HDFC Bank posts Q2 net profit of ₹19,510 crore as deputy MD Kaizad Bharucha resigns

HDFC Bank reported a 4.7 percent year-on-year increase in net profit to ₹19,510 crore for the second quarter of FY27, according to a stock exchange filing on October 17, 2026. Separately, the bank announced that its long-serving Deputy Managing Director Kaizad Bharucha submitted a request to step down from his position on December 31, 2026.

Net interest income for the lender reached ₹33,987.8 crore during the quarter, representing a 9.7 percent growth compared to the same period in the previous fiscal year. However, treasury trading gains plummeted 67 percent year-on-year to ₹780 crore, down from ₹2,390 crore in the second quarter of FY26.

The bank maintained growth across its balance sheet. Gross advances rose 16.3 percent year-on-year to ₹32,195 billion, while total deposits expanded 18.8 percent to ₹33,275 billion. The net non-performing asset ratio remained at 0.37 percent.

Leadership transition details

The bank's Governance, Nomination and Remuneration Committee and its board of directors considered Bharucha's request during meetings held on October 16 and October 17, 2026. The board accepted his decision and approved forwarding his resignation to the Reserve Bank of India for regulatory clearance.

Bharucha, 60, joined HDFC Bank in 1995 after working at SBI Commercial and International Bank. He was appointed to the board in 2014 and has served as deputy managing director since April 2023. During his nearly three-decade tenure at the lender, he oversaw corporate banking, the emerging corporates group, investment banking, the rural banking group, and the emerging enterprises group. He also headed the inclusive banking initiatives group, corporate social responsibility, and environmental, social, and governance functions.

In its regulatory filing, the board noted that Bharucha played a significant role in the institutional growth of the lender, making contributions to its balance-sheet strength, risk management standards, and core credit architecture. Bharucha holds a commerce degree from Sydenham College of Commerce and Economics under the University of Mumbai.

Broader management changes

The leadership change occurs alongside a top-level management transition at the bank. Earlier in October, HDFC Bank appointed ICICI Bank veteran Anup Bagchi as managing director and chief executive officer for a three-year term effective October 27. Bagchi replaces Sashidhar Jagdishan, who retires on October 26, 2026.

The bank had originally submitted two candidates in order of preference to the Reserve Bank of India for the top executive position, with Bharucha being considered a strong internal candidate. Bharucha had previously co-chaired HDFC Bank's Integration Committee during its corporate restructuring.