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HDFC Bank share price falls today ahead of Q2 results
HDFC Bank’s share price dipped on Monday ahead of the release of September quarter data. Today, October 16, 2023, HDFC Bank, the country’s largest private sector lender, is scheduled to release its financial results for Q2FY24. Compared to Friday’s close at 1,536.75, the HDFC Bank shares opened at 1,536.70 per share on the BSE. Meanwhile, the stock was under selling pressure and was currently trading down more than 5%. Shares of HDFC Bank fell 0.60% to 1,527.50 on the BSE at 9:50 am. Following its July 1 merger with mortgage lender Housing Development Finance Corporation (HDFC), this will be HDFC Bank’s first financial report for a quarter.
In Q2FY24, HDFC Bank’s net profit is expected to rise along with net interest income (NII). However, the sharp margin squeeze from the merger is expected to hurt the lender. The generation of excess liquidity could have an impact on HDFC Bank’s net interest margin in Q2FY24. However, analysts predicted that if loan growth picks up and liquidity is utilized, margins could recover in H2FY24. According to HDFC Bank’s quarterly business report, its gross advances increased significantly by 57.7% to reach 23.54 lakh crore as on September 30, 2023, up from 14.93 lakh crore the previous year.
Its deposits increased by over 29.9% from a total of about 16.73 lakh crore as on September 30, 2022, to about 21.73 lakh crore in Q2FY24. According to Motilal Oswal Financial Services, the margins of HDFC Bank will decline sequentially and loan growth will be under control. While margins are expected to decline sequentially, asset quality is expected to increase for the combined business. The brokerage expects HDFC Bank’s NII to rise 33.6% year-on-year to Rs 28,090 crore and net profit to rise 39.4% year-on-year to Rs 14,780 crore. The bank is expected to see a 31% year-on-year rise in operating profit at Rs 22,790 crore.
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Source: vtt.edu.vn