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Q3FY24 Preview: HDFC Bank: NII seen at Rs. 285,870 million, PAT at Rs. 159,874 million

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:

  • Updates on business growth across segments/markets post-merger
  • Margin drivers
  • Asset quality trends
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

Related Tags

  • HDFC Bank
  • HDFC Bank Q3
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