 at original discount rate			58,388.2				1,149.1				293,322.3				1,577.5				8,152.4				742.4				25,732.8				1,620.3				6.8				390,691.8
Effect of changes in cash flow assumptions			11,055.5				—				(7,969.2	)			(48.7	)			(100.7	)			—				(6,439.3	)			1,103.9				15.7				(2,382.8	)
Effect of actuarial variances from expected experience			(2,165.2	)			(307.1	)			2,724.7				108.9				(508.6	)			(331.1	)			1,137.5				145.3				(4,556.3	)			(3,751.9	)
Adjusted Balance			67,278.5				842.0				288,077.8				1,637.7				7,543.1				411.3				20,431.0				2,869.5				(4,533.8	)			384,557.1
Issuances			30,918.5				1,126.3				141,305.7				1,952.9				48,569.1				29.3				29,265.9				2,824.1				32,774.8				288,766.6
Interest accrual			6,994.8				137.7				29,187.9				247.7				2,602.7				29.0				3,450.6				376.8				956.8				43,984.0
Net premium collected			(13,669.6	)			(427.8	)			(103,906.6	)			(884.6	)			(44,659.6	)			(112.2	)			(11,255.6	)			(1,645.4	)			(30,971.1	)			(207,532.5	)
Balance at March 31, 2025 at original discount rate			91,522.2				1,678.2				354,664.8				2,953.7				14,055.3				357.4				41,891.9				4,425.0				(1,773.3	)			509,775.2
Effect of changes in discount rate assumptions			1,993.5				17.0				2,272.7				19.6				73.4				3.9				344.1				22.1				(40.5	)			(4,705.8	)
Balance at March 31, 2025 at current discount rate at balance sheet date			93,515.7				1,695.2				356,937.5				2,973.3				14,128.7				361.3				42,236.0				4,447.1				(1,813.8	)			514,481.0
Present value of Expected Liability for Future Policy Benefits
Balance at April 01, 2024 at current discount rate at balance sheet date			216,689.5				1,308.4				810,691.9				13,191.0				257,132.1				1,091.4				519,920.1				17,757.6				76,154.5				1,913,936.5
Balance at April 01, 2024 at original discount rate			210,473.8				1,303.7				792,701.7				13,219.9				250,732.6				1,091.3				516,261.8				17,795.1				76,342.9				1,879,922.8
Effect of changes in cash flow assumptions			9,381.8				—				(8,475.8	)			79.3				224.4				—				(5,378.3	)			525.1				688.2				(2,955.3	)
Effect of actuarial variances from expected experience			(2,309.1	)			(372.2	)			3,149.9				110.8				(1,014.0	)			(411.6	)			1,701.0				201.6				(6,432.7	)			(5,376.3	)
Adjusted Balance			217,546.5				931.5				787,375.8				13,410.0				249,943.0				679.7				512,584.5				18,521.8				70,598.4				1,871,591.2
Issuances			30,874.5				1,111.9				141,235.0				1,952.4				48,565.1				29.2				29,209.7				2,823.3				32,774.7				288,575.8
Interest accrual			18,482.6				150.4				69,530.5				1,098.8				22,540.7				47.2				39,452.0				1,517.1				6,812.5				159,631.8
Benefits Payments			(8,552.7	)			(229.2	)			(24,293.2	)			(1,973.8	)			(19,822.6	)			(181.9	)			(42,483.7	)			(3,337.9	)			(30,408.5	)			(131,283.5	)
Balance at March 31, 2025 at original discount rate			258,350.9				1,964.6				973,848.1				14,487.4				301,226.2				574.2				538,762.5				19,524.3				79,777.1				2,188,515.3
Effect of changes in discount rate assumptions			15,775.0				41.9				54,366.2				233.2				14,370.5				10.8				16,604.5				277.0				638.9				102,318.0
Balance at March 31, 2025 at current discount rate at balance sheet date			274,125.9				2,006.5				1,028,214.3				14,720.6				315,596.7				585.0				555,367.0				19,801.3				80,416.0				2,290,833.3
Present value of expected claims expenses			324.4				43.0				224.8				2.9				37.7				0.1				647.3				4.7				—				1,284.9
Net liability for future policy benefits			180,934.6				354.3				671,501.6				11,750.2				301,505.7				223.8				513,778.3				15,358.9				82,229.8				1,777,637.2
Deferred Profit Liability			14,053.0				59.0				66,070.8				394.3				16,012.0				0.2				136,074.4				388.8				39,561.5				272,614.0
Other global reserves			2,575.2				(323.6	)			3,197.1				5,842.1				2,242.7				51.4				4,320.6				130.3				19,316.8				37,352.6
Total liability for future policy benefits and DPL for March 31, 2025			197,562.8				89.7				740,769.5				17,986.6				319,760.4				275.4				654,173.3				15,878.0				141,108.1				2,087,603.8
Less: Reinsurance recoverables			84,794.7				(69.9	)			38.1				—				—				(20.0	)			14,114.1				—				5,342.1				104,199.1
Net liability for future policy benefits, net of reinsurance			112,768.1				159.6				740,731.4				17,986.6				319,760.4				295.4				640,059.2				15,878.0				135,766.0				1,983,404.7
Undiscounted- Expected future benefit payments			1,357,592.1				3,683.8				3,307,089.8				22,662.1				899,460.7				908.7				1,375,202.6				28,880.6				101,483.5				7,096,963.9
Discounted- Expected future benefit payments (at current discount rate at balance sheet date)			274,125.9				2,006.5				1,028,214.3				14,720.6				315,596.7				585.0				555,367.0				19,801.3				80,416.0				2,290,833.3
Undiscounted-Expected future gross premiums			350,474.6				6,702.3				696,236.3				5,904.9				27,679.8				1,639.8				487,422.0				9,472.3				220.6				1,585,752.6
Discounted-Expected future gross premiums			205,841.6				5,043.1				564,231.6				4,830.4				24,273.8				1,214.1				398,173.3				7,912.5				125.6				1,211,646.0
Weighted-average duration of the liability (in years)			13.60				9.70				10.10				5.10				9.50				5.80				8.80				4.40				3.50				9.18
Weighted-average interest accretion (original locked-in) rate			7.7	%			7.8	%			7.7	%			7.7	%			7.7	%			7.7	%			7.7	%			7.7	%			7.8	%			7.7	%
Weighted-average current discount rate at balance sheet date			7.0	%			7.1	%			7.1	%			7.1	%			7.0	%			7.0	%			7.0	%			7.2	%			7.3	%			7.0	%

F-39

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

		Six-month period Ended September 30, 2025
		Non Par Protection				Non Par Riders				Non Par Savings				Non Par Pension				Individual Annuity				Individual Health				Par Life				Par Pension				Group Non Par Life				Total				Total
		(Rs. In million, other than weighted average)																																								(US$ in million)
Present value of Expected Net Premium
Balance at March 31, 2025 at current discount rate at balance sheet date			93,515.6				1,695.2				356,937.5				2,973.2				14,128.6				361.2				42,236.0				4,446.9				(1,813.7	)			514,480.5				5,795.0
Balance at March 31, 2025 at original discount rate			91,522.2				1,678.2				354,664.8				2,953.6				14,055.3				357.4				41,892.0				4,425.0				(1,773.3	)			509,775.2				5,742.0
Effect of changes in cash flow assumptions			(3,837.0	)			—				(915.5	)			(1.0	)			261.9				—				798.2				(8.7	)			1,773.2				(1,928.9	)			(21.7	)
Effect of actuarial variances from expected experience			(382.6	)			(38.2	)			(7,719.7	)			(12.6	)			(550.4	)			312.2				(2,164.6	)			(82.2	)			(3,426.8	)			(14,064.9	)			(158.4	)
Adjusted Balance			87,302.6				1,640.0				346,029.6				2,940.0				13,766.8				669.6				40,525.6				4,334.1				(3,426.9	)			493,781.4				5,561.9
Issuances			17,190.3				249.8				36,347.8				218.5				24,618.4				14.9				13,662.1				6,393.0				15,536.0				114,230.8				1,286.7
Interest accrual			3,697.7				66.4				13,253.0				111.1				918.5				23.4				1,892.2				315.4				128.3				20,406.0				229.8
Net premium collected			(7,854.9	)			(195.3	)			(44,541.7	)			(371.3	)			(24,083.8	)			(84.9	)			(6,394.8	)			(3,740.4	)			(14,452.5	)			(101,719.6	)			(1,145.7	)
Balance at September 30, 2025 at original discount rate			100,335.7				1,760.9				351,088.7				2,898.3				15,219.9				623.0				49,685.1				7,302.1				(2,215.1	)			526,698.6				5,932.7
Effect of changes in discount rate assumptions			1,166.0				17.9				3,418.5				29.4				134.4				8.1				460.0				47.9				(36.9	)			5,245.3				59.1
Balance at September 30, 2025 at current discount rate at balance sheet date			101,501.7				1,778.8				354,507.2				2,927.7				15,354.3				631.1				50,145.1				7,350.0				(2,252.0	)			531,943.9				5,991.8
Present value of Expected Liability for Future Policy Benefits
Balance at March 31, 2025 at current discount rate at balance sheet date			274,125.9				1,308.4				810,691.9				13,191.0				257,132.1				1,091.4				519,920.1				17,757.6				76,154.5				1,971,372.9				22,205.1
Balance at March 31, 2025 at original discount rate			258,350.9				1,964.6				973,848.0				14,487.4				301,226.3				574.1				538,762.4				19,524.3				79,777.1				2,188,515.1				24,651.0
Effect of changes in cash flow assumptions			(4,132.9	)			—				(1,558.7	)			(2.4	)			708.4				—				1,380.8				(19.4	)			(307.8	)			(3,932.0	)			(44.3	)
Effect of actuarial variances from expected experience			(239.3	)			(52.7	)			(8,274.1	)			(81.2	)			(1,277.8	)			479.4				(3,834.6	)			(75.4	)			(2,129.4	)			(15,485.1	)			(174.4	)
Adjusted Balance			253,978.7				1,911.9				964,015.2				14,403.8				300,656.9				1,053.5				536,308.6				19,429.5				77,339.9				2,169,098.0				24,432.3
Issuances			17,166.8				248.0				36,326.8				218.4				25,286.5				14.8				13,636.0				6,390.7				15,535.9				114,823.9				1,293.4
Interest accrual			9,877.3				78.0				36,513.6				526.5				12,113.2				38.2				19,896.0				930.8				3,160.8				83,134.4				936.4
Benefits Payments			(4,589.1	)			(140.5	)			(12,496.5	)			(724.1	)			(11,377.8	)			(59.5	)			(17,302.9	)			(1,377.6	)			(15,150.8	)			(63,218.8	)			(712.1	)
Balance at September 30, 2025 at original discount rate			276,433.7				2,097.4				1,024,359.1				14,424.6				326,678.8				1,047.0				552,537.7				25,373.4				80,885.8				2,303,837.5				25,950.0
Effect of changes in discount rate assumptions			266.3				21.4				16,342.7				184.4				4,735.3				17.6				6,703.8				151.0				783.5				29,206.0				328.9
Balance at September 30, 2025 at current discount rate at balance sheet date			276,700.0				2,118.8				1,040,701.8				14,609.0				331,414.1				1,064.6				559,241.5				25,524.4				81,669.3				2,333,043.5				26,278.9
Present value of expected claims expenses			292.4				41.3				239.0				2.9				37.3				0.1				634.4				6.8				—				1,254.2				14.1
Net liability for future policy benefits*			175,490.7				381.3				686,433.6				11,684.2				316,097.1				433.6				509,730.8				18,181.2				83,921.3				1,802,353.8				20,301.2
Deferred Profit Liability			17,665.1				70.3				78,797.6				527.7				19,596.0				0.2				161,277.3				2,085.2				52,815.5				332,834.9				3,749.0
Other global reserves			12,241.9				(394.2	)			4,997.8				5,995.8				2,559.2				56.3				6,918.7				100.1				3,759.3				36,234.9				408.1
Total liability for future policy benefits and DPL for September 30, 2025			205,397.7				57.4				770,229.0				18,207.7				338,252.3				490.1				677,926.8				20,366.5				140,496.1				2,171,423.6				24,458.3
Less: Reinsurance recoverables			81,979.4				(68.4	)			26.2				—				—				118.8				12,560.7				—				5,460.8				100,077.5				1,127.3
Net liability for future policy benefits, net of reinsurance			123,418.3				125.8				770,202.8				18,207.7				338,252.3				371.3				665,366.1				20,366.5				135,035.3				2,071,346.1				23,331.0
Undiscounted- Expected future benefit payments			1,426,999.0				3,910.3				3,373,033.6				22,316.4				959,449.7				1,662.5				1,409,236.8				40,249.9				102,810.3				7,339,668.5				82,672.5
Discounted- Expected future benefit payments (at current discount rate at balance sheet date)			276,700.0				2,118.8				1,040,701.8				14,609.0				331,414.1				1,064.6				559,241.5				25,524.4				81,669.3				2,333,043.5				26,278.9
Undiscounted-Expected future gross premiums			366,810.6				8,107.2				677,443.9				5,588.5				27,090.3				1,567.6				483,389.2				14,171.3				240.8				1,584,409.4				17,846.5
Discounted-Expected future gross premiums			215,552.8				6,197.2				556,354.0				4,629.7				24,049.9				1,171.1				398,590.3				12,385.9				134.7				1,219,065.6				13,731.3
Weighted-average duration of the liability (in years)			13.20				9.40				9.70				4.70				9.10				6.60				8.30				9.60				3.40				8.75
Weighted-average interest accretion (original locked-in) rate			7.7	%			7.7	%			7.7	%			7.7	%			7.7	%			7.7	%			7.7	%			7.7	%			7.7	%			7.7	%
Weighted-average current discount rate at balance sheet date			8.2	%			8.7	%			8.6	%			10.3	%			8.7	%			9.3	%			9.1	%			8.6	%			12.5	%			8.7	%

F-40

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The principal inputs used in the establishment of the LFPB for the Traditional and Limited-Payment products include premiums, guaranteed benefits, and claim-related expense projected on the best estimate assumptions basis. The cash flows are discounted using upper-medium grade discount rate at the balance sheet date. The best estimate assumptions include mortality, persistency, morbidity and expenses.

For each of the periods ended September 30, 2024 and September 30, 2025, the net effect of changes in cash flow assumptions was primarily driven by updates in best estimate assumptions.

For the periods ended September 30, 2024 and September 30, 2025, the net effect of actual variances from expected experience was primarily driven by difference between actual cash flows for premiums and benefits and those assumed in the calculation of LFPB.

The Bank’s gross premiums and interest accretion recognised in the consolidated statements of income and comprehensive income (loss) for Traditional and Limited-Payment contracts, as of September 30, 2024 and September 30, 2025 are as follows:

Traditional and Limited-Payment Contracts:		As of September 30, 2024
		(In millions)
		Gross premiums				Interest accretion
Non Par Protection		Rs.	15,205.6			Rs.	5,893.8
Non Par Riders			70.6				8.4
Non Par Savings			69,775.6				20,428.5
Non Par Pension			690.0				437.4
Individual Annuity			24,594.8				9,776.5
Individual health			231.6				12.9
Par life			55,555.2				20,978.2
Par Pension			1,359.5				569.9
Group Non Par Life			59,325.1				3,427.6
Total		Rs.	226,808.0			Rs.	61,533.2
Traditional and Limited-Payment Contracts:		As of September 30, 2025
		(In millions)
		Gross premiums				Interest accretion
Non Par Protection		Rs.	17,792.2			Rs.	3,829.5
Non Par Riders			79.2				16.8
Non Par Savings			70,637.1				25,728.6
Non Par Pension			1,334.1				431.4
Individual Annuity			28,991.1				11,777.8
Individual health			197.2				10.5
Par life			60,552.0				23,008.3
Par Pension			6,108.9				646.5
Group Non Par Life			45,788.0				4,609.4
Total		Rs.	231,479.8			Rs.	70,058.8
Total		US$	2,607.3			US$	789.1

F-41

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Policyholder Account Balances

The Bank establishes liabilities for policyholder account balances (PAB) which are generally equal to the account value, and which includes accrued interest credited, but excludes the impact of any applicable charge that may be incurred upon surrender.

The Bank’s policyholder account balances on the consolidated balance sheets as of March 31, 2025 and September 30, 2025 are as follows:

		As of,
Description		March 31, 2025				September 30, 2025				September 30, 2025
		(In millions)
Group traditional life		Rs.	26,771.0			Rs.	26,300.9			US$	296.3
Group traditional pension			12,824.8				10,594.3				119.3
Group variable life			20,051.5				18,625.5				209.9
Group variable pension			13,296.2				11,781.6				132.7
Individual VIP pension			7,543.8				6,928.4				78.0
Statutory reserves			1,165.5				1,307.6				14.7
Total		Rs.	81,652.8			Rs.	75,538.3			US$	850.9

Unearned Revenue Reserve

URR is calculated for all long duration universal-life type or investment contracts, including single premium contracts. Amortization of URR is recorded in Premium and other operating income from insurance business in the consolidated statements of income. URR for universal-life type or investment contracts, including single premium contracts are generally deferred and amortized into income using the same assumptions and factors used to amortize DAC (i.e., on a constant level basis). Changes in future assumptions are applied by adjusting the amortization rate prospectively. The Bank has elected to implicitly account for actual experience, whether favorable or unfavorable, in its amortization of URR (i.e., Premium and other operating income from insurance business) each period.

The following table presents a roll forward of URR:

		As of March 31, 2025
Particulars		Unit-Linked Life				Unit-Linked Pension				Total
		(In millions)
Balance, beginning of the year		Rs.	945.2			Rs.	43.6			Rs.	988.8
Capitalizations			2,772.3				121.6				2,893.9
Amortization			(303.5	)			(12.5	)			(316.0	)
Experience Adjustment			(132.2	)			(6.4	)			(138.6	)
Balance, end of the year		Rs.	3,281.8			Rs.	146.3			Rs.	3,428.1

		As of September 30, 2025
Particulars		Unit-Linked Life				Unit-Linked Pension				Total				Total
		(In millions)
Balance, beginning of the year		Rs.	3,281.8			Rs.	146.3			Rs.	3,428.1			US$	38.6
Capitalizations			1,673.6				204.9				1,878.5				21.2
Amortization			(323.6	)			(19.1	)			(342.7	)			(3.9	)
Experience Adjustment			(142.8	)			(2.0	)			(144.8	)			(1.6	)
Balance, end of the period			4,489.0				330.1				4,819.1				54.3

F-42

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Reinsurance

The Bank has primarily two types of reinsurance treaties, auto and facultative reinsurance. The primary reason is to diversify the pool of risk covered by the insurance company, and to limit the liability along with ensuring solvency of the Bank. We remain liable to our policyholders regardless of whether our reinsurers meet their obligations under the reinsurance contracts, and as such, we regularly evaluate the financial condition of our reinsurers and monitor concentration of our credit risk.

The effect of all reinsurance agreements on the consolidated balance sheets as of March 31, 2025 and September 30, 2025 are as follows:

		As of ,
Description		March 31, 2025				September 30, 2025				September 30, 2025
		(In millions)
Direct		Rs.	2,179,868.1			Rs.	2,260,885.2			US$	25,466.1
Assumed			1,096.2				1,170.2				13.2
Total liabilities on policies in force			2,180,964.3				2,262,055.4				25,479.3
Ceded (*)			104,321.2				100,199.4				1,128.6
Net liabilities on policies in force		Rs.	2,076,643.1			Rs.	2,161,856.0			US$	24,350.7

(*) Reinsurance asset reported within other assets

F-43

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The effects of reinsurance on the consolidated statements of income for the six-month periods ended September 30, 2024 and September 30, 2025 are as follows:

Premium and other operating income from insurance business:		As of September 30,
		2024				2025				2025
		(In millions)
Direct		Rs.	217,434.4			Rs.	247,275.2			US$	2,785.3
Assumed			1,035.2				1,520.7				17.1
Ceded			(6,901.1	)			(9,428.6	)			(106.2	)
Total		Rs.	211,568.5			Rs.	239,367.3			US$	2,696.2

		As of September 30,
Claims and benefits paid pertaining to insurance business:		2024				2025				2025
		(In millions)
Direct		Rs.	266,404.6			Rs.	243,594.0			US$	2,743.8
Assumed			562.2				905.5				10.2
Ceded			(2,632.1	)			(1,309.8	)			(14.8	)
Total		Rs.	264,334.7			Rs.	243,189.7			US$	2,739.2

Deferred policy acquisition costs:

Information regarding total DAC are as follows:

		As of March 31, 2025
		(In millions)
Balance at March 31, 2024		Rs.	60,531.9
Capitalizations			104,803.0
Amortization			(13,463.0	)
Experience Adjustment			(3,696.3	)
Balance at March 31, 2025		Rs.	148,175.6

		As of September 30, 2025
		(In millions)
Opening balance March 31, 2025		Rs.	148,175.6			US$	1,669.0
Capitalizations			55,553.4				625.7
Amortization			(11,092.6	)			(124.9	)
Experience Adjustment			(3,430.0	)			(38.6	)
Balance at September 30, 2025		Rs.	189,206.4			US$	2,131.2

F-44

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Value of Business Acquired (VOBA)

VOBA, an intangible asset, has been valued as the difference between the estimated Fair Value of liabilities (“FVL”) and the carrying value of those same insurance contract liabilities. The FVL for the acquired business is derived as the sum of the best estimate of liabilities (“BEL”) and the risk margin (“RM”) calculated using the same best estimate assumptions as those used in deriving the Bank’s Indian embedded value (“IEV”) as at June 30, 2023. The carrying value of those same insurance contract liabilities is derived as the LFPB plus other liability items (reserves for unmodelled products, sales inducement liability, time value of options and guarantees, and additional reserves) less reinsurance recoverable. The LFPB is determined using actuarial methodologies as the present value of expected future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of expected future net premiums receivable under the Bank’s insurance contracts. Future policy benefits including bonuses paid to participating policyholders are calculated using actuarial assumptions and estimates such as mortality, morbidity, persistency and discount rates. Cash flow assumptions (mortality, morbidity and persistency) are established at the policy inception and are evaluated annually to determine if an update is needed. Discount rates used to calculate net premiums are locked in at the policy inception and represent the basis to recognize interest expense in the consolidated statements of income. Discount rates used to measure the carrying value of the LFPB in the consolidated balance sheets are updated at each reporting period, and the difference between the liability balances calculated using the locked-in discount rates and the updated discount rates is recognized in accumulated other comprehensive income / (loss). The Bank applies significant judgment in determining these assumptions and estimates.

Information regarding movement of total VOBA contracts for the year ended March 31, 2025 are as follows:

		As of March 31, 2025
		(In millions)
Balance at April 1, 2024		Rs.	204,395.7
Amortization			(16,669.1	)
Experience Adjustment			(3,447.2	)
Balance at March 31, 2025		Rs.	184,279.4

Information regarding movement of total VOBA contracts for the six-month period ended September 30, 2025 are as follows:

		As of September 30, 2025
		(In millions)
Balance at April 1, 2025		Rs.	184,279.4			US$	2,075.7
Amortization			(7,509.1	)			(84.6	)
Experience Adjustment			(1,841.6	)			(20.7	)
Balance at September 30, 2025		Rs.	174,928.7			US$	1,970.4

VOBA is amortized on a constant level basis that approximates straight line amortization using the following amortization basis. This is the same as the basis of amortization used for DAC.

i) Traditional life insurance contracts and traditional life insurance limited payment contracts (other than annuity products)—Sum assured in force, as it provides a reasonable, stable, approximation to a straight-line amortization and is reflection of insurance in force.

ii) Annuity products—Number of policies in force, as it ensures straight line amortization.

iii) Universal life type contracts—Number of policies in force, as it ensures straight line amortization.

Information regarding the estimated future amortization of VOBA intangibles over the next five years is as follows:

		As of September 30, 2025
Year		(In millions)
2026 (remaining period)		Rs.	13,602.2			US$	153.2
2027			11,911.6				134.2
2028			9,996.6				112.6
2029			8,782.7				98.9
2030			7,922.8				89.2

The Bank amortizes DAC and VOBA on a ‘constant-level basis’ that approximates straight-line amortization on an individual contract basis sum assured for traditional products and number of policies in-force for universal life type, investment products and annuity products. The amortization amount is calculated using the same cohorts as the corresponding liabilities on a half-yearly basis, using an amortization rate that includes current period reporting experience and end of period persistency and longevity assumptions that are consistent with those used to measure the corresponding liabilities.

F-45

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

15. Non-interest revenue

Revenue Recognition

Deposit-related fees

Deposit-related fees consist of fees earned on consumer deposit activities and are generally recognized when the transaction occurs or as the service is performed. Consumer fees are earned on consumer deposit accounts for account maintenance and various transaction-based services, such as ATM transactions, wire transfer activities, check and money order processing, standing instruction processing, cash management services, etc.

Lending-related fees

Lending-related fees generally represent transactional fees earned from certain loan related services, guarantees and letters of credit (“LCs”).

Third-party products-related fees

Third-party products related fees consist of fees earned from distribution of third-party products such as insurance and mutual funds.

Payments and cards business fees

Payments and cards business fees include fees earned from merchant acquiring business and on Credit, Debit, Prepaid or Forex cards, among others. Cards business income includes annual and renewal fees, late and over-limit fees, currency conversion fees, as well as fees earned from interchange, cash advances and other miscellaneous transactions fees. Interchange fees are recognized upon settlement of the credit and debit card payment transactions and are generally determined on a percentage basis for credit and debit cards based on the corresponding payment network’s rates. Substantially all cards business related fees are recognized at the transaction date, except for certain time-based fees such as annual fees, which are recognized over 12 months. Payments business fees include fees earned from merchants net of interchange expenses paid to issuing banks, rentals from point-of-sale machines and merchant service charges.

Investment Management Fees

Investment management fees from the Mutual fund consists of fees from various schemes which invest in different categories of securities like Equity, Debt etc. received from asset management business.

The table below presents the fees and commissions disaggregated by revenue source for the six-month periods ended September 30, 2024 and September 30, 2025.

		Six-month period ended September 30,
		2024				2025				2025
		(In millions)
Deposit related fees		Rs.	24,652.2			Rs.	25,832.3			US$	291.0
Lending related fees			28,966.3				34,955.3				393.7
Third-party products related fees			22,287.7				24,106.3				271.5
Payments and cards business fees			52,790.8				53,158.8				598.8
Investment Management Fee			17,091.0				20,426.9				230.1
Others			11,251.6				10,233.9				115.3
Fees and commissions		Rs.	157,039.6			Rs.	168,713.5			US$	1,900.4

The table below presents the fees and commissions disaggregated by segment for the six-month periods ended September 30, 2024 and September 30, 2025.

		Six-month period ended September 30,
		2024				2025				2025
						(In millions)
Retail Banking		Rs.	123,557.4			Rs.	129,700.1			US$	1,460.9
Wholesale Banking			15,490.5				16,670.1				187.8
Treasury Services			83.1				114.3				1.3
Insurance services			—				—				—
Others			17,908.6				22,229.0				250.4
Fees and commissions		Rs.	157,039.6			Rs.	168,713.5			US$	1,900.4

F-46

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

16. Stock-based compensation

By way of an ordinary resolution on July 19, 2025, the shareholders of the Bank approved, through postal ballot, the issuance of bonus shares, in the proportion of one bonus equity share of Rs.1 each for every one fully paid-up equity share held as of the record date (August 27, 2025). Accordingly, the Bank allotted 7,677,039,761 equity shares as bonus shares on August 28, 2025 by utilisation of share premium. All shares/ADS and per share/ADS information in the financial results reflect the effect of the bonus shares issuance retrospectively. One ADS continues to represent three equity shares.

Employee Stock Option Scheme (“ESOP”)

During six-month period ended September 30, 2025, the Nomination and Renumeration Committee (“NRC”) approved under Plan H, the grant of 130,206 and 37,849,180 options respectively (Schemes 60 to 61).

Restricted Stock Units (“RSUs”)

During the six-month period ended September 30, 2025, the NRC approved, under ESIS-2022, the grant of 12,088,694 RSUs (scheme RSU 012 to RSU 016) to the employees of the Bank.

During the six-month periods ended September 30, 2024 and September 30, 2025, there were no modifications to employees’ stock-based compensation schemes.

Assumptions used

The fair value of employee stock option schemes has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:

		Six-month period ended September 30,
		2024		2025
Dividend yield		0.77%-1.03%		0.73%-1.03%
Expected volatility		23.30%-27.70%		23.30%-27.70%
Risk-free interest rate		6.97%-7.24%		6.75%-7.24%
Expected term (in years)		4.49-7.21		4.49-7.21

The fair value of restricted stock units has been estimated on the dates of each grant using a binomial option pricing model with the following assumptions:

		Six-month period ended September 30,
		2024		2025
Dividend yield		—		0.77%-1.20%
Expected volatility		—		20.32%-27.55%
Risk-free interest rate		—		6.84%-6.89%
Expected term (in years)		—		1.0-4.0

The Bank recognizes compensation expense related to stock-based compensation plans over the requisite service period, generally based on the instruments’ grant-date fair value, reduced by expected forfeitures. Ultimately, the compensation cost for all awards that vest is recognized.

F-47

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Activity and other details

Activity in the options available to be granted under the employee stock option scheme is as follows:

		Number of options available to be granted in the six-month  period ended September 30,
		2024				2025
Options available to be granted, beginning of period			64,983,834				217,643,568
Equity shares allocated for grant under the plan			190,000,000				—
Options granted			(1,147,600	)			(38,109,592	)
Forfeited/lapsed			6,231,812				5,171,450
Options available to be granted, end of period			260,068,046				184,705,426

Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme is as follows:

		Number of RSUs available to be granted in the six-month period  ended September 30,
		2024				2025
RSUs available to be granted, beginning of period			175,923,152				164,883,974
Equity shares allocated for grant under the scheme			—				—
RSUs granted			—				(12,090,408	)
Forfeited/lapsed			990,420				1,028,038
RSUs available to be granted, end of the period			176,913,572				153,821,604

Activity in the options outstanding under the employee stock option scheme is as follows:

		Six-month period ended September 30,
		2024								2025
		Options				Weighted average exercise price				Options				Weighted average exercise price
Options outstanding, beginning of period			351,318,848			Rs.	653.97				282,749,020			Rs.	706.78
Granted			1,147,600				799.86				38,109,592				966.35
Exercised			(66,270,534	)			591.27				(56,526,020	)			635.70
Forfeited			(5,694,878	)			735.62				(3,422,444	)			804.92
Lapsed			(536,934	)			641.20				(1,749,006	)			687.63
Options outstanding, end of period			279,964,102			Rs.	667.77				259,161,142			Rs.	759.29
Options exercisable, end of period			174,326,650			Rs.	634.95				138,871,720			Rs.	666.66
Weighted average fair value of options granted during the year						Rs.	289.52							Rs.	365.18

Activity in the RSUs outstanding under the various Employees’ Stock Incentive Master Scheme is as follows:

		Six-month period ended September 30,
		2024								2025
		Units				Weighted average exercise price				Units				Weighted average exercise price
RSUs outstanding, beginning of period			23,443,608			Rs.	1.00				29,770,856			Rs.	1.0
Granted			—				—				12,090,408				1.0
Exercised			(1,464,760	)			1.00				(2,729,186	)			1.0
Forfeited			(986,600	)			1.00				(770,950	)			1.0
Lapsed			(3,820	)			1.00				(257,088	)			1.0
RSUs outstanding, end of period			20,988,428				1.00				38,104,040				1.0
RSUs exercisable, end of period			2,143,160				1.00				2,158,862				1.0
Weighted average fair value of RSUs granted during the year						Rs.	—							Rs.	951.94

F-48

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The following summarizes information about stock options outstanding as of September 30, 2025:

				As of September 30, 2025
Plan		Range of exercise price		Number of shares arising out of options				Weighted average remaining life (years)				Weighted average exercise price (Rs.)
Plan E		Rs. 818.45 (or US$ 9.22)			9,188,100				4.48				818.45
Plan F		Rs. 818.45 (or US$ 9.22)			22,116,480				4.47				818.45
Plan G		Rs. 441.43 to Rs. 836.55 (or US$ 4.97 to US$ 9.42)			105,185,808				2.57				690.17
Plan H		Rs. 838.65 to Rs. 966.50 (or US$ 9.45 to US$ 10.89)			81,653,712				2.98				866.56
eHDFC		Rs. 80.40 to Rs. 934.44 (or US$ 0.91 to US$ 10.53)			41,017,042				2.58				570.07

The following summarizes information about RSUs outstanding as of September 30, 2025:

As of September 30, 2025

Plan

Range of exercise price

Number of shares arising out of units

Weighted average remaining life (years)

Weighted average exercise price (Rs.)

ESIS 2022

Rs. 1.00 (or US$ 0.01)

38,104,040

2.64

1.0

The intrinsic value of options exercised during the six-month periods ended September 30, 2024 and September 30, 2025 at the grant date was Rs. 3,739.6 million and Rs. 3,845.5 million, respectively, and at the exercise date was Rs. 18,208.7 million and Rs. 17,864.6 million, respectively. The aggregate intrinsic value as of the grant date and as of September 30, 2025 attributable to options which are outstanding as on September 30, 2025 was Rs. 12,426.3 million (previous period Rs. 18,943.3 million) and Rs. 50,269.8 million (previous period Rs. 55,502.7 million), respectively. The aggregate intrinsic value as at the grant date and as of September 30, 2025 attributable to options exercisable as on September 30, 2025 was Rs. 11,362.2 million (previous period Rs. 18,281.5 million) and was Rs. 39,486.4 million (previous period Rs. 40,282.1 million), respectively. Total stock compensation cost recognized under these plans was Rs. 7,072.8 million and Rs. 6,638.1 million during the six-month periods ended September 30, 2024 and September 30, 2025, respectively. As of September 30, 2025, there were 120,289,422 unvested options (previous period 52,818,726) with a weighted average exercise price of Rs. 866.2 (previous period Rs. 1,443.9) and the aggregate intrinsic value at the grant date and as of September 30, 2025 was Rs. 1,064.2 million (previous period Rs. 661.8 million) and Rs. 10,783.4 million (previous period Rs. 15,220.6 million), respectively. As of September 30, 2025, the total estimated compensation cost to be recognized in future periods was Rs. 21,395.1 million (previous period Rs. 10,225.7 million). This is expected to be recognized over a weighted average period of 2.4 years.

The intrinsic value of RSUs exercised during the six-month period ended September 30, 2024 and September 30, 2025 at the grant date was 1,132.0 and Rs. 1,072.8, respectively, and at the exercise date was 1,267.8 and Rs. 2,592.7 million, respectively. The aggregate intrinsic value as of the grant date and as of September 30, 2025 attributable to RSUs which are outstanding as on September 30, 2025 was Rs. 22,488.4 million (previous period Rs. 16,225.2 million) and Rs. 36,198.8 million (previous period Rs. 18,166.0 million), respectively. The aggregate intrinsic value as of the grant date and as of September 30, 2025 attributable to RSUs exercisable as on September 30, 2025 was Rs. 872.7 (previous period 1,740.2) and Rs. 2,050.9 (previous period 1,855.0), respectively. Total stock compensation cost recognized for the RSUs under these plans was Rs. 4,767.1 million and Rs. 4,118.5 million during the six-month periods ended September 30, 2024 and September 30, 2025, respectively. As of September 30, 2025, there were 35,945,178 unvested RSUs with weighted average exercise price of Rs. 1.0 (previous period Rs. 1.0) and the aggregate intrinsic value at the grant date and as of September 30, 2025 was Rs. 21,615.6 million (previous period Rs. 14,485.1 million) and Rs. 34,147.9 million (previous period Rs. 16,311.1 million), respectively. As of September 30, 2025, the total estimated compensation cost for the RSUs to be recognized in future periods was Rs. 17,385.1 million (previous period Rs. 8,283.9 million). This is expected to be recognized over a weighted average period of 2.2 years.

HDFC Life Insurance Company Limited

HDFC Life has granted options of its equity shares to employees under various schemes and certain schemes are administered under the HDFC Life employee stock option trust and certain company schemes. The exercise price of the options granted is defined in the respective ESOS schemes.

Total number of outstanding options is 11,299,299 as of September 30, 2025 of which 4,732,903 are exercisable.

F-49

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

HDFC Asset Management Company Limited

HDFC AMC has granted options of its equity shares to employees and directors of HDFC AMC under various schemes. The exercise price of the options granted was based on the latest available closing price of the shares of the HDFC AMC on the National Stock Exchange of India Limited.

Total number of outstanding options is 2,853,623 as of September 30, 2025 of which 1,422,806 are exercisable.

HDFC Capital Advisors Limited

HDFC Capital Advisors has granted options of its equity shares to employees under the ESOP-2021 scheme. The exercise price of the options granted was determined by an independent valuer appointed by the Board of Directors.

Total number of outstanding options is nil as of September 30, 2025 of which nil are exercisable.

HDFC Securities Limited

The shareholders of the HDFC Securities Limited (“HSL”) approved a stock option scheme (viz., ESOS—II) in February 2017 (“Company Options”). Under the terms of the scheme, HSL issues stock options of its equity shares to employees, whole-time director, managing director and directors (excluding Independent Directors) of HSL, each of which is convertible into one equity share.

ESOS – II provides issuance of the options at the recommendation of compensation committee of the Board of Directors. The exercise price of the options granted was determined by considering the average price of two independent valuer reports.

Total number of outstanding options is 643,978 as of September 30, 2025 of which 251,788 are exercisable.

HDB Financial Services Limited

The shareholders of HDB Financial Services have approved issuance of options under Employee Stock Option (ESOP) Scheme. Under the term of scheme the company may issue stock options of its equity shares to employees and directors of the company based on approval from NRC.

Total number of outstanding options is 8,182,676 as of September 30, 2025 of which 3,549,738 are exercisable.

F-50

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

17. Financial instruments

Foreign exchange and derivative contracts

The Bank enters into forward exchange contracts, currency options, forward rate agreements, currency swaps, rupee interest rate swaps, and interest rate futures with inter-bank participants on its own account and for customers. These transactions enable customers to transfer, modify or reduce their foreign exchange and interest rate risks.

Forward exchange contracts are commitments to buy or sell foreign currency at a future date at the contracted rate. Currency swaps are commitments to exchange cash flows by way of interest in one currency against another currency and exchange the principal amount at maturity based on predetermined rates. Interest rate swaps are commitments to exchange fixed and floating rate interest cash flows. A forward rate agreement gives the buyer the ability to determine the underlying rate of interest for a specified period commencing on a specified future date (the settlement date) when the settlement amount is determined as the difference between the contracted rate and the market rate on the settlement date. Currency options give the buyer the right, but not an obligation, to buy or sell specified amounts of currency at agreed rates of exchange on or before a specified future date. Interest rate futures are a futures contract with an interest-paying underlying product. A contract is an agreement between a buyer and a seller for the delivery of an interest-bearing asset in the future.

The market and credit risk associated with these products, as well as the operating risks, are similar to those relating to other types of financial instruments. Market risk is the exposure created by movements in interest rates and exchange rates during the tenure of the transaction. The extent of market risk affecting such transactions depends on the type and nature of the transaction, the value of the transaction and the extent to which the transaction is uncovered. Credit risk is the exposure to loss in the event of default by counterparties. The extent of loss on account of a counterparty default will depend on the replacement value of the contract at the ongoing market rates.

F-51

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The Bank uses its pricing models to determine the fair value of its derivative financial instruments. The Bank records credit risk valuation adjustments on derivative financial instruments in order to reflect the credit quality of the counterparties and its own credit quality. The Bank calculates valuation adjustments on derivatives based on observable market credit risk spreads.

The following table presents the aggregate notional principal amounts of the Bank’s outstanding forward exchange and other derivative contracts as of March 31, 2025 and September 30, 2025, together with the fair value on each reporting date.

		As of March 31, 2025
		Notional				Gross Assets				Gross Liabilities				Net Fair Value
		(In millions)
Interest rate derivatives		Rs.	10,191,133.7			Rs.	58,654.3			Rs.	48,979.2			Rs.	9,675.1
Forward rate agreements			615,831.9				15,507.0				5,676.8				9,830.2
Currency options			291,621.4				1,065.3				1,332.6				(267.3	)
Currency swaps			462,773.9				19,180.2				4,360.8				14,819.4
Forward exchange contracts			12,934,924.7				85,405.6				83,216.7				2,188.9
Total		Rs.	24,496,285.6			Rs.	179,812.4			Rs.	143,566.1			Rs.	36,246.3

		As of September 30, 2025
		Notional				Gross Assets				Gross Liabilities				Net Fair Value				Notional				Net Fair Value
		(In millions)
Interest rate derivatives			Rs. 8,019,930.1				Rs.  57,742.1				Rs.  44,809.6			Rs.	12,932.5			US$	90,334.9			US$	145.7
Forward rate agreements			586,862.5				7,077.0				9,641.2				(2,564.2	)			6,610.3				(28.9	)
Currency options			262,117.1				1,363.5				1,758.5				(395.0	)			2,952.4				(4.4	)
Currency swaps			370,698.7				22,796.4				8,389.6				14,406.8				4,175.5				162.3
Forward exchange contracts			17,931,920.7				173,730.3				152,928.3				20,802.0				201,981.5				234.3
Total			Rs. 27,171,529.1				Rs. 262,709.3				Rs. 217,527.2			Rs.	45,182.1			US$	306,054.6			US$	509.0

The Bank has not designated the above contracts as accounting hedges and, accordingly, the contracts are recorded at fair value on the balance sheet with changes in fair value recorded in net income. The gross assets and the gross liabilities are recorded in “other assets” and “accrued expenses and other liabilities”, respectively, on the consolidated balance sheets.

The following table summarizes certain information related to derivative amounts recognized in income:

		Non-interest revenue, net – Derivatives for  the six-month period ended September 30
		2024				2025				2025
Interest rate derivatives		Rs.	11,960.3			Rs.	7,311.7			US$	82.4
Forward rate agreements			6,520.5				(10,321.9	)			(116.3	)
Currency options			270.7				(436.4	)			(4.9	)
Currency swaps			5,476.8				17,332.9				195.2
Forward exchange contracts			(265.4	)			3,367.1				37.9
Total gains/(losses)		Rs.	23,962.9			Rs.	17,253.4			US$	194.3

F-52

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Offsetting

The following table shows the impact of netting arrangements on derivative financial instruments, repurchase and reverse repurchase agreements that are subject to enforceable master netting arrangements or similar agreements, but are not offset.

The Bank enters into International Swaps and Derivatives Association, Inc. (“ISDA”) master netting agreements or similar agreements with substantially all of the Bank’s foreign exchange and derivative contract counterparties. These master netting agreements, give the Bank, in the event of default by the counterparty, the right to liquidate collateral held or placed and to offset receivables and payables with the same counterparty. In the table below, the Bank has presented the gross derivative assets and liabilities adjusted for the effects of master netting agreements and collateral received or pledged.

Transactions with counterparties for securities sold under agreements to repurchase (“repos”) and securities purchased under agreements to resell (“reverse repos”) are settled through the Clearing Corporation of India Limited (“CCIL”), a centralized clearinghouse. Collateral received or pledged is comprised of highly liquid investments. For undertaking the above transactions, power of attorney is executed by the Bank and the counterparties in favor of CCIL to liquidate the securities pledged in the event of default.

As of March 31, 2025

Amounts subject to enforceable netting arrangements

Effects of offsetting on balance sheet

Related amounts not offset

Gross Amounts

Amounts offset

Net amounts reported in the balance sheet

Financial instruments

Financial collateral (1)

Net amount

(In millions)

Financial assets

Derivative assets

Rs. 179,812.4

Rs. —

Rs. 179,812.4

Rs. 101,801.0

Rs. 17,969.6

Rs. 60,041.8

Securities purchased under agreements to resell

349,210.7

—

349,210.7

—

349,210.7

—

Financial liabilities

Derivative liabilities

Rs. 143,566.1

Rs. —

Rs. 143,566.1

Rs. 101,801.0

Rs. 10,955.8

Rs. 30,809.3

Securities sold under repurchase agreements

129,190.0

—

129,190.0

—

129,190.0

—

(1) Comprised of securities and cash collateral. These amounts are limited to the asset/liability balance, and accordingly, do not include excess collateral received/pledged.

As of September 30, 2025

Amounts subject to enforceable netting arrangements

Effects of offsetting on balance sheet

Related amounts not offset

Gross Amounts

Amounts offset

Net amounts reported in the balance sheet

Financial instruments

Financial collateral (1)

Net amount

Net amount

(In millions)

Financial assets

Derivative assets

Rs. 262,709.3

Rs. —

Rs. 262,709.3

Rs. 164,218.5

Rs. 14,097.5

Rs. 84,393.3

US$

950.6

Securities purchased under agreements to resell

58,646.9

—

58,646.9

—

58,646.9

—

—

Financial liabilities

Derivative liabilities

Rs. 217,527.2

Rs. —

Rs. 217,527.2

Rs. 164,218.5

Rs. 12,143.6

Rs. 41,165.1

US$

463.7

Securities sold under repurchase agreements

576,568.0

—

576,568.0

—

576,568.0

—

—

(1) Comprised of securities and cash collateral. These amounts are limited to the asset/liability balance, and accordingly, do not include excess collateral received/pledged.

F-53

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Guarantees

As a part of its commercial banking activities, the Bank has issued guarantees and documentary credits, such as letters of credit, to enhance the credit standing of its customers. These generally represent irrevocable assurances that the Bank will make payments in the event that the customer fails to fulfil its financial or performance obligations. Financial guarantees are obligations to pay a third-party beneficiary where a customer fails to make payment towards a specified financial obligation. Performance guarantees are obligations to pay a third-party beneficiary where a customer fails to perform a non-financial contractual obligation. The tenure of the guarantees issued or renewed by the Bank is normally in line with requirements on a case-by-case basis as may be assessed by the Bank. The remaining tenure of guarantees issued by the Bank and outstanding ranges from two days to 25.2 years.

The credit risk associated with these products, as well as the operating risks, is similar to those relating to other types of financial instruments.

In accordance with FASB ASC 460-10, the Bank has recognized a liability of Rs. 11,413.0 million as of March 31, 2025 and of Rs. 13,416.3 million as of September 30, 2025, in respect of guarantees issued or modified.

Details of guarantees and documentary credits outstanding are set out below:

		As of,
		March 31, 2025				September 30, 2025				September 30, 2025
		(In millions)
Nominal values:
Bank guarantees:
Financial guarantees		Rs.	714,278.7			Rs.	755,273.7			US$	8,507.3
Performance guarantees			781,152.1				866,746.7				9,762.9
Documentary credits			966,848.6				1,036,463.0				11,674.5
Total		Rs.	2,462,279.4			Rs.	2,658,483.4			US$	29,944.7
Estimated fair value:
Guarantees		Rs.	(11,413.0	)		Rs.	(13,416.3	)		US$	(151.1	)
Documentary credits			(1,462.5	)			(1,604.1	)			(18.1	)
Total		Rs.	(12,875.5	)		Rs.	(15,020.4	)		US$	(169.2	)

As part of its risk management activities, the Bank continuously monitors the creditworthiness of its customers as well as guarantee exposures. If a customer fails to perform a specified obligation, a beneficiary may draw upon the guarantee by presenting documents in compliance with the guarantee. In that event, the Bank makes payment on account of the defaulting customer to the beneficiary up to the full notional amount of the guarantee. The customer is obligated to reimburse the Bank for any such payment. If the customer fails to pay, the Bank liquidates any collateral held and sets off accounts; if insufficient collateral is held, the Bank recognizes a loss. Margins in the form of cash and fixed deposits available to the Bank to reimburse losses realized under guarantees amounted to Rs. 365.6 billion and Rs. 361.1 billion as of March 31, 2025 and September 30, 2025, respectively. Other property or security may also be available to the Bank to cover losses under these guarantees.

Undrawn commitments

The Bank has outstanding undrawn commitments to provide loans and financing to customers. These commitments aggregated to Rs. 1,222.2 billion and Rs. 1,308.2 billion (US$ 14.7 billion) as of March 31, 2025 and September 30, 2025, respectively. Among other things, the making of a loan is subject to a review of the creditworthiness of the customer at the time the customer seeks to borrow, at which time the Bank has the unilateral right to decline to make the loan. If the Bank were to make such loans, the interest rates would be dependent on the lending rates in effect when the loans were disbursed. Further, the Bank has unconditional cancellable commitments aggregating to Rs. 10,335.6 billion and Rs. 11,781.1 billion (US$ 132.7 billion) as of March 31, 2025 and September 30, 2025, respectively.

The allowance for credit losses included in accrued expenses and other liabilities on off-balance sheet credit exposures and undrawn commitments is as follows:

As of,

March 31, 2025

September 30, 2025

September 30, 2025

(In millions)

Allowance for credit losses, beginning of the period

Rs.

7,240.5

Rs.

9,453.7

US$

106.5

Net provision for credit exposures

2,213.2

1,372.2

15.4

Allowance for credit losses, end of the period

Rs.

9,453.7

Rs.

10,825.9

US$

121.9

F-54

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

18. Estimated fair value of financial instruments

The Bank’s financial instruments include financial assets and liabilities recorded on the balance sheet, including instruments such as foreign exchange and derivative contracts. Management uses its best judgment in estimating the fair value of the Bank’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of all the amounts the Bank could have realized in a sales transaction as of March 31, 2025 and September 30, 2025, respectively. The estimated fair value amounts as of March 31, 2025 and September 30, 2025 have been measured as of the respective year ends, and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair value of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year end.

Financial instruments valued at carrying value

The respective carrying values of certain on-balance-sheet financial instruments approximates their fair value. These financial instruments include cash and amounts due from banks, non-interest-bearing deposits in banks, securities purchased and sold under resale and repurchase agreements, accrued interest receivable, accrued interest payable, and certain other assets and liabilities that are considered financial instruments. Carrying values were assumed to approximate fair values for these financial instruments as they are short-term in nature and their recorded amounts approximate fair values or are receivable or payable on demand.

Trading securities

Trading securities are carried at fair value based on quoted market prices or market observable inputs or significant unobservable inputs.

Available for sale securities

AFS debt securities are carried at fair value. Such fair values were based on quoted market prices, where available. If quoted market prices did not exist, fair values were estimated using the market yield on the balance period to maturity on similar instruments and similar credit risks. The fair value of asset-backed and mortgage-backed securities is estimated based on revised estimated cash flows at each balance sheet date, discounted at current market pricing for transactions with similar risk. A reduction in the estimated cash flows of these instruments will adversely impact the value of these securities. A change in the timing of these estimated cash flows will also impact the value of these securities.

Loans

The fair values of consumer instalment loans and other consumer loans that do not reprice or mature frequently are estimated using discounted cash flow models. The discount rates are based on internal models. The fair value of loans would decrease (increase) in value based upon an increase (decrease) in discount rate. Since substantially all individual lines of credit and other variable rate consumer loans reprice frequently, with interest rates reflecting current market pricing, the carrying values of these loans approximate their fair values.

The fair values of commercial loans that do not reprice or mature within relatively short time frames are estimated using discounted cash flow models. The discount rates are based on internal models. The fair value of loans would decrease (increase) in value based upon an increase (decrease) in discount rate. For commercial loans that reprice within relatively short time frames, the carrying values approximate their fair values. For purposes of these fair value estimates, the fair values of impaired loans were computed by deducting an estimated market discount from their carrying values to reflect the uncertainty of future cash flows.

The fair values of loans that do not reprice or mature within relatively short time frames are estimated using discounted cash flow models and are classified as Level 3 as the input used for the valuation is internal credit spreads which is based on internal models and is considered unobservable. For loans that reprice within relatively short time frames, the carrying values approximate their fair values, accordingly such loans are classified as Level 2.

Deposits

The fair value of demand deposits, savings deposits, and money market deposits without defined maturities are the amounts payable on demand. For deposits with defined maturities, the fair values were estimated using discounted cash flow models that apply market interest rates corresponding to similar deposits and timing of maturities.

The fair value of demand deposits, savings deposits, and money market deposits without defined maturities are the amounts payable on demand. The carrying value of such deposits reflects the fair value of the instruments and hence classified as level 2. Deposits with defined maturities, the fair values have been estimated using discounted cash flow models that apply market interest rates corresponding to similar deposits and timing of maturities currently offered for such deposits as the valuation input is considered observable. These are classified as level 2.

F-55

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Short-term borrowings

The fair values of the Bank’s short-term debt were calculated based on a discounted cash flow model. The discount rates were based on yield curves appropriate for the remaining maturities of the instruments.

Input used for fair valuation of the financial instrument is considered observable and hence the instruments are classified as level 2.

Long-term debt

The fair values of the Bank’s unquoted long-term debt instruments were calculated based on a discounted cash flow model. The discount rates were based on yield curves appropriate for the remaining maturities of the instruments.

Input used for fair valuation of the financial instrument is considered observable and hence the instruments are classified as level 2.

Term placements

The fair values of term placements were estimated using discounted cash flow models. The discount rates were based on current market pricing for placements with similar characteristics and risk factors and hence the instruments are classified as level 2.

Derivatives

See note 17.

Accrued interest receivable /payable.

Considering the short term nature of accrued interest receivable and accrued interest payable, carrying value is considered to approximate the fair value. Accordingly, they are classified as level 2.

Other Assets / Accrued expenses and other liabilities.

Securities carried at fair value based on quoted market prices are classified as Level 1; other items in the nature of financial instruments are classified as level 2 as carrying value is reasonable estimate of fair value or the valuation input used is observable.

Securities purchased under agreements to resell / Securities sold under repurchase agreements.

Resale and repurchase agreements are classified as Level 2 because they are generally short-dated instruments collateralized by Government securities.

A comparison of the fair value and carrying value of financial instruments is set out below:

		As of
		March 31, 2025																				September 30, 2025
						Estimated fair value																				Estimated fair value
		Carrying value				Level 1				Level 2				Level 3				Total				Carrying value				Level 1				Level 2				Level 3				Total				Carrying value				Estimated fair value
																		(In millions)
Financial Assets:
Cash and due from banks, and restricted cash			Rs. 1,982,929.8				Rs. 1,982,929.8			Rs.	—			Rs.	—			Rs.	1,982,929.8			Rs.	1,594,748.7			Rs.	1,594,748.7				Rs.    —				Rs.    —				Rs.1,594,748.7			US$	17,962.9				US$17,962.9
Investments held for trading			625,388.5				340,388.3				250,009.3				34,990.9				625,388.5				549,680.6				331,870.3				180,522.3				37,288.0				549,680.6				6,191.5				6,191.5
Investments available for sale debt securities			9,910,174.3				1,435,936.3				8,360,598.8				113,639.2				9,910,174.3				10,412,364.0				481,925.9				9,816,907.3				113,530.8				10,412,364.0				117,282.8				117,282.8
Securities purchased under agreements to resell			349,210.7				—				349,210.7				—				349,210.7				58,646.9				—				58,646.9				—				58,646.9				660.6				660.6
Loans			28,102,981.8				—				5,801,666.4				22,327,674.8				28,129,341.2				29,038,800.6				—				6,185,217.0				22,975,252.4				29,160,469.4				327,087.2				328,457.6
Accrued interest receivable			322,788.9				—				322,729.4				59.5				322,788.9				334,584.0				—				334,487.6				96.4				334,584.0				3,768.7				3,768.7
Separate account assets			1,016,281.4				873,154.4				143,127.0				—				1,016,281.4				1,078,284.9				878,915.5				199,369.4				—				1,078,284.9				12,145.6				12,145.6
Other assets			1,978,448.8				20,404.1				1,950,178.0				2,300.7				1,972,882.8				1,928,612.6				113,361.7				1,749,624.2				44,862.3				1,907,848.2				21,723.5				21,489.6
Financial Liabilities:
Interest-bearing deposits			23,994,357.2				—				24,119,101.2				—				24,119,101.2				25,041,575.0				—				25,220,803.4				—				25,220,803.4				282,063.2				284,082.0
Non-interest-bearing deposits			3,116,596.7				—				3,116,596.7				—				3,116,596.7				2,942,239.2				—				2,942,239.2				—				2,942,239.2				33,140.8				33,140.8
Securities sold under repurchase agreements			129,190.0				—				129,190.0				—				129,190.0				576,568.0				—				576,568.0				—				576,568.0				6,494.3				6,494.3
Short-term borrowings			1,306,013.1				—				1,305,341.6				—				1,305,341.6				1,096,054.7				—				1,095,211.7				—				1,095,211.7				12,345.7				12,336.2
Accrued interest payable			258,311.8				—				258,311.8				—				258,311.8				287,173.9				—				287,173.9				—				287,173.9				3,234.7				3,234.7
Long-term debt			5,866,163.2				—				5,936,593.3				—				5,936,593.3				4,966,363.9				—				5,037,483.6				—				5,037,483.6				55,940.1				56,741.2
Accrued expenses and other liabilities			850,899.0				—				849,510.6				1,388.5				850,899.1				906,908.6				—				900,142.3				1,293.0				901,435.3				10,215.2				10,153.6
Separate account liabilities			1,016,281.4				—				1,016,281.4				—				1,016,281.4				1,078,284.9				—				1,078,284.9				—				1,078,284.9				12,145.6				12,145.6
Liabilities on policies in force(*)			47,316.6				—				47,316.6				—				47,316.6				45,392.3				—				45,392.3				—				45,392.3				511.3				511.3

(*) The liabilities on policies in force includes only the fair value of contracts that are classified as insurance contracts.

F-56

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

19. Segment information

The Bank operates in five reportable segments: wholesale banking, retail banking, insurance services, treasury services and others. The revenue and related expense recognition policies are set out in note 2. Substantially all operations and assets are based in India.

The retail banking segment serves retail customers through a branch network and other delivery channels. This segment raises deposits from customers and grants loans, provides credit cards and debit cards, and distributes third-party financial products, such as mutual funds and insurance to such customers. Revenues of the retail banking segment are derived from interest earned on retail loans, fees for banking services, profit from foreign exchange and derivative transactions and interest earned from other segments for surplus funds placed with those segments. Expenses of this segment are primarily comprised of interest expense on deposits, infrastructure and premises expenses for operating the branch network and other delivery channels, personnel costs, other direct overheads and allocated expenses. The Bank’s retail banking loan products also include loans to small and medium enterprises for commercial vehicles, construction equipment and other business purposes. Such grouping ensures optimum utilization and deployment of specialized resources in the retail banking business.

The wholesale banking segment provides loans and transaction services to corporate customers. As discussed above, loans to small and medium enterprises for commercial vehicles, construction equipment and other business purposes are included in the retail banking segment. Revenues of the wholesale banking segment consist of interest earned on loans given to corporate customers, investment income from credit substitutes, interest earned on the cash float arising from transaction services, fees from such transaction services and profits from foreign exchange and derivative transactions with wholesale banking customers. The principal expenses of the segment consist of interest expense on funds borrowed from other segments, premises expenses, personnel costs, other direct overheads and allocated expenses.

The treasury services segment undertakes trading operations on proprietary account (including investments in government securities), foreign exchange operations and derivatives trading both on proprietary account and customer flows and borrowings. Revenues of the treasury services segment primarily consist of fees and gains and losses from trading operations and of net interest revenue/expense from investments in government securities and borrowings. Revenues from foreign exchange and derivative operations and customer flows are classified under the retail or wholesale segments depending on the profile of the customer.

The insurance services segment comprises the Life Insurance business which offers a wide range of individual and group insurance solutions such as Protection, Pension, Savings, Investment, Annuity and Health. Revenues from the insurance segment consists of premiums, investment income from managed assets, linked income (fund management charges, policy administration charges, mortality charges, surrender charges, discontinuance charges, reinstatement fees, etc) and other miscellaneous income. Expenses of this segment primarily comprise commission expenses, operating expenses related to insurance business, benefits paid, changes in valuation of actuarial liability and other direct overheads and allocated expenses.

The others segment comprises businesses other than the retail banking segment, wholesale banking segment, treasury services segment and insurance services segment.

Segment income and expenses include certain allocations. Interest income is charged by a segment that provides funding to another segment, based on yields benchmarked to an internally developed composite cost mix which broadly tracks market-discovered interest rates.

Salaries and staff benefits is a significant expense for our reportable segments. Other than salaries and staff benefits includes other expense categories that are consistent with those presented in our consolidated statements of income, such as premises and equipment, depreciation and amortization, administrative and other expense, amortization of intangible assets and (Surplus) / Deficit in P&L transferred to undistributed policy holders earnings account. Claims and benefits paid pertaining to insurance business is a significant expense for our insurance services segment. Directly identifiable overheads are attributed to a segment at actual amounts incurred. Indirect shared costs, principally corporate office expenses, are generally allocated to each segment on the basis of area occupied, number of staff, volume and nature of transactions. The wholesale banking segment includes unallocated tax balances and other items.

F-57

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Summarized segment information for the six-month periods ended September 30, 2024 and September 30, 2025:

		Six-month period ended September 30, 2024
		Retail Banking				Wholesale Banking				Treasury Services				Insurance Services				Others				Total
						(In millions)
Net interest income/(expense) (external)		Rs.	477,652.7			Rs.	90,533.2			Rs.	61,393.2			Rs.	65,114.4			Rs.	112.4			Rs.	694,805.9
Net interest income/(expense) (internal)			1,895.0				52,474.8				(54,369.8	)			—				—				—
Net interest revenue			479,547.7				143,008.0				7,023.4				65,114.4				112.4				694,805.9
Less: Provision for credit losses			90,708.7				(7,653.5	)			—				—				—				83,055.2
Net interest revenue, after provision for credit losses			388,839.0				150,661.5				7,023.4				65,114.4				112.4				611,750.7
Non-interest revenue			152,744.0				50,041.8				2,783.4				262,362.0				21,322.0				489,253.2
Non-interest expense			(277,372.7	)			(57,566.4	)			(1,334.3	)			(319,996.6	)			(9,761.0	)			(666,031.0	)
Income before income tax		Rs.	264,210.3			Rs.	143,136.9			Rs.	8,472.5			Rs.	7,479.8			Rs.	11,673.4			Rs.	434,972.9
Income tax expense																						Rs.	88,098.8
Segment assets:
Segment total assets		Rs.	24,434,453.7			Rs.	13,704,424.9			Rs.	2,190,111.4				4,768,779.1			Rs.	605,755.3			Rs.	45,703,524.4

		Six-month period ended September 30, 2025
		Retail Banking				Wholesale Banking				Treasury Services				Insurance Services				Others				Total				Total
						(In millions)
Net interest income/(expense) (external)		Rs.	454,908.8			Rs.	116,757.5			Rs.	82,221.3			Rs.	76,867.0			Rs.	194.0			Rs.	730,948.6			US$	8,233.3
Net interest income/(expense) (internal)			78,312.8				(14,577.2	)			(63,735.6	)			—				—				—				—
Net interest revenue			533,221.6				102,180.3				18,485.7				76,867.0				194.0				730,948.6				8,233.3
Non-interest revenue			156,047.9				25,763.1				33,023.7				242,766.0				25,495.0				483,095.7				5,441.5
Less: Provision for credit losses			111,021.1				(9,268.4	)			—				—				—				101,752.7				1,146.1
Total revenue, net			578,248.4				137,211.8				51,509.4				319,633.0				25,689.0				1,112,291.6				12,528.7
Salaries and staff benefits			(138,862.7	)			(5,453.9	)			(1,138.4	)			(4,958.0	)			(6,837.0	)			(157,250.0	)			(1,771.2	)
Other than salaries and staff benefits expense			(179,807.1	)			(25,839.3	)			(445.9	)			(52,143.1	)			(3,815.0	)			(262,050.4	)			(2,951.7	)
Claims and benefits paid pertaining to insurance business			—				—				—				(243,189.7	)			—				(243,189.7	)			(2,739.2	)
Total non-interest expense			(318,669.8	)			(31,293.2	)			(1,584.3	)			(300,290.8	)			(10,652.0	)			(662,490.1	)			(7,462.1	)
Income before income tax		Rs.	259,578.6			Rs.	105,918.6			Rs.	49,925.1			Rs.	19,342.2			Rs.	15,037.0			Rs.	449,801.5			US$	5,066.6
Less: Income tax expense																							105,168.3				1,184.6
Net income before noncontrolling interest																							344,633.2				3,882.0
Segment assets:
Segment total assets		Rs.	25,821,034.1			Rs.	14,140,676.0			Rs.	3,306,006.3			Rs.	5,092,131.4			Rs.	618,804.2			Rs.	48,978,652.0			US$	551,685.8

F-58

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

20. Commitments and contingencies

Commitments and contingent liabilities other than for off balance sheet financial instruments (see note 17) are as follows:

Capital commitments

The Bank has entered into committed capital contracts, principally for branch expansion and technology upgrades. The estimated amount of contracts remaining to be executed on the capital accounts as of March 31, 2025 and September 30, 2025 are Rs. 35,972.8 million and Rs. 30,141.0 million, respectively.

Contingencies

The Bank is party to various legal proceedings in the normal course of business. The Bank estimates the provision for contingencies which primarily include indirect taxes since no precedents exist which could be used as points of reference. The amount of claims against the Bank towards indirect taxes and other claims which are not acknowledged as debts as of September 30, 2025 amounted to Rs. 61,651.8 million (previous period Rs. 60,331.1 million). The Bank does not expect the outcome of these proceedings to have a material adverse effect on the Bank’s results of operations, financial condition or cash flows. The Bank intends to vigorously defend these claims. Although the results of other legal actions cannot be predicted with certainty, it is the opinion of management, after taking appropriate legal advice, that the likelihood of these claims becoming obligations of the Bank is remote and hence the resolution of these actions will not have a material adverse effect, if any, on the Bank’s business, financial condition or results of operations.

Lease commitments

The Bank is party to operating leases for certain of its office premises and employee residences, with a renewal at the option of the Bank. Operating lease right-of-use assets and lease liabilities were as follows:

As of,

March 31, 2025

September 30, 2025

September 30, 2025

(In millions)

Right-of-use assets

Rs. 142,297.4

Rs. 155,741.4

US$

1,754.2

Lease liabilities

153,929.8

168,371.0

1,896.5

The total lease expenses were as follows:

		Six-month period ended September 30,
		2024				2025				2025
						(In millions)
The total minimum lease expense during the period recognized in the consolidated statements of income			Rs. 13,329.5				Rs. 15,592.0			US$	175.6

The total operating cash flow for operating lease expenses for the six-month periods ended September 30, 2024 and September 30, 2025 was Rs. 12,399.1 million and Rs. 14,368.8 million (US$ 161.8 million), respectively.

F-59

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The future minimum lease payments as of September 30, 2025 were as follows:

Due in fiscal year ending March 31:		Operating leases
		(In millions, except for weighted averages)
2026 (remaining period)		Rs.	13,821.1			US$	155.7
2027			25,982.6				292.7
2028			25,404.4				286.2
2029			24,458.5				275.5
2030			23,196.8				261.3
Thereafter			137,082.4				1,544.1
Total lease payments		Rs.	249,945.8			US$	2,815.5
Less: imputed interest			81,574.7				919.0
Total operating lease liabilities		Rs.	168,371.0			US$	1,896.5
Weighted average remaining lease term (in years)			7.9				7.9
Weighted average discount rate			7.15	%			7.15	%

The Bank enters into lease agreements to obtain the right-of-use assets for its business operations, substantially all of which are premises. Lease liabilities and right-of-use assets are recognized when the Bank enters into operating leases and represent obligations and rights to use these assets over the period of the leases and are re-measured for modifications. Operating lease liabilities include fixed payments for the contractual duration of the lease, adjusted for renewals or terminations. The lease agreements entered into by the Bank do not include any material residual value guarantees and material restrictive covenants. The lease payments are discounted using a rate determined when the lease is recognized. In general, the Bank does not know the discount rate implicit in the lease, and so the Bank estimates a discount rate that the Bank believes approximates a collateralized borrowing rate for the estimated duration of the lease term. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the incremental borrowing rate. Right-of-use assets are reported in other assets on the consolidated balance sheets and related lease liabilities are reported in accrued expenses and other liabilities on the consolidated balance sheets. The amortization of operating lease right-of-use assets and the accretion of operating lease liabilities are reported together as fixed lease expenses and are included in “Non-interest expense- Premises and equipment”. The lease expense is recognized on a straight-line basis over the life of the lease. The lease agreements entered into by the Bank generally have renewal and escalation clauses. These agreements also in general permit the Bank to terminate the lease arrangement within a certain period of notice of termination. The Bank does not include renewal or termination options in the establishment of the lease term when it is not reasonably certain that it will exercise them. The Bank has elected to exclude leases with terms of less than one year from the operating lease right-of-use assets and lease liabilities. The related short-term lease expense is included in “Non-interest expense- Premises and equipment” in the consolidated statements of income. As of September 30, 2025, the Bank had additional undiscounted operating lease commitments of Rs. 1,176.2 million, predominantly for premises, with leases which have not yet commenced. These leases were expected to commence by October 2025 and have lease terms ranging from 2 to 21 years.

F-60

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

21. Earnings per equity share

By way of an ordinary resolution on July 19, 2025, the shareholders of the Bank approved, through postal ballot, the issuance of bonus shares, in the proportion of one bonus equity share of Rs.1 each for every one fully paid-up equity share held as of the record date (August 27, 2025). Accordingly, the Bank allotted 7,677,039,761 equity shares as bonus shares on August 28, 2025 by utilisation of share premium. All shares/ADS and per share/ADS information in the financial results reflect the effect of the bonus shares issuance retrospectively. One ADS continues to represent three equity shares.

A reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share has been provided below. Potential equity shares in the nature of Employees Stock Option Schemes (“ESOPs”) with average outstanding balances of 50,057,512 and 113,705,408 were excluded from the calculation of diluted earnings per share for the six-month periods ended September 30, 2024 and September 30, 2025, respectively, as these were anti-dilutive.

		As of September 30,
		2024				2025
Weighted average number of equity shares used in computing basic earnings per equity share			15,220,638,754				15,332,616,625
Effect of potential equity shares for stock options outstanding			60,649,267				54,824,212
Weighted average number of equity shares used in computing diluted earnings per equity share			15,281,288,020				15,387,440,837

The following are reconciliations of basic and diluted earnings per equity share and earnings per ADS.

		Six-month period ended September 30,
		2024				2025				2025
Basic earnings per share			Rs. 22.79				Rs. 21.73			US$	0.24
Effect of potential equity shares for stock options outstanding			0.09				0.08				0.01
Diluted earnings per share			Rs. 22.70				Rs. 21.65			US$	0.23
Basic earnings per ADS			Rs. 68.37				Rs. 65.19			US$	0.72
Effect of potential equity shares for stock options outstanding			0.27				0.24				0.03
Diluted earnings per ADS			Rs. 68.10				Rs. 64.95			US$	0.69

F-61

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

22. Fair value measurement

FASB ASC 820 Fair Value Measurement defines fair value, establishes a framework for measuring fair value in US GAAP, and prescribes requirements for disclosures about fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

Level of input
Level 1		Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities.
Level 2		Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3		Inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).

The following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. These valuation methodologies were applied to all of the Bank’s financial assets and financial liabilities carried at fair value. For Level 1 instruments, the valuation is based upon the unadjusted quoted prices of identical instruments traded in active markets. For Level 2 instruments, where such quoted market prices are not available, the valuation is based upon the quoted prices for similar instruments in active markets, the quoted prices for identical or similar instruments in markets that are not active, prices quoted by market participants and prices derived from standard valuation methodologies or internally developed models that primarily use certain inputs such as interest rates, yield curves, volatilities and credit spreads, which are available from public sources such as Reuters, Bloomberg and the Fixed Income Money Markets and Derivatives Association of India. The valuation methodology primarily includes discounted cash flow techniques. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Bank’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The valuation of Level 3 instruments is based on valuation techniques or models which use significant market unobservable inputs or assumptions.

The Bank uses its quantitative pricing models to determine the fair value of its derivative instruments. These models use multiple market inputs, including interest rates, prices and indices to generate continuous yield or pricing curves and volatility factors to value the positions that are observable directly or indirectly. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Bank’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time.

Financial assets and financial liabilities are measured at fair value on a recurring basis as follows:

AFS debt securities: AFS debt securities are carried at fair value. Such fair values were based on quoted market prices, where available. If quoted market prices did not exist, fair values were estimated using the market yield on the balance period to maturity on similar instruments and similar credit risks. The fair value of asset-backed and mortgage-backed securities is estimated based on revised estimated cash flows at each balance sheet date, discounted at current market pricing for transactions with similar risk. A reduction in the estimated cash flows of these instruments will adversely impact the value of these securities. A change in the timing of these estimated cash flows will also impact the value of these securities.

Trading securities: Trading securities are carried at fair value based on quoted market prices or market observable inputs or significant unobservable inputs.

Equity securities: Marketable securities are measured at fair value. Non-marketable equity securities under the measurement alternative are carried at cost plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

Held to maturity securities: There were no HTM securities as of March 31, 2025 and September 30, 2025.

Separate Account Assets: Separate account assets are carried at fair value based on quoted market prices or market observable inputs.

F-62

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Separate account liabilities: The portion of separate account assets representing contract holder’s funds are reported in the insurance entity’s financial statements as a summary total, with an equivalent summary total reported for related liabilities. These amounts are then presented on the consolidated balance sheets.

Liabilities on policies in force: Liabilities on policies in force is calculated as the present value of expected benefits to be paid, less the present value of expected premiums. These liabilities are determined based on GAAP and actuarial standards, using assumptions such as mortality, policy lapse, investment returns, and expenses. Assumptions are set at policy issuance to estimate experience over the benefit period. Some assumptions such as mortality, morbidity and interest rates locked in for long-duration contracts and reassessed at every reporting period.

The following table summarizes investments measured at fair value on a recurring basis as of March 31, 2025, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value:

		Fair Value Measurements Using
Particulars		Total				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
						(In millions)
Assets
Trading account securities		Rs.	625,388.5			Rs.	336,658.0			Rs.	253,739.6			Rs.	34,990.9
Securities available-for-sale			9,910,174.3				1,435,936.2				8,360,598.9				113,639.2
Equity securities(*)			129,984.8				20,404.1				109,013.3				567.4
Separate Account Assets			1,016,281.4				873,154.4				143,127.0				—
Total		Rs.	11,681,829.0			Rs.	2,666,152.7			Rs.	8,866,478.8			Rs.	149,197.5
Liabilities
Liabilities on policies in force			482.9				—				482.9				—
Total		Rs.	482.9			Rs.	—			Rs.	482.9			Rs.	—

(*) Equity securities classified within other assets.

The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of September 30, 2025, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

		Fair Value Measurements Using
Particulars		Total				Quoted prices in active markets for identical assets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
						(In millions)
Assets
Trading account securities		Rs.	549,680.6			Rs.	331,870.3			Rs.	180,522.3			Rs.	37,288.0
Securities available-for-sale			10,412,364.0				481,925.9				9,816,907.3				113,530.8
Equity securities (*)			57,097.9				28,211.1				—				28,886.8
Other securities (**)			99,262.9				85,150.6				—				14,112.3
Separate Account Assets			1,078,284.9				878,915.5				199,369.4				—
Total		Rs.	12,196,690.3			Rs.	1,806,073.4			Rs.	10,196,799.0			Rs.	193,817.9
Total		US$	137,381.1			US$	20,343.2			US$	114,854.8			US$	2,183.1
Liabilities
Liabilities on policies in force			455.3				—				455.3				—
Total		Rs.	455.3			Rs.	—			Rs.	455.3				Rs. —
Total		US$	5.1			US$	—			US$	5.1			US$	—

(*) Equity securities classified within other assets.

(**) Other securities classified within other assets include security receipts, alternative investment funds, pass-through certificates and others.

F-63

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

The following table summarizes certain additional information about changes in the fair value of Level 3 assets pertaining to instruments carried at fair value for the fiscal years ended March 31, 2025 and September 30, 2025:

Particulars		As of March 31, 2025
		(In millions)
Beginning balance at April 1, 2024		Rs.	160,865.0
Total gains or losses (realized/unrealized)
— Included in net income			5,864.3
— Included in other comprehensive income			1,351.8
Purchases/additions			65,272.1
Sales			(546.6	)
Issuances			—
Settlements			(83,818.7	)
Transfers into Level 3			209.6
Transfers out of Level 3			—
Foreign currency translation adjustment			—
Ending balance at March 31, 2025		Rs.	149,197.5
Total amount of gains/ (losses) included in net income attributable to change in unrealized gains/ (losses) relating to assets still held at reporting date		Rs	5,830.7
Change in unrealized gains/ (losses) for the period included in other comprehensive income for assets held at the end of the reporting period		Rs	433.0

Particulars		As of September 30, 2025
		(In millions)
Beginning balance at April 1, 2025		Rs.	149,197.5
Total gains or losses (realized/unrealized)
— Included in net income			4,405.6
— Included in other comprehensive income			606.5
Purchases/additions			37,299.1
Sales			(630.0	)
Issuances			—
Settlements			(34,661.1	)
Transfers into Level 3			37,600.3
Transfers out of Level 3			—
Foreign currency translation adjustment			—
Ending balance at September 30, 2025		Rs.	193,817.9
Total amount of gains/ (losses) included in net income attributable to change in unrealized gains/ (losses) relating to assets still held at reporting date		Rs	(2,322.2	)
Change in unrealized gains/ (losses) for the period included in other comprehensive income for assets held at the end of the reporting period		Rs	237.3

Equity securities as of April 1, 2025 with a fair value of Rs. 37,600.3 million were transferred from Level 2 to Level 3 based on the assessment of the nature of observable inputs.

F-64

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

Derivatives: The Bank enters into forward exchange contracts, currency options, forward rate agreements, currency swaps and rupee interest rate swaps with inter-bank participants on its own account and for customers. These transactions enable customers to transfer, modify or reduce their foreign exchange and interest rate risks. Forward exchange contracts are commitments to buy or sell foreign currency at a future date at the contracted rate. Currency swaps are commitments to exchange cash flows by way of interest in one currency against another currency and exchange the principal amount at maturity based on predetermined rates. Rupee interest rate swaps are commitments to exchange fixed and floating rate cash flows in rupees.

The Bank uses its pricing models to determine the fair value of its derivative instruments. These models use market inputs that are observable directly or indirectly.

The following table summarizes derivative instruments measured at fair value on a recurring basis as of March 31, 2025, segregated by the level of valuation inputs within the fair value hierarchy:

Fair Value Measurements Using

Particulars

Total

Quoted prices in active markets for identical assets (Level 1)

Significant other observable inputs (Level 2)

Significant unobservable inputs (Level 3)

(In millions)

Derivative assets

Rs.

179,812.4

Rs.

—

Rs.

179,812.4

Rs.

—

Derivative liabilities

Rs.

143,566.1

Rs.

—

Rs.

143,566.1

Rs.

—

The following table summarizes derivative instruments measured at fair value on a recurring basis as of September 30, 2025, segregated by the level of valuation inputs within the fair value hierarchy:

Fair Value Measurements Using

Particulars

Total

Quoted prices in active markets for identical assets (Level 1)

Significant other observable inputs (Level 2)

Significant unobservable inputs (Level 3)

(In millions)

Derivative assets

Rs.

262,709.3

Rs.

—

Rs.

262,709.3

Rs.

—

Derivative liabilities

Rs.

217,527.2

Rs.

—

Rs.

217,527.2

Rs.

—

F-65

HDFC BANK LIMITED AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

(Unaudited)

23. Risk and uncertainties

The Bank continues to monitor the developments in the ongoing war between Russia and Ukraine (which has entered its fourth year), the geo-political conflict between Israel and Hamas, the war in Iran involving the United States and Israel, the escalating regional instability in the Middle East, the logistical restrictions due to the closure of the Strait of Hormuz and the added tensions in the immediate region consequent to the terrorist attack on tourists in Pahalgam in Jammu and Kashmir, which complicates the geopolitical landscape. The tariff announcements by the United States in February 2025 and the retaliatory tariffs by China have led to increased uncertainty in the world markets. In February 2026, the U.S. Supreme Court ruled that the baseline reciprocal tariffs and certain higher additional tariffs imposed by the U.S. President in April 2025 pursuant to the International Emergency Economic Powers Act (“IEEPA”) were unlawful. Following the ruling, the U.S. President signed a proclamation imposing a new 10 percent global tariff under Section 122 of the Trade Act of 1974. Significant uncertainty remains regarding the imposition of tariffs pursuant to IEEPA, including with respect to timing, amount, the status of any current appeal and the potential for further appeal.

24. Subsequent events

In its meeting held on April 18, 2026, the Board of Directors of the Bank recommended a final dividend of Rs. 13.0 per share for the fiscal year ended March 31, 2026 subject to approval of the shareholders at the next Annual General Meeting to be held. The amount of such dividend aggregated to Rs. 200,113.8 million as of March 31, 2026.

On June 16, 2026, the Bank’s IFSC banking unit, GIFT City, raised US$ 750 million through the issuance of five-year 5.067% senior unsecured bonds maturing on June 24, 2031.

F-66

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