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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Neither bank is an automatic buy based on its Q2 FY27 business update alone. Both reported strong year-on-year loan and deposit growth, but funding mix matters: Nomura estimated that FCNR(B) deposits accounted for about 70% of HDFC Bank’s quarterly deposit accretion, while Yes Bank’s headline advance growth looks less striking on some normalized measures. Yes Bank also reported a lower CASA ratio than in either the previous quarter or the year-earlier quarter. These updates cover operating indicators, not complete earnings or valuation, so a buy decision needs the full results and the price you would pay.
What the reported share moves do—and do not—tell you
The title’s price moves are not a reliable summary of the market’s final verdict. Goodreturns’ October 5, 2026 account said HDFC Bank fell 1% in early trading and Yes Bank gained about 2%; later in that same account, HDFC was around ₹705.45 and down 2% at the time of writing. Business Today reported on October 5 that both stocks gained close to 1.9%. These are different intraday snapshots, not one definitive closing-price comparison. A one-day move also does not establish whether either share is cheap or likely to outperform.
The updates relate to the quarter ended September 2026, but they are business updates ahead of the full Q2 FY27 results. They report lending, deposits and selected liquidity measures. They do not, by themselves, establish quarterly profit, net interest margin, provisions, asset quality, valuation or expected shareholder return.
What each bank reported
The figures below are media-reported business-update numbers and broker calculations, not a complete like-for-like earnings comparison. HDFC Bank’s amounts are reported in ₹ billion; Yes Bank’s are in ₹ crore.
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| Measure | HDFC Bank | Yes Bank |
|---|---|---|
| Loans / advances | Gross advances: ₹32,195 billion, up 16.3% year on year. Advances under management: ₹33,075 billion, up 15.3% (Goodreturns, 2026). | Loans and advances: ₹309,675 crore, up 23.8% year on year (Goodreturns, 2026). Mint reported normalized advances growth of 17.7% year on year. |
| Deposits | ₹33,275 billion, up 18.8% year on year (Goodreturns and Mint, 2026). | ₹354,084 crore, up 19.5% year on year (Goodreturns and Mint, 2026). |
| Funding mix | Average CASA deposits: ₹9,712 billion, up 10.7% year on year (Goodreturns, 2026). | CASA ratio: 30%, versus 32.7% in Q1 FY27 and 33.7% in Q2 FY26 (Goodreturns, 2026). |
| Liquidity / loan-to-deposit indicator | Jefferies’ figures as reported by Goodreturns and Business Today put the loan-to-deposit ratio at 97%. | LCR: 131.4%, compared with 138.2% in Q1 FY27 and 125.1% in Q2 FY26 (Goodreturns, 2026). Mint reported a credit-to-deposit ratio of 87.5%. |
How to read HDFC Bank’s growth
Headline deposits versus core growth
HDFC Bank’s reported deposits rose 18.8% year on year, while gross advances increased 16.3%. Jefferies’ figures quoted by Goodreturns and Business Today rounded these to 19% deposit growth and 16% loan growth, and described CASA growth of 11%.
That headline deposit number needs a funding-mix qualification. Nomura estimated, as reported by Moneycontrol, that HDFC Bank’s deposit growth excluding FCNR(B) was about 14.8% year on year and 1.5% quarter on quarter. It estimated FCNR(B) deposits made up about 70% of quarterly deposit accretion. The estimate is not the same as an audited company conclusion. Moneycontrol also reported Nomura’s view that FCNR(B)-linked business may carry thinner spreads than core lending, making core deposit mobilization a key item to watch during the MD and CEO transition.
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The practical question is not simply whether deposits grew, but whether the bank can sustain loan growth with a broad, stable funding base and what that funding costs. The reported 97% loan-to-deposit ratio makes the full results’ deposit and liquidity disclosures especially relevant to that assessment.
How to read Yes Bank’s growth
Headline advances and different normalization measures
Yes Bank reported 23.8% year-on-year growth in loans and advances. Mint also reported normalized advances growth of 17.7% year on year. Separately, Moneycontrol’s account of Nomura’s quarter-on-quarter analysis put net advances growth at 8.6%, falling to 3.3% when foreign-currency term loans from IBU GIFT City were excluded. Nomura estimated those loans represented about 62% of incremental loans. These figures use different comparison periods and normalization descriptions; they should not be treated as interchangeable estimates of one growth rate.
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CASA and liquidity
Yes Bank’s 30% CASA ratio was below both the 32.7% reported for Q1 FY27 and the 33.7% reported for Q2 FY26. Its LCR of 131.4% was above the year-earlier quarter’s 125.1% but below Q1 FY27’s 138.2%. These indicators give different information: CASA describes a deposit mix, while LCR is a liquidity measure. The full results are needed to assess how the funding mix affected costs and earnings.
Nomura estimated that FCNR(B) deposits and certificates of deposit together accounted for about 59% of Yes Bank’s incremental deposits, according to Moneycontrol. That estimate, like the foreign-currency-loan analysis, is a reason to examine the composition and cost of growth rather than relying on headline totals alone.
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What to check before deciding whether to buy
A more defensible comparison requires the banks’ full Q2 FY27 results and their official exchange filings. For each bank, compare the same measures and periods:
- Earnings from core banking: net interest income (NII), net interest margin (NIM), and the cost of deposits. These show whether lending growth is translating into income after funding costs.
- Credit quality: slippages, gross and net non-performing assets, and provisions. The business-update figures discussed above do not establish a relative asset-quality picture.
- Funding quality: core deposit growth, CASA trends, and the contribution and cost of FCNR(B), foreign-currency loans or certificates of deposit.
- Capital and guidance: capital position, management commentary, and any disclosed implications of HDFC Bank’s leadership transition.
- Price paid: valuation against sustainable earnings and book value. The available update coverage does not supply the comparable valuation measures needed to say which stock offers better value.
- Personal fit: investment horizon, tolerance for bank-stock risk, and how much exposure to either stock would add to an existing portfolio.
Investors should use the full-result disclosures rather than infer earnings or value from the operating update or a day’s share-price movement.
Best Value
What analyst views say—and what they cannot settle
Broker opinions reported after the updates were not uniform. Goodreturns reported that Jefferies recommended Buy on HDFC Bank with a ₹880 target price, while Trendlyne showed a Sell consensus from 13 analysts on Yes Bank and an average target price of ₹21.15. Moneycontrol reported that Nomura retained Buy on HDFC Bank with a ₹950 target and Neutral on Yes Bank. These are reported opinions and targets, not guaranteed forecasts or personalized recommendations; the different views underline that the updates alone do not produce a consensus buy decision.
Mint quoted Seema Srivastava, Senior Research Analyst at SMC Global Securities, emphasizing deposit mobilization, credit expansion and structural adaptations such as the RBI’s FCNR(B) swap facility when evaluating banks after the updates. Mint also reported her broader preference for large-cap private-bank compounders; that is not an HDFC Bank-versus-Yes Bank rating.
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