HDFC Bank share price falls ahead of Q2 results today: Here’s what to expect 2023

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HDFC Bank share price fell ahead of today’s Q2 results

HDFC Bank’s share price fell on Monday ahead of the release of September quarter data. Today, October 16, 2023, HDFC Bank, the country’s largest private sector lender, expects ​will announce financial results for Q2FY24. Against Friday’s close of 1,536.75, HDFC Bank shares opened at 1,536.70 per share on the BSE. Meanwhile, the stock is under selling pressure and is currently trading down more than 5%. Shares of HDFC Bank were down 0.60 per cent at 1,527.50 on the BSE at 9:50 am Following its merger on July 1 with Mortgage Housing Development Finance Corporation (HDFC), This will be HDFC Bank’s first financial report in a quarter.

In Q2FY24, HDFC Bank’s net profit is expected to grow along with its net interest income (NII). However, the merger’s sharp margin contraction is expected to hurt lenders. Excess liquidity creation could impact HDFC Bank’s net interest margin in Q2FY24. However, analysts predict that if loan growth picks up and liquidity is utilized, margins could recover in the second half of fiscal 2024. According to the Bank’s quarterly business report HDFC, the bank’s total advances increased significantly by 57.7% to reach ₹23.54 lakh crore as of September 30, 2023, up from ₹14.93 lakh crore the previous year.

Its deposits grew over 29.9% from a total of about 16.73 lakh crore as of September 30, 2022 to about 21.73 lakh crore in Q2FY24. According to Motilal Oswal Financial Services, HDFC Bank’s profit margins will gradually decline and loan growth will be controlled. While margins are expected to decline continuously, asset quality is expected to increase for the combined business. The brokerage firm predicts HDFC Bank’s NII will grow 33.6% YoY to ₹ 28,090 crore and net profit will increase 39.4% YoY to ₹ 14,780 crore. The bank expects a 31% year-on-year increase in operating profit of ₹22,790 crore.

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