HDFC Bank Ltd. Receives Credit Rating Affirmed by India Ratings & Research
HDFC Bank Ltd. announced on March 18, 2026, that India Ratings and Research Private Limited has affirmed and assigned ratings to various instruments of the bank. India Ratings affirmed the bank’s Long-Term Issuer Rating at 'IND AAA/Stable' and assigned a rating of 'IND A1+' to Certificates of Deposit.Rating Details
The summary of ratings assigned/affirmed is as follows:
| Instrument Type | Maturity Date | Size of Issue (Billion) | Rating/Outlook | Rating Action |
|---|---|---|---|---|
| Issuer Rating | - | IND AAA/Stable | Affirmed | |
| Certificates of deposit | 7-365 days | INR 250 | IND A1+ | Assigned |
| Certificates of deposit | 7-365 days | INR 1250 | IND A1+ | Affirmed |
| Fixed deposits | - | IND AAA/Stable | Affirmed | |
| Infrastructure bonds | INR 200 | IND AAA/Stable | Affirmed | |
| Basel-III compliant Tier 2 bonds | INR 250 | IND AAA/Stable | Affirmed | |
| Basel-III compliant Tier 1 bonds | INR 150 | IND AA+/Stable | Affirmed |
Instrument Details
| Instrument Type | Date of Issuance | Coupon Rate | Maturity Date | Size of Issue (billion) | Rating assigned along with Outlook/Watch | Rating Action |
|---|---|---|---|---|---|---|
| Certificates of deposit | - | - | 7-365 days | INR250 | IND A1+ | Assigned |
| Certificates of deposit | - | - | 7-365 days | INR1250 | IND A1+ | Affirmed |
India Ratings noted HDFC's financial strength, diverse earning profile, and systemic importance as key factors influencing the ratings. The agency highlighted the bank's focus on deposit growth and its strong capital buffers as strengths.
Key Financial Indicators (Consolidated):
| Particulars - Consolidated | FY25 | FY24 |
|---|---|---|
| Total assets (INR billion) | 43,924.2 | 40,301.4 |
| Total equity (INR billion) | 5,217.9 | 4,563.9 |
| Net income (INR billion) | 734.4 | 654.5 |
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