ICICI Bank reported good results for the October-December 2023 quarter (Q3), with 24 per cent year-on-year (Y-o-Y) growth in profit after tax (PAT).
Net interest margin (NIM) dropped 10 bps quarter-on-quarter (Q-o-Q) to 4.43 per cent.
Credit growth was at 19 per cent Y-o-Y (4 per cent Q-o-Q), while deposit growth was at 19 per cent Y-o-Y (3 per cent Q-o-Q).
Growing concerns over slower-than-expected margin recovery, amid weak deposit growth have caught HDFC Bank s investors off guard.
HDFC Bank s stock on Wednesday plunged nearly 9 per cent to hit an intraday low of Rs 1,527 on the BSE after reporting weaker-than-expected earnings in the third quarter (October - December) of the current financial year (Q3FY24).
The shares of India s biggest private lender closed at Rs 1,536.9, down 8.46 per cent.
After the latest rout, the American depositary receipt (ADR) premium of HDFC Bank to its local shares has shrunk to nearly zero.
Shares of HDFC Bank on Thursday fell 3.1 per cent to Rs 1,490, extending its two-day decline to 11 per cent.
Meanwhile, the ADR has slumped over 15 per cent in the past two trading sessions.
Largest private sector lender HDFC Bank on Tuesday reported a 34 per cent jump in its standalone net profit to Rs 16,373 crore for the third quarter ended December 2023.
The bank had earned a net profit of Rs 12,259 crore in the corresponding quarter of the previous fiscal year.
HDFC Bank s market capitalisation (market cap) touched Rs 13 trillion in Thursday s (December 28, 2023) intra-day trades as the largest private sector lender is set to report its sharpest monthly rally in the past two years.
At 10:33 AM; HDFC Bank s market cap stood at Rs 13.03 trillion, the BSE data shows.
The stock was up 1 per cent at Rs 1,717.90 in intra-day trades on December 29, inching towards its record high of Rs 1,757.80 touched on July 3, 2023.