Mumbai: Anup Bagchi took charge as the Managing Director and Chief Executive Officer of HDFC Bank on Tuesday, taking over from Sashidhar Jagdishan, whose tenure ended on October 26.
The bank confirmed the change in a stock exchange filing, saying Bagchi’s appointment became effective on October 27, 2026.
HDFC Bank thanked Jagdishan for his contribution during his time at the helm. The lender said his leadership helped strengthen its performance, workplace culture and focus on customers. He also played an important role in completing one of corporate India’s biggest mergers.
HDFC Bank’s financial performance
Bagchi takes charge at a time when the bank’s latest financial results have presented a mixed picture.
Earlier this month, HDFC Bank reported a net profit of Rs 19,610 crore for the second quarter of FY27, up 5.2 per cent from the same period last year. However, the figure was below market expectations.
Net interest income (NII), which reflects the difference between interest earned and interest paid, rose 9.7 per cent year-on-year to Rs 34,619 crore. This was lower than analysts’ estimate of Rs 34,991 crore. The bank’s net interest margin stood at 3.16 per cent.
The lender said higher provisions and lower-than-expected net interest income affected its performance, even as its loans and deposits continued to grow.
Bank reviews possible information leak
HDFC Bank is also looking into a possible leak of confidential information.
The bank’s statement came after reports earlier in October claimed that an internal probe had found two senior executives had disclosed confidential information. The bank has not publicly confirmed those allegations as established findings.
A spokesperson said an internal review was underway to examine the facts.
“In line with our policies, an internal review into this matter is currently underway to gather and evaluate all relevant facts,” the spokesperson said.
The bank added that it would not comment further while the review was in progress. It said appropriate action would be taken once the findings were available.
More leadership changes this year
HDFC Bank has seen other major changes at the top this year. In March, then chairman Atanu Chakraborty resigned, citing differences between his personal values and certain practices at the bank.
Deputy Managing Director Kaizad Bharucha has also decided to step down, with his departure scheduled to take effect on December 31.
Bagchi now takes charge as the lender deals with these leadership changes and works to maintain its financial performance. The ongoing review into the possible information leak is another matter the bank will need to address.