Q1 results today: HDFC Bank will declare Q1 results today. The private lender’s board of directors has fixed a meeting on July 20th, 2024, to consider and approve unaudited standalone financial results for the first quarter of the current economic cycle. So, HDFC Bank Q1 results 2024 can be announced at noon today.
According to stock market experts, HDFC Bank reported weak business updates in the first quarter of the current fiscal year. However, they still expect YoY growth in HDFC Bank’s net profit and a deterioration in CASA. This means that HDFC Bank is expected to face a high cost of funding in the near term, and if its results are in sync with market expectations, this may affect HDFC Bank share price movement on Monday if the HDFC Bank’s results are in sync with the market expectations.
HDFC Bank Q1 results 2024 preview
Speaking on the kind of numbers HDFC Bank may report in Q1FY25, Manish Chowdhury, Head of Research at StoxBox, said, “HDFC Bank’s Q1FY25 business update came out weak, with softness in advances and deposit numbers. In addition, the bank’s corporate and other wholesale loan books saw a dip sequentially. Though net profit is likely to grow annually in Q1FY25, we expect marginal NIM compression primarily due to the high cost of attracting new deposits. Further, this quarter may witness marginal deterioration in asset quality due to seasonal softness.”
“On the operational front, we anticipate some deterioration in CASA, tight control on operating costs and a decline in provisioning. We will closely track management commentary for some colour on future business growth and earnings trajectory, branch expansion plans and strategy to garner deposits in an increasingly competitive environment,” the StoxBox expert said.
HDFC Bank share price outlook
Regarding the investment strategy for HDFC Bank shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “Fresh buying is not advisable in HDFC Bank shares if they open lower on Monday. HDFC Bank shareholders are advised to maintain a stop loss at ₹1550. On breaching Friday’s close of ₹1605 apiece, one can expect the stock to soon touch ₹1700 and ₹1750. So, fresh buying is advisable on Monday only when the stock exceeds the ₹1605 mark.”
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.