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HDFC Bank Q2 – All-round show, margin beat a key talking point

Neha Dave   •

While the re-rating of HDFC Bank will be contingent on merger-related developments, the profitability outlook is still very strong

HDFC Bank | CMP: Rs 1,445.45 | The stock price managed to close in the green on October 17. HDFC Bank on Saturday reported a consolidated net profit of Rs 11,125 crore for the quarter ended September 30 (Q2FY23). The figure was 22.3 percent higher than the profit logged in the corresponding quarter of the previous fiscal. The bank's standalone net profit increased by 20 percent year-on-year (YoY) to Rs 10,606 crore while its net interest income (NII) grew 18.9 percent to Rs 21,021.2 crore against Rs 17,684.4 crore logged in Q2FY22. Domestic retail loans grew by 21.4 percent while commercial and rural banking loans saw a growth of 31.3 percent. That apart, corporate and other wholesale loans witnessed an increase of 2 percent. According to Morgan Stanley, the profit was strong at 20% YoY led by revenue growth. The core PPoP growth has been on a sustained rebound, while margin has improved & has an upside risk. Morgan Stanley expect 19-20% core PPoP growth in FY24/FY25.

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This Research Report / Research Recommendation has been published by Moneycontrol Dot Com India Limited (hereinafter referred to as “MCD”) which is a registered Investment Advisor under the Securities and Exchange Board of India (Investment Advisers) ...Read More