HDFC Bank Q1 results: Results for the first quarter will be released today by HDFC Bank. The board of directors of the private lender has scheduled a meeting for July 20, 2024, with the purpose of reviewing and approving unaudited standalone financial statements for the first quarter of the current economic cycle. Thus, today at noon, HDFC Bank’s Q1 results for 2024 can be released.
Stock market specialists claim that in the first quarter of the current fiscal year, HDFC Bank provided unsatisfactory business updates. They still anticipate a decline in CASA and YoY growth in HDFC Bank’s net profit, nevertheless. This indicates that HDFC Bank is anticipated to have a high cost of funding in the near future. If the bank’s results meet market expectations, this could have an impact on the movement of HDFC Bank’s share price on Monday.
2024 preview of HDFC Bank Q1 results
Manish Chowdhury, Head of Research at StoxBox, discussed the type of figures HDFC Bank would release in Q1FY25. He stated, “HDFC Bank’s Q1FY25 business update came out weak, with softness in advances and deposit numbers.” The bank’s corporate and other wholesale loan books also declined one after the other. We predict marginal NIM compression mainly because of the high cost of recruiting new deposits, even if net profit is expected to expand yearly in Q1FY25. Furthermore, because of seasonal slowness, this quarter may see a little decline in asset quality.
We expect a slight worsening in CASA, strict cost control over operating expenses, and a decrease in provisioning on the operational front. For some color on future business growth and profitability trajectory, branch expansion plans, and deposit-gathering strategy in an increasingly competitive environment, we will closely monitor management commentary,” the StoxBox expert stated.
Outlook for HDFC Bank’s share price
Sumeet Bagadia, Executive Director at Choice Broking, said on the investment approach for HDFC Bank shares: “If the stock opens lower on Monday, it is not recommended to buy fresh.” It is recommended that shareholders of HDFC Bank keep their stop loss around ₹1550. Should the stock surpass Friday’s closing price of ₹1605 per, it is anticipated that it would soon hit ₹1700 and ₹1750. Therefore, it is best to buy fresh on Monday only if the stock rises beyond ₹1605.
(Disclaimer: The opinions expressed here are not affiliated with Businessuncover; rather, they represent the opinions of certain analysts or broking firms. Before making any financial decisions, we suggest investors to consult with qualified specialists.)
