![]() Gross loan growth, excluding Inter Bank Participation Certificates (IBPC) and HDFC’s legacy non-individual loans, was still 17% y-y for the merged bank. ![]() Loan growth slowdown from wholesale loans for the most part:.We expect margins to start trending up as liquidity and ICRR drags dissipate starting mid-3QFY23. However, we note that this was indeed the transition quarter and activities like systems integration may have consumed branch bandwidth. This is true even when seen in light of June 2023 industry CASA growth of 2% y-y and high base of FY23 incremental market share of 43%. Sequential deposit growth, at 5.3%, remained expectedly healthy and TD driven (10.5% q-q) while CASA growth (+7.6% y-y, +0.6% q-q) disappointed.ĬASA growth was surprisingly low at 7.6% y-y and 0.6% q-q, albeit already known. Loan growth (already known) of 4.9% q-q was led by Commercial & Rural Banking (CRB) and Retail segments. NII growth, though healthy at 30% y-y /16% q-q, missed estimates due to a c10bps negative surprise on margins (down 33bps q-q), hit by the drag from maintaining the Incremental Cash Reserve Ratio (ICRR) and the excess liquidity buffer kept at the point of merger (c25bps impact). HDFCB’s 2QFY24 net profit of INR159.7b (up c51% y-y, +c34%q-q) was c13% above the Bloomberg consensus (BBGe) mainly due to lower-than-expected credit costs (down 20bps q-q) and a one-off INR10b write back of tax provisions. , 02:43:48 PM IST Sensex Today Live: BNP Paribas India views on HDFC Bank after its quarterly earnings report: Negative surprise on two fronts - BUYīNP Paribas India on HDFC Bank Results Report: Negative surprise on two fronts "With the opening of the parts expedition centre, we are building a bridge between India and Vietnam and setting the stage to unleash significant synergies between these two key markets," Škoda Auto Board Member for Production and Logistics Andreas Dick said. The centre is spread over 16,800 square feet and it has an initial capacity of 27,000 car sets annually for Vietnam and has the infrastructure to scale up to 40,000 car sets annually, Škoda Auto Volkswagen India Pvt Ltd (SAVWIPL) said in a statement. The company, which has inaugurated its parts expedition centre (PEC) at the Volkswagen group's headquarters in Chakan, Pune, said 'made-in-India' kits will be shipped from India to Vietnam for final production. ![]() Škoda Auto Volkswagen India Pvt Ltd on Tuesday said it will start exports to Vietnam from 2024 as part of its strategy to accelerate export operations in the ASEAN region. , 03:32:07 PM IST Sensex Today: Škoda Auto Volkswagen India to commence exports to Vietnam from 2024, eyes ASEAN region UK's FTSE 100 rose on Tuesday, as aerospace and defence stocks jumped on layoffs announced by Rolls Royce, while the latest earnings data showing a slowdown in wage growth boosted investor sentiment. Hong Kong's Hang Seng Index advanced 0.8%.Įuropean stocks opened lower on Tuesday, weighed down by a drop in Ericsson shares following downbeat quarterly results and weakness in the mining sector as investors monitored risks from an escalation in the Middle East conflict. The blue-chip CSI 300 Index closed up 0.4% and the Shanghai Composite Index rose 0.3%. The Nikkei gained 0.9%, recouping more than half of Monday's 2% tumble.Ĭhinese stocks climbed on Tuesday after dozens of Chinese companies announced plans to buy back shares to boost investor confidence, while a rebound in global shares helped sentiment. ![]() Japan's Nikkei share average rebounded from the previous day's steep drop, taking cues from Wall Street as investor optimism about upcoming earnings overtook concerns about the conflict in Gaza. Finance, Bank, FMCG and Energy were among the biggest gainers.Īsian shares advanced Tuesday after US stocks rallied as investors unwound some of last week's moves driven by worries about war in the Middle East. Tata Motors and L&T dropped more than a per cent each and ended up among the biggest laggardsĪuto and Realty ended flat with all other sectoral indices gaining in today's session. HDFC Bank also ended up with reasonable gains after a strong earnings performance. Fourteen of the broad-based Nifty sectoral indices ended in the green.īPCL, Powergrid, TechM and HDFC Life topped the stock charts. The 30-share BSE Sensex jumped 260 pts to end at 66,428, while the Nifty closed above 19,800, at 19,811, a gain of 90 pts. , 03:36:01 PM IST Indices jump 0.4% as Sensex ends 260 pts higher and Nifty 90 pts as Bank and FInance stocks lead the rallyĮquity benchmark indices bounced back on Tuesday after three days of fall amid a recovery in global markets and encouraging earnings reports from major companies including HDFC Bank.
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