Axis Securities Report
HDFC Bank Ltd.’s advances grew by 55/2% YoY/QoQ. Deposits growth improved to 26/7% YoY/QoQ, with healthy growth in both current account and savings account and TDs. Net interest income grew by 25/2% YoY/QoQ. Core net interest margins (reported) improved marginally by 4 bps QoQ and stood at 3.44% versus 3.4% in Q3 FY24. Non-interest income grew by 108/63% YoY/QoQ, aided by stake sale in Credila (gain of Rs 73.4 billion). Fee income (1.3% of loans)…
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