Based on our credit-deposit estimates, HDFC Bank is likely to revert to pre-merger credit-deposit ratio levels by the beginning of FY27-which is likely to be the first normal year of operations for the merged entity.
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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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