- 17 Apr 2023
- ICICIdirect Research
HDFC BANK REPORTS IN LINE NUMBERS
HDFCBANK - 1918 Change: -25.80 (-1.33 %)News: HDFC Bank reported in line numbers. NII was up 23.7% YoY (1.6% QoQ) to Rs 23351 crore (in line with our estimate), aided by healthy loan growth of ~17% YoY and steady NIMs at 4.1% on a sequential basis. Provisions declined both QoQ and YoY at Rs 2685.4 crore, resulting in credit cost of 0.67% vs. 0.74% in Q3FY23. Net profit for the quarter came in at Rs 12047 crore, up 19.8% YoY (de-grew 1.7% QoQ). Loan growth for the quarter remained healthy at 16.9% YoY and 6.2% QoQ to Rs 16.0 lakh crore though a bit of moderation was witnessed compared to previous quarterly growth trend. Deposit accretion was at 20.8% YoY to Rs 18.8 lakh crore
Views: Focus on building distribution capabilities (branch, human resource and technology) is expected to help withstand competition and drive future business growth, though merger with HDFC Ltd to remain in highlight in the near term
Impact: Neutral