HDFC Bank has solidified its position as the largest bank in India, boasting a market capitalization of ₹12.83 lakh crore as of October 18, 2024. The bank, also recognized as the country’s leading private-sector lender, is headed by Sashidhar Jagdishan, who has been the Managing Director (MD) and Chief Executive Officer (CEO) since October 27, 2020.
In addition to leading India’s biggest bank, Jagdishan emerged as the highest-paid bank CEO in the financial year 2023. According to the bank’s 2023 annual report, Jagdishan earned a total compensation of ₹10.55 crore. His pay package included a basic salary of ₹2.82 crore, allowances and perquisites worth ₹3.31 crore, provident fund contributions of ₹33.92 lakh, and a performance bonus of ₹3.63 crore.
Who is Sashidhar Jagdishan?
With over three decades of experience, Jagdishan has played a key role in shaping the bank’s success. He joined HDFC Bank in 1996 as a manager in the finance department after a three-year stint at Deutsche Bank AG in Mumbai. A native of Mumbai, Jagdishan holds a bachelor’s degree in Science (Physics) from Mumbai University and is a Chartered Accountant (CA). He also earned a Master’s degree in Economics of Money, Banking, and Finance from the University of Sheffield, UK.
HDFC Bank’s Q2 Performance
On the financial front, HDFC Bank posted a 5% increase in standalone profit for the second quarter of the fiscal year 2024. The bank reported a net profit of ₹16,821 crore, up from ₹15,976 crore in the same period last year. Total income also rose, reaching ₹85,500 crore for the quarter, compared to ₹78,406 crore in the previous year, the bank revealed in a regulatory filing.
As HDFC Bank continues to strengthen its position in the Indian banking sector, Jagdishan’s leadership and the bank’s steady financial growth remain critical to its ongoing success.
