HDFC Bank Q4 Results Review - Inline Numbers With Focus On Profitability Intact: Systematix

Systematix Research Report

HDFCB Bank Ltd. reported earnings of Rs 165 billion (+1% QoQ, +37% YoY), inline with estimates. Factoring the provisional update on headline numbers reported at the start of April 2024 and the management’s preference for profitability versus growth, the key focus area of the result was on the margin performance.

In this respect, HDFC Bank reported core net interest margin of 3.44% which was largely stable QoQ and in-line with expectations. The bank also utilised the one-off gain of Rs 73.4 billion from the sale of Credila along with tax reversals of Rs 38.2 billion to create counter-cyclical floating provisions of Rs 109 billion (qualified as tier-II capital).

Overall a good result reflecting progress in line with the recent management commentary and provisional numbers.

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