The annual package of Sashidhar Jagdishan, CEO and Managing Director of India’s largest private lender HDFC Bank, went up by 11.8% to Rs 12.08 crore in FY 2024-25. According to 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. Along with this, he also received a performance bonus amounting to Rs 4.67 crore.
The salary package also includes provident fund and superannuation for Rs 37.08 lakh and Rs 46.36 lakh, respectively. As per a long-term incentive plan, he was also granted Rs 2.12 lakh employee stock options during the year.
Jagdishan, in his message to stakeholders in HDFC Bank’s FY25 Annual Report, mentioned the successful merger with erstwhile HDFC Ltd, the bank is now set for accelerated growth in the current fiscal year. He said, “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.”
Meanwhile in the same period, Kaizad Bharucha, Deputy Managing Director of the bank, got Rs 11.01 crore as his annual remuneration, which is slightly lower compared to Rs 11.13 crore in FY24. He was granted 1.30 lakh employee stock options during the year, the banks annual report stated.
HDFC Bank expanded its physical presence significantly, adding over 700 branches last fiscal year to reach a total of 9,455 by March 31, 2025.