HDFC Bank Q1 Results Review - Inline Earnings With Positive Surprise On Margins: Systematix

Systematix Research Report

HDFC Bank Ltd. reported Q1 FY25 earnings of Rs 162 billion (flat QoQ, 35% YoY), broadly in-line with estimates. Considering the soft headline numbers in the business update, key focal points for the result were-

1. movement in net interest margins and

2. update on deposit momentum.

In this regard, the 3 bps QoQ NIM improvement was a positive (versus market expectation of stable NIMs). As per management, underlying deposit accretion on a sustainable quarterly average basis remains strong with CDR for the bank expected to revert back to pre-merger levels over the medium term.

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