Q2 Bank Scoreboard: 31 Banks Ranked From Their Filings
Updated 6 October with nine more banks, including HDFC Bank, Kotak, Axis, IndusInd and IDFC First.
Thirty-one Indian banks have now filed their September-quarter business numbers.
- The headline: across them, loans grew a median 22.7% from a year earlier and deposits 18.3%. At 26 of the 31, loans outgrew deposits.
- The new caveat: seven private banks (marked †) say part of their growth came from foreign-currency FCNR(B) deposits raised in an RBI swap window, and from loans made against those same deposits.
- Widest gap: Central Bank of India, where loans grew 29.8% on deposits of 14.4%.
The scoreboard
Ranked by advances growth, year on year to 30 September 2026, as each bank reported it. Each bank's name links to its own filing. † = includes FCNR(B) deposits raised under the RBI's June–August swap window (see below).
| # | Bank | Deposits YoY | Advances YoY | Gap (pp) | Loans ÷ deposits | MoatSCORE |
|---|---|---|---|---|---|---|
| 1 | RBL Bank † | +34.0% | +40.1% | +6.1 | 91.7% | 5.65 |
| 2 | Suryoday SFB | +35.0% | +34.6% | -0.4 | 92.5% | not yet scored |
| 3 | Ujjivan SFB | +29.2% | +32.1% | +3.0 | 90.2% | not yet scored |
| 4 | IDFC First Bank † | +25.9% | +29.9% | +4.0 | 97.2% | 5.91 |
| 5 | Central Bank of India | +14.4% | +29.8% | +15.4 | 74.9% | 5.63 |
| 6 | Equitas SFB | +19.0% | +29.6% | +10.6 | 96.6% | not yet scored |
| 7 | Tamilnad Mercantile Bank | +25.5% | +29.4% | +3.9 | 87.3% | not yet scored |
| 8 | AU Small Finance Bank | +28.6% | +27.9% | -0.8 | 88.2% | 5.90 |
| 9 | ESAF Small Finance Bank | +24.3% | +25.1% | +0.7 | 84.1% | not yet scored |
| 10 | Karnataka Bank | +12.0% | +24.9% | +13.0 | 79.9% | not yet scored |
| 11 | Kotak Mahindra Bank † | +23.2% | +24.7% | +1.5 | 88.6% | 6.03 |
| 12 | UCO Bank | +14.1% | +24.7% | +10.6 | 82.5% | 5.59 |
| 13 | Yes Bank † | +19.5% | +23.8% | +4.2 | 87.5% | 5.60 |
| 14 | Jammu & Kashmir Bank | +16.3% | +23.7% | +7.4 | 75.5% | 5.55 |
| 15 | Capital Small Finance Bank | +16.2% | +23.4% | +7.1 | 90.1% | not yet scored |
| 16 | Axis Bank † | +20.7% | +22.7% | +2.0 | 95.4% | 5.14 |
| 17 | Dhanlaxmi Bank | +20.1% | +22.3% | +2.1 | 77.6% | not yet scored |
| 18 | CSB Bank | +18.2% | +22.1% | +3.8 | 90.4% | not yet scored |
| 19 | Bank of India | +21.6% | +20.4% | -1.2 | 82.3% | 5.57 |
| 20 | Karur Vysya Bank | +16.0% | +20.3% | +4.4 | 87.1% | 5.58 |
| 21 | Punjab & Sind Bank | +13.0% | +19.4% | +6.4 | 82.2% | not yet scored |
| 22 | Canara Bank | +13.1% | +19.4% | +6.2 | 80.9% | 5.61 |
| 23 | South Indian Bank | +18.7% | +18.7% | 0.0 | 79.8% | not yet scored |
| 24 | Union Bank of India | +6.9% | +18.5% | +11.7 | 87.6% | 5.65 |
| 25 | Bank of Baroda | +16.8% | +18.3% | +1.5 | 86.4% | 5.30 |
| 26 | IDBI Bank | +17.2% | +17.9% | +0.7 | 76.4% | 5.25 |
| 27 | Indian Bank | +12.4% | +16.6% | +4.2 | 82.8% | 5.87 |
| 28 | HDFC Bank † | +18.8% | +16.3% | -2.5 | 96.8% | 6.04 |
| 29 | Punjab National Bank | +9.9% | +14.8% | +4.9 | 75.6% | 5.65 |
| 30 | Bandhan Bank | +9.2% | +13.1% | +3.8 | 91.7% | 5.63 |
| 31 | IndusInd Bank † | +10.1% | +11.2% | +1.1 | 84.5% | 4.44 |
Medians are our arithmetic across the 31 banks. Still to file: SBI, ICICI Bank, Federal Bank, Bank of Maharashtra, Indian Overseas Bank, City Union Bank and Jana SFB.
Pattern 1: loans are outrunning deposits
At 26 of the 31 banks, advances grew faster than deposits. The gap was widest at:
- Central Bank of India: loans +29.8%, deposits +14.4% (a 15.4-point gap). It now books ₹8,093 crore of overseas advances through a new IBU.
- Karnataka Bank: loans +24.9%, deposits +12.0% (13.0 points).
- Union Bank of India: loans +18.5%, deposits just +6.9% (11.7 points).
- UCO Bank and Equitas SFB: both about 10.6 points.
Only five grew deposits at least as fast as loans: HDFC Bank, Bank of India, AU Small Finance Bank, Suryoday SFB and South Indian Bank.
Pattern 2: some of the growth is FCNR(B) money
Seven private banks disclosed FCNR(B) deposits raised under the RBI's June–August swap window: HDFC Bank, Axis, Kotak, IDFC First, IndusInd, Yes Bank and RBL. Their filings show much of it was matched by loans against the same deposits. Our two pieces cover this in detail:
- HDFC Bank, Yes Bank, RBL: The RBI Swap Inside Q2 Deposit Growth
- ₹3.4 Lakh Crore of FCNR Deposits, and Most of It Was Borrowed
Where banks published growth without it:
| Bank | Reported | Without the FCNR window (bank's own figure unless marked) |
|---|---|---|
| HDFC Bank, deposits | +18.8% | ~+14.8% (our estimate) |
| Axis Bank, deposits / advances | +20.7% / +22.7% | +17.0% / +18.8% |
| IDFC First, deposits / advances | +25.9% / +29.9% | +17.0% / +20.4% |
| Yes Bank, deposits / advances | +19.5% / +23.8% | +13.2% / +17.7% |
| RBL Bank, advances | +40.1% | +30% |
The table above uses the reported figures, so these banks' growth is flattered by a one-time window that closed on 31 August.
Pattern 3: the cheap money is getting harder to keep
Where banks disclosed CASA (the low-cost current and savings deposits), the share is mostly slipping:
| Bank | CASA share then | CASA share now | Basis |
|---|---|---|---|
| Kotak Mahindra Bank | 42.3% | 38.2% | our arithmetic, CASA grew 11.3% |
| Axis Bank | 39.8% | 36.5% | our arithmetic, CASA grew 10.6% |
| HDFC Bank | 33.9% | 31.6% | our arithmetic |
| RBL Bank | 31.9% | 27.2% | filed |
| IndusInd Bank | 30.7% | 28.0% | filed |
| Jammu & Kashmir Bank | 42.01% | down 388 bps in a year, filed | |
| Central Bank of India | 44.70% | down 213 bps, filed | |
| Bandhan Bank | 29.40% (three months earlier) | 26.71% | filed |
AU Small Finance Bank was the exception: CASA grew 29.1% and its ratio edged up to 29.5%.
Pattern 4: the fastest growers
RBL Bank tops the table at +40.1% loan growth, though the bank says it was 30% without its FCNR(B)-linked loans. Behind it:
- Small finance banks: Suryoday (+34.6%), Ujjivan (+32.1%), Equitas (+29.6%) and AU (+27.9%).
- Central Bank of India: +29.8%.
On our arithmetic, IDFC First (97.2%), HDFC Bank (96.8%), Equitas (96.6%) and Axis (95.4%) carry the highest loans-to-deposits ratios.
Pattern 5: the biggest private banks are close to balanced
- HDFC Bank: grew deposits faster than loans (18.8% against 16.3%).
- Kotak: 23.2% against 24.7%.
- Axis: 20.7% against 22.7%.
All three include FCNR(B) money. IndusInd Bank grew slowest of the 31 (loans +11.2%, deposits +10.1%).
Moat and margin
Focus moat: the low-cost deposit franchise. A bank's most durable edge is cheap, sticky funding: savings accounts, salaries and current accounts that customers don't move for an extra quarter point. When loans grow faster than deposits for long, that franchise is what gets tested. The bank either pays up for deposits, which squeezes margins, or slows lending. This quarter, several large banks' deposit growth was helped by a one-time, largely self-funded FCNR(B) window; their CASA shares still fell.
Where we have them, the MoatSCOREs run from 4.44 (IndusInd Bank) to 6.04 (HDFC Bank), as published on the Moat Screener on 6 October 2026. None has been re-scored for these updates.
The bear case
- Funding cost. A persistent gap means more expensive deposits, or bulk borrowing, in coming quarters.
- Falling CASA. At most banks that disclose it, the cheap-deposit share is falling, including Kotak, Axis and HDFC Bank.
- Flattered growth. Seven banks' headline numbers include a one-time FCNR(B) window.
- Growth risk. Loan books growing 25–40% a year raise the question of asset quality; the business updates mostly don't address it.
The case for
- Demand is there. Loan growth in the high teens and twenties says borrowers are borrowing.
- Some banks are balanced. HDFC Bank, Bank of India, AU, Suryoday and South Indian Bank grew deposits as fast as loans.
- Disclosure. Several FCNR banks published their growth without the window themselves.
- Early data. These are provisional updates; results will show margins and asset quality.
What to watch
- The seven banks still to file, especially SBI and ICICI Bank.
- Q2 net interest margins in the results: are funding costs rising, and what did the FCNR(B) window cost?
- CASA ratios, and how fast the FCNR(B) balances run off.
Sources
Each bank's Q2 FY27 business update on NSE, linked in the table (filed 1–5 October 2026).
MoatSCOREs: Moat & Margin, Moat Screener and How MoatSCORE works.
Method:
- Deposits and advances as filed; public sector banks on a global basis.
- Bandhan's loans include PTC; IDBI's and Kotak's are net advances; AU's are gross advances on book.
- IDFC First is at the bank's overall level including FCNR(B).
- "Loans ÷ deposits", CASA shares marked as ours, and the medians are our arithmetic.
Educational research, not investment advice. Every figure above is drawn from the named bank's own filing and checked against the source; growth rates match the banks' stated figures where given, and derived figures are our arithmetic. MoatSCOREs are as published on the Moat Screener. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.
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