15 Jan 2024 , 03:27 PM
Result date: January 16, 2023
Recommendation: Buy
Target price: Rs. 1,930
(Source: IIFL Research)
HDFC Bank could witness strong performance across most key metrics during the December 2023 quarter. Advances are likely to grow by 15-16% over the year-ago quarter, while growth in deposits could be weaker. The Bank’s Net Interest Income or NII could grow 17% over the year-ago quarter.
Net Interest Margins or NIMs could decline sequentially owing to increase in cost of deposits. Operating expenses as well as asset quality are likely to remain stable. A key monitorable will be likely bottoming out of the Bank’s NIM.
The Bank’s Profit After Tax or PAT could grow 20% over the year-ago quarter.
Important management insights to watch out for:
Rs. Million |
December 2023 estimates |
QoQ change |
YoY change |
Net Interest Income |
285,870 |
4.40% |
17.37% |
Profit After Tax |
159,874 |
0.07% |
20.27% |
Source: Brokerage reports
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