HDFC's net interest income rises as treasury gains fall
A bridge between HDFC's two revenue totals shows how stronger interest income met a weaker treasury comparison.
A bank can earn more from the gap between interest received and interest paid while its overall revenue grows more slowly. HDFC Bank's new quarterly results show that tension clearly, and the explanation sits in a handful of revenue lines.
In its October 17 results release, HDFC reported standalone net revenue of 484.5 billion rupees for the quarter ended September 30, compared with 459.0 billion a year earlier. Net interest income rose from 315.5 billion to 346.2 billion rupees. Treasury trading gains fell from 23.9 billion to 7.8 billion.
Following the change in revenue
TrendyVest calculated the following changes from the bank's rounded quarterly figures. All amounts are billions of Indian rupees, comparing September 2026 with September 2025.
| Revenue component | Change |
|---|---|
| Net interest income | +30.7 |
| Fees and commissions | +8.5 |
| Foreign exchange and derivatives | -0.4 |
| Treasury trading gains | -16.1 |
| Miscellaneous income | +2.8 |
| Total net revenue | +25.5 |
The rows reconcile to the reported revenue increase. They show how one part of the business can soften the headline growth rate even while other parts expand. The smaller treasury gain is a comparison with the prior year's gain; it is not a treasury loss in the current quarter.
This makes the revenue mix more informative than a single growth percentage. Net interest income is interest earned less interest expended. It can change with business volumes, funding costs and asset yields, so its increase alone does not establish that lending margins improved.
The profit adjustment is a separate calculation
HDFC reported standalone profit after tax of 195.1 billion rupees, up 4.7%. The bank said profit growth excluding treasury trading gains was approximately 12.6%.
That second percentage is HDFC's own comparison. The revenue bridge above does not independently reconstruct it: revenue is measured before operating costs, provisions and tax. Applying the treasury revenue difference directly to after-tax profit would skip those steps.
For investors assessing the result, the practical question is how the interest-income improvement carries through those expenses and credit costs. A stronger revenue component can support earnings without guaranteeing a matching increase in the amount left for shareholders.
The figures here cover the standalone quarter under Indian GAAP, separate from consolidated and half-year results. The accounts received a limited statutory auditor review. HDFC identifies its listings as NSE: HDFCBANK, BSE: 500180 and NYSE: HDB. This analysis makes no claim about a share-price response or performance against analyst forecasts.