Good News For HDFC Bank Investors As It Announces Strong Q3 Results, Stock Expected To Surge

Just about a couple of hours after HDFC Bank¡¯s stock ended a rollercoaster trading day amid the anticipation of its quarterly results, the bank has finally announced its Q3 results.

HDFC Bank Announces Strong Q3 Results

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HDFC Bank reported a net profit of Rs 16,372 crore for the October-December quarter of FY 2023-24, indicating a 33.5% jump from Rs 12,259 crore clocked a year ago.

With a net profit of Rs 16,372 crore, the results nearly match the Rs 16,427 crore market projections. Net interest income (NII) was reported at Rs 28,470 crore, up 23.9 percent from Rs 22,990 crore in the same quarter of the previous fiscal year. Compared to market estimates of Rs 29,554 crore, the NII is lower at Rs 28,470 crore. Gross non-performing assets (NPA) for the bank increased to 1.26 percent from 1.23 percent the previous year. However, net non-performing assets (NPA) for the quarter were 0.31 percent as opposed to 0.33 percent in the previous year.

HDFC Bank's net revenue grew by 25.8% to Rs 396.1 billion for the quarter ended December 31, 2023.

Comparing Q3 of this financial year (2023-24) to Q3 of the last financial year (2022-23), HDFC bank's total deposits increased by 27.7% to Rs 28.47 lakh crore from Rs 22.29 lakh crore. Savings account deposits reached Rs 5.79 lakh crore, while current account deposits reached Rs 2.58 lakh crore, reflecting a 9.5 percent growth in both types of accounts. The total advances made by HDFC Bank increased by 62.4 percent to Rs 24.69 lakh crore. The bank saw increases in domestic retail loans of 111%, commercial and rural loans of 31.4 percent, and corporate and wholesale loans of 11.2 percent (not including non-individual loans from HDFC Ltd., which totalled about Rs 98,900 crore).

Also Read: Here's Why The Man Who Built HDFC Never Owned More Than 1% Of It

HDFC Shares On A Rollercoaster Today

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Amid the much anticipated Q3 results today, HDFC Bank's share price was on a rollercoaster today, trading marginally lower at an average of 0.1% today but then rising to end the day at 0.31% up, at the share price of Rs 1678 on NSE.

HDFC Stock Expected To Surge Tomorrow

The shares of India's largest private sector bank are expected to shrug off the uncertainty and go up tomorrow morning when the stock market opens, thanks to the strong Q3 results. HDFC Bank's market cap at present stands at Rs 12.7 lakh crore. It had merged HDFC Ltd with it w.e.f. 1st July 2023.

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