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    Pranav Dheeeraj Gundlapalle • Bernstein

    Pranav Dheeeraj Gundlapalle's questions to HDFC Bank Ltd (HDB) leadership

    Pranav Dheeeraj Gundlapalle's questions to HDFC Bank Ltd (HDB) leadership • Q1 2026

    Question

    Pranav Dheeeraj Gundlapalle of Bernstein questioned the reasons for stagnant CASA market share and the strategy to reverse this trend, the percentage of loan customers in the total base, and the potential for conflict with HDB Financial Services.

    Answer

    CEO Sashidhar Jagdishan explained that the post-merger priority was overall deposit mobilization to lower the CD ratio, which temporarily de-emphasized CASA. The strategy to regain momentum involves upselling more products and enhancing customer experience. He asserted there is minimal conflict with HDB Financial Services, as it targets a different customer segment. CFO Srinivasan Vaidyanathan added that with product penetration for most offerings below 12% (except cards), there is a significant runway for cross-selling loans to the existing customer base.

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    Pranav Dheeeraj Gundlapalle's questions to HDFC Bank Ltd (HDB) leadership • Q1 2026

    Question

    Pranav Dheeeraj Gundlapalle of Bernstein questioned the reasons for the recent stagnation in CASA deposit market share after a strong multi-year performance. He also asked about the potential for future conflict between HDFC Bank and its subsidiary, HDB Financial Services, in targeting the same customer segments.

    Answer

    MD & CEO Sashidhar Jagdishan explained the bank prioritized overall deposit mobilization to lower its CD ratio post-merger, which temporarily de-emphasized specific CASA growth. The focus is now shifting back to customer engagement and upselling to regain CASA momentum. He asserted there is minimal overlap with HDB Financial Services, as it caters to a customer segment a 'notch or two below' the bank's, a distinction that will be maintained.

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