Kaizad Bharucha, who has steered key operations at HDFC Bank since joining in 1995, will step down on December 31. The bank’s board approved his resignation in a Saturday filing to the stock exchanges. They are now waiting for the Reserve Bank of India to formally clear the exit.
This departure lands just weeks before Anup Bagchi, a 30-year ICICI Group veteran, becomes the bank’s Managing Director and CEO on October 27. Bharucha was widely seen as a strong contender for the top job. His exit clears the path for Bagchi’s immediate takeover without an internal succession battle.
Financially, the bank remains steady under the transition. Consolidated net profit rose 5.55% in the July-September quarter to ₹20,700 crore. Standalone net profit grew 4.7% to ₹19,510 crore. Gross non-performing assets improved to 1.11%, down from 1.17% in the previous quarter.
Total income climbed to ₹97,258 crore, while provisions edged up to ₹3,573.62 crore. The capital adequacy ratio sat at 18.9% as of September 30. The next critical step is the RBI’s regulatory nod to Bharucha’s exit, which could influence board composition discussions in the coming weeks.