HDFC Bank shares were trading marginally in the red in morning trade on July 17 ahead of its first quarter results -- the first since its merger with parent HDFC. At 10.30 am, shares of HDFC Bank were trading 0.44 percent down at Rs 1,638 on BSE.
India’s biggest private sector lender is expected to report a robust 26-percent growth in net profit for the first quarter of this fiscal amid stable asset quality, though margins may see some pressure, analysts said.
HDFC Bank – which has completed its merger with HDFC with effect from July 1 – is likely to report a net profit of Rs 11,584 crore, representing a 26-percent jump YoY, as per the average of a poll of estimates of four brokerages.
The bank had posted a standalone net profit of Rs 9,196 crore in Q1 FY23.
However, when compared sequentially, net profit is seen declining from Rs 12,047.45 crore in Q4 FY23.
Also Read: HDFC Bank Q1 net profit expected to soar 26% YoY; margins in focus
Meanwhile, shares of HDFC Bank issued in lieu of HDFC shares got listed on the exchanges.
The lender has allotted 3,11,03,96,492 new equity shares of Re 1 each, according to the share exchange ratio of 42 shares of HDFC Bank for every 25 shares of HDFC Ltd, it said in a regulatory filing post market hours on July 14.
The bank's paid-up share capital will increase from Rs 559.17 crore to Rs 753.75 crore post cancellation of promoter holding of 116.46 crore equity shares.
HDFC Bank is a now a fully publicly held company following the merger, with no promoter.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
