HDFC Bank appointed Anup Bagchi, an ICICI Group veteran, as its first external MD and CEO for a three-year term effective 27th of this month

Mon 5 Oct 2026

Q2 advances growth

16.3 percent

Q2 deposits growth

18.8 percent

CASA ratio

32 percent

Pre-merger CASA level

44 percent

Q1 profit growth

5 percent

Heard on business television between 13:08:55 - 13:11:55 IST.

• Anup Bagchi will be HDFC Bank's first external CEO, with a three-year term starting 27th of this month
• He joined ICICI Group in 1992, headed ICICI Securities, was executive director at ICICI Bank, and most recently ran ICICI Prudential Life
• Key challenges flagged: funding (CD ratio high, CASA at 32% vs 44%+ pre-merger), margins/returns (profit growth just 5% in Q1, ROE/ROCE below pre-merger levels), and investor confidence hit by AT1 bonds and MSRDC issues
• Brokerages including Jefferies, Nomura, Citi, Bernstein, Macquarie and Morgan Stanley are positive on the appointment, with target prices ranging from Rs 880 to Rs 1150 (Bernstein)
• Appointment seen as removing the leadership succession overhang, but execution will be the real test

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