HDFC Bank’s CEO Salary Rises 12% to Rs 12 Crore

Mumbai: HDFC Bank’s managing director and chief executive officer, Sashidhar Jagdishan, received an 11.8 per cent hike in his annual pay, which rose to Rs 12.08 crore in the financial year 2024-25 from Rs 10.8 crore a year earlier. As per the Bank's Annual Report, Jagdishan's pay package included a basic salary of Rs 3.09 crore, allowances and perquisites of Rs 3.46 crore and a performance bonus amounting to Rs 4.67 crore. Contributions to the provident fund and superannuation were Rs 37.08 lakh and Rs 46.36 lakh, respectively. As part of the long-term incentive plan, Jagdishan was granted 2.12 lakh employee stock options during the year.

Meanwhile, during the same time, Kaizad Bharucha, Deputy Managing Director of the bank was paid Rs 11.01 crore in FY25 slightly lower when compared to Rs 11.13 crore in FY24. Bharucha was granted 1.30 lakh employee stock options during the year.

Jagdishan in his message to HDFC Bank's stakeholders in the FY 25 Annual Report said that after successfully navigating the merger with erstwhile HDFC Ltd, the Bank is now positioned for faster growth in the current financial year. "As stated earlier, we are confident of growing our advances on par with the system in FY26 and higher than the system in FY27. The growth enablers, apart from balance sheet strength, remain technology, customer centricity and our people.”

HDFC Bank added over 700 branches in the previous fiscal taking the total number of branches to 9,455 as of March 31, 2025, Jagdishan said.