Bagchi Leads HDFC Bank After Jagdishan Exit and Q2 Review
Anup Bagchi has taken the reins of HDFC Bank as Managing Director and Chief Executive Officer, replacing Shashidhar Jagdishan at the end of his term. The bank made the announcement on Tuesday, confirming a fresh phase of leadership at the private lender.
According to disclosures made to the stock exchanges, Jagdishan demitted office as MD and CEO after business hours on October 26, 2026. Bagchi formally assumed charge from October 27, 2026.
The bank credited Jagdishan with enhancing performance, organisational culture and a customer-first approach during his tenure. It also highlighted his important contribution to completing one of the largest mergers in corporate India.
Bagchi's arrival coincides with strong operational momentum at the bank, alongside some pressure points. For the second quarter of fiscal 2026-27, the bank posted a net profit of Rs 19,610 crore, up 5.2 per cent year-on-year, though this fell a little short of market expectations.
Net interest income grew 9.7 per cent to Rs 34,619 crore in the quarter, compared with analysts' estimate of Rs 34,991 crore. The net interest margin was 3.16 per cent. The bank said higher provisioning and weaker-than-expected NII weighed on results, even as loan and deposit growth was robust.
Separately, the bank is conducting an internal review of a recently reported possible leak of confidential information. A bank spokesperson said the review is ongoing to assess all facts, and necessary action will be taken after the process is complete. The bank has indicated that it will not offer detailed comments at this stage, in order to preserve the confidentiality of the review and of those involved.
Earlier in October, certain reports had alleged that the internal inquiry showed signs of two senior officials sharing confidential information. The bank has refrained from public comment until a conclusion is reached.
Leadership movements have been notable this year. In March, then Chairman Atanu Chakraborty resigned, citing a clash between his personal values and some of the bank's working practices. Deputy Managing Director Kaizad Bharucha has also decided to leave by the end of the year, requesting to step down effective December 31.