But fee income growth is slower than expected.

HDFC Bank saw its profit after tax grow 9% year-on-year (YoY) to $2.04b (INR192b) in Q4 FY2026, lifted by a better-than-expected treasury income and lower-than-expected credit costs.

Treasury income was $85.04m (INR8b), compared to estimates of $26.57m (INR2.5b) by InCred Equities.

Core performance, however, was weaker than what InCred Equities anticipated due to the core fee income growth of 8% year-on-year (YoY) being below estimates.