HDFC Bank share price cracked almost 7 per cent in early trade on BSE on Wednesday, January 17, a day after the company reported its December quarter results. HDFC Bank share price opened at ₹1,583.85 against its previous close of ₹1,678.95 and soon cracked 6.5 per cent to hit the level of ₹1,570. Around 9:30 am, HDFC Bank shares traded 6.07 per cent lower at ₹1,577 on the BSE.
Meanwhile, HDFC Bank’s US-listed shares fell 6.71 per cent on NYSE after the Q3 results.
HDFC Bank on Tuesday reported a 33 per cent jump in its net profit at ₹16,372 crore in Q3 of FY24, as compared to ₹12,259 crore a year ago.
Its net interest income (NII) rose to ₹28,471 crore in Q3 of FY24 from ₹27,385 crore in the previous quarter. The core net interest margin was unchanged sequentially. It rose 3.4 per cent on total assets and 3.6 per cent on interest-earning ones year-on-year.
HDFC Bank’s gross non-performing assets (NPAs) were reported at 1.26 per cent in Q3 of FY24, up from 1.23 per cent last fiscal year. Net NPAs in Q3 of FY24 stood at 0.31 per cent, as compared to 0.33 per cent last year.
HDFC Bank share price declined on Wednesday even as the bank reported in-line Q3 numbers. Analysts pointed out that investors appear to be concerned about the Q3 margins which came largely flat.
A majority of brokerage firms retained their positive views on HDFC Bank after its December quarter earnings. However, some of them have trimmed their estimates for the short-to-medium term.