After the quarterly results of HDFC Bank (Q3 Results), there was a big decline in its ADRs (shares listed in America). On Monday, the ADR of the country’s largest private bank HDFC Bank fell by 6.7% to $61.13, which is the biggest fall after April 18, 2022.
After the fall in shares in America, HDFC Bank shares fell by 7% in Indian markets on Wednesday.
Heavy fall in shares of HDFC Bank listed in NYSE
This is the biggest fall in HDFC Bank’s shares in New York Stock Exchange (NYSE) in a single day since April 2022, when HDFC Bank’s shares fell by 7.5%. After Tuesday’s fall
HDFC Bank’s ADR has reached its lowest level since December 1, 2023. On December 1, 2023, this ADR had slipped to $59.32.
- HDFC Bank’s ADR fell 6.7% to $61.18
- This is the biggest fall in HDFC Bank ADR after April 18, 2022
- HDFC Bank ADR fell by 7.5% in April 2022
- HDFC Bank’s ADR reaches lowest level since December 1, 2023
- HDFC Bank ADR had slipped to $59.32 on December 1, 2023
How were the results of HDFC Bank?
The profit of the country’s largest private bank, HDFC Bank, has increased by 2.5% on a quarterly basis in the December quarter. Between October-December, the bank’s profit has increased from Rs 15,976 crore to Rs 16,373 crore. Whereas in Bloomberg’s analyst poll, the bank was estimated to have a profit of Rs 15,763 crore in this quarter. It is worth noting that the bank has received tax back of Rs 1500 crore from the Income Tax Department.
The bank’s interest income also saw a slight increase in this quarter. However, the growth in the company’s NII has been less than market expectations. HDFC Bank’s NII has increased from Rs 27,385 crore to Rs 28,471 crore in the December quarter.
Due to the merger of HDFC Bank with HDFC, these figures cannot be compared on an annual basis.
- HDFC Bank Q3 Results (QoQ)
- Profit increased from Rs 15,976 crore to Rs 16,373 crore
- NII increased from Rs 27,385 crore to Rs 28,471 crore
- Gross NPA reduced from 1.34% to 1.26%
- Net NPA reduced from 0.35% to 0.31%
