HDFC Bank Q3 Results Review  — On Expected Lines; Systematix Retains 'Buy' On The Stock, Hikes Target Price

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Systematix Research Report

HDFC Bank Ltd. reported Q3 FY25 earnings of 167 billion which was flat QoQ, +2% YoY as modest margin decline, lower trading gains and seasonally higher credit costs were partly offset by controlled opex growth.

Overall, earnings reflected a modest decline in net interest margin and unlike peers, did not show effects of the prevalent asset quality stress in retail. A good outcome overall, factoring for the already disclosed lower credit growth (given earlier in the business updates).

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