HDFC Bank Reports Strong Q3 FY2024 Earnings, Exceeding Expectations with Robust Loan Growth

As of January 16, 2024, HDFC Bank reported a higher-than-expected profit for the third quarter. The standalone net profit was 163.73 billion rupees ($1.97 billion), which exceeded both the analysts’ expectations of 156.51 billion rupees and the previous quarter’s profit of 159.76 billion rupees. Another source, 5paisa, reported a slightly different figure, stating that HDFC Bank’s net profit was 172.6 billion rupees for the Q3FY24. Zee Business also mentioned that HDFC Bank’s net profit grew by 33.5% to Rs 16,372.5 crore, surpassing Street estimates.

The bank experienced robust loan growth, contributing to its strong performance. HDFC Bank’s net interest income (NII) rose about 4% quarter-over-quarter to 284.71 billion rupees, though it missed estimates of 286.47 billion rupees. The core net interest margin (NIM) was reported at 3.4% on total assets and 3.6% on interest-earning ones. Gross loans increased by 4.8% sequentially, and deposits edged up by 1.9%. The bank’s gross bad loans remained steady at 1.26% of assets.

In terms of share price, on January 16, 2024, HDFC Bank’s stock closed at 1,679.15 rupees per share. For the most current share price as of January 17, 2024, I would recommend checking a reliable financial news source or a stock market tracking website for the latest updates.