HDFC Bank Q3 Results Review - Beat In Estimates; Deposits Accretion Remains Key: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Direct Report.HDFC Bank Ltd. beat our estimates on the net interest income and profit after tax front as business growth continued its healthy traction. Asset quality was steady QoQ with gross non-performing asset and net non-performing asset ratio at 1.23% and 0.33%, respectively.Net interest income was up 24.6% YoY and 9.4% QoQ to Rs 22987 crore (ahead of our estimates of Rs 21834 crore), aided by healthy loan growth of 19.5% YoY and steady net interest margins at 4.1% on a sequential basis. HDFC Bank's other income increased 11.9% QoQ, 3.9% YoY, mainly driven by fee and commission income and forex income, which was up 4.3% QoQ (19% YoY) and 13.3% QoQ (13% YoY) at Rs 6052 crore and Rs1074.1 crore, respectively.Opex was up 26.5% YoY and 11% QoQ, whereas cost/income ratio was steady at 39.6% (versus 37% in Q3 FY22). Provisions declined both QoQ and YoY at Rs 2806.4 crore, resulting in credit cost of 0.74% versus 0.87% in Q2 FY23 (0.94% in Q3 FY22). Net profit for the quarter beat our estimates at Rs 12259.5 crore up 18.5% YoY and 15.6% QoQ (versus our estimate of Rs 12021.4 crore). Strong profit after tax resulted in highest return on asset at 2.24% (annualised)..Click on the attachment to read the full report:.HDFC Bank Q3 Results Review - Inline Earnings; Core PPoP Growth Improves: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

HDFC Bank Q3 Results Review - Beat In Estimates; Deposits Accretion Remains Key: ICICI Direct

Net interest income was up 24.6% YoY and 9.4% QoQ to Rs 22987 crore, aided by healthy loan growth and steady net interest margins.

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