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Q4FY24 Preview: HDFC Bank: NII seen at ₹287.4 Billion, PAT at ₹154.9 Billion

19 Apr 2024 , 02:31 PM

Result date: April 20, 2024

Recommendation: Buy

Target price: ₹1,780

HDFC Bank witnessed lower-than-expected sequential growth in loans at 1.6%. Growth in deposits and CASA though was strong at 7.5% and 8.7%, respectively on a sequential basis. The bank’s LDR reduced by ~600 basis points from 111.5% in Q3FY24 to 105.4% in 4QFY24. Analysts at IIFL Securities expect the bank’s Net Interest Income (NII) to inch up by 1% sequentially and Total Income to grow 2% over the December 2023 quarter.

The Bank’s Net Interest Margin (NIM) could decline by 5 basis points sequentially due to the sharp decline in LDR. Pre-provisioning operating profit (PPOP) is expected to remain flat sequentially due to lower NII growth.

Profit After Tax (PAT) could decline 5% over the December 2023 quarter.

₹ Billion March 2024 estimates QoQ change YoY change
Loans 25,080 3% 57%
Deposits 23,808 8% 26%
Net Interest Income (NII) 287.4 1% 23%
Total Income 403.2 2% 26%
PPOP 237.5 0% 28%
Profit After Tax 154.9 (5)% 29%

Source: IIFL Research

Related Tags

  • HDFC Bank
  • HDFC Bank Q4
  • HDFC Bank Q4 Preview
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