HDFC Bank Reports Strong Q3 FY2024 Earnings, Exceeding Expectations with Robust Loan Growth

Before Market Opens
17 January, 2024

As of January 16, 2024, HDFC Bank reported a higher-than-expected profit for the third quarter. The standalone net profit was 163.73 billion rupees ($1.97 billion), which exceeded both the analysts’ expectations of 156.51 billion rupees and the previous quarter’s profit of 159.76 billion rupees. Another source, 5paisa, reported a slightly different figure, stating that HDFC Bank’s net profit was 172.6 billion rupees for the Q3FY24. Zee Business also mentioned that HDFC Bank’s net profit grew by 33.5% to Rs 16,372.5 crore, surpassing Street estimates.

The bank experienced robust loan growth, contributing to its strong performance. HDFC Bank’s net interest income (NII) rose about 4% quarter-over-quarter to 284.71 billion rupees, though it missed estimates of 286.47 billion rupees. The core net interest margin (NIM) was reported at 3.4% on total assets and 3.6% on interest-earning ones. Gross loans increased by 4.8% sequentially, and deposits edged up by 1.9%. The bank’s gross bad loans remained steady at 1.26% of assets.

In terms of share price, on January 16, 2024, HDFC Bank’s stock closed at 1,679.15 rupees per share. For the most current share price as of January 17, 2024, I would recommend checking a reliable financial news source or a stock market tracking website for the latest updates.

24 February, 2024

Byju’s, once heralded as a flagship in India’s edtech sector, is grappling with severe financial and operational challenges, marked by a dramatic valuation drop. The company, which sought to stabilize its operations and finances, is now raising funds at a valuation significantly lower than its peak. This development comes amid efforts to address a substantial debt burden, with Byju’s proposing a repayment plan for its $1.2 billion loan. Investor confidence appears shaken, with some stakeholders pushing for drastic changes in leadership to navigate the crisis effectively. The turmoil reflects broader sectoral pressures and raises questions about the sustainability of high-growth trajectories in the edtech industry

10 February, 2024

Australia’s energy market is witnessing significant transitions and investments aimed at bolstering renewable energy infrastructure and securing gas supplies. Key developments include a $179 million investment by the Queensland Government for community battery projects, Santos’ $5.7 billion gas pipeline project following a legal battle win, and a $206 million energy savings package for NSW households. Additionally, the Australian government has secured new gas supply deals to support the east coast market, emphasizing the role of gas in transitioning to a renewable grid.

India 2024
9 February, 2024

The latest opinion polls, including the Mood of the Nation survey by India Today, predict a comfortable victory for Prime Minister Narendra Modi’s BJP and its allies in the National Democratic Alliance (NDA), with a projected win of 335 Lok Sabha seats in the 2024 general elections. This forecast suggests a slight decrease from the 2019 elections but still ensures a majority. The survey, involving interviews with over 149,000 respondents, reflects Modi’s enduring popularity based on his nationalist policies and economic reforms. Other polls echo these findings, although seat projections vary slightly. The opposition INDIA alliance is expected to secure a significant number of seats, yet not enough to challenge the NDA’s majority. These predictions highlight a political landscape that remains largely favorable to Modi and the BJP as the election approaches