HDFC Bank named Anup Bagchi, an external hire from ICICI Group, as its new MD and CEO for a three-year term starting October 27, with analysts largely positive but citing challenges on deposits, margins and investor…

HDFC Bank named Anup Bagchi, an external hire from ICICI Group, as its new MD and CEO for a three-year term starting October 27, with analysts largely positive but citing challenges on deposits, margins and investor confidence.

Mon 5 Oct 2026

Q2 advances growth

16.3 percent

Q2 deposits growth

18.8 percent

CASA ratio

around 32 percent

Pre-merger CASA level

44 percent plus

Q1 profit growth

5 percent

Heard on business television between 16:15:12 - 16:18:12 IST.

• Anup Bagchi, first external CEO in HDFC Bank's history, takes charge from 27th October for a three-year term, with a three-prong strategy: rebuilding brand/trust, optimizing the balance sheet, and accelerating future readiness via digitization.
• Bagchi previously spent decades at ICICI Group, heading ICICI Securities, serving as executive director at ICICI Bank, and most recently running ICICI Prudential Life.
• Challenges flagged include funding (advances grew 16.3% vs deposits 18.8%, CASA at just 32% vs 44%+ pre-merger), margins (profit growth just 5% in Q1, ROE/ROA below pre-merger levels), and investor confidence hit by leadership changes, AT1 bonds and the MSRDC matter.
• Analysts including Jefferies, Nomura, Citi, Bernstein, Macquarie and Morgan Stanley are positive, with buy ratings and target prices ranging from ₹880 to ₹1150 a share.
• Stock opened up 2-2.5% on the news but ended down about 2.25% from day's highs.

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