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HDFC Bank Q2 net may rise 29% at Rs 2020 cr: KR Choksey

According to KR Choksey, HDFC Bank to report a 10 percent growth quarter-on-quarter (growth of 29 percent year-on-year) in net profit at Rs 2,020 crore.

October 15, 2013 / 10:02 AM IST
 
 
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KR Choksey has come out with its second quarter (July-September) earnings estimates for the banking sector. The brokerage house expects HDFC Bank to report a 10 percent growth quarter-on-quarter (up 29 percent year-on-year) in net profit at Rs 2,020 crore.


Net interest income is expected to increase by 2 percent Q-o-Q (up 21 percent Y-o-Y) to Rs 4,518 crore, according to KR Choksey.


KR Choksey's Report on HDFC Bank:


We expect NII to grow 21.1 percent Y-o-Y driven by 20 percent Y-o-Y growth in loan book and superior NIM. Net interest margins to decline due to increase deposit rate and higher fixed rate loan book mix. Core fee income to increase 13 percent Y-o-Y supporting non interest income. Forex income is likely to see sequential growth due to high volatility in currency market. Treasury will report trading loss due to rise in bond yields and correction in equity market.


Cost to income ratio to see stable Q-o-Q. Provisions to decrease q-o-q owing to lower counter cyclical provision . We expect reported earnings to grow 29.5% y-o-y driven by healthy operating revenues and decline in provisions.

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first published: Oct 15, 2013 10:02 am

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