Anup Bagchi Takes Charge As HDFC Bank's New MD & CEO
· Free Press Journal
HDFC Bank announced a change in its top leadership on Tuesday with Anup Bagchi assuming charge as Managing Director and Chief Executive Officer (MD & CEO) following the completion of Sashidhar Jagdishan's tenure.
In a stock exchange filing, the country's largest private-sector lender confirmed that Jagdishan stepped down at the close of business on Oct 26.
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The bank had previously disclosed details of the leadership transition in a communication dated Oct 1, 2026.
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Bagchi brings extensive financial services experience, having held senior positions at ICICI Bank and ICICI Prudential Life Insurance.
His professional background spans banking, lending and insurance.
Jagdishan had headed HDFC Bank since October 2020, succeeding Aditya Puri, who led the institution for nearly three decades.
During his tenure, Jagdishan oversaw the merger of Housing Development Finance Corporation with HDFC Bank, which became effective in July 2023.
The transaction combined the housing finance company's operations with the bank's lending and deposit businesses, creating a significantly larger financial institution.
HDFC Bank acknowledged Jagdishan's contribution to its strategic development, organisational culture and customer-focused operations.
The integration of the merged businesses and management of the expanded balance sheet remain important priorities for the new leadership.
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The leadership change comes after HDFC Bank reported mixed financial results for the September quarter of FY27.
Consolidated net profit increased 4.7% year-on-year to ₹19,510 crore from ₹18,641 crore, falling short of analysts' estimate of ₹19,727 crore.
Net interest income (NII) grew 10% to ₹34,619 crore, against expectations of ₹34,991 crore.
Operating profit rose 5.6% to ₹29,483 crore from ₹27,923 crore in the corresponding quarter last year. However, this figure also missed the projected ₹29,868 crore.
The bank reported a net interest margin of 3.16%, calculated on total assets. Bagchi assumes responsibility as the lender works to sustain earnings growth while addressing operational priorities following its merger.