HDFC Bank is trading higher by 2% at Rs 590, ahead of the first quarter results, which private sector lender schedule to announce today.
India's second-largest lender among private banks, is likely to post a healthy 30% year-on-year growth in its profit after tax to Rs 1,411 crore for the quarter ended June 2012, according to an average estimates of analysts. Net interest income is expected to go up by 26% to Rs 3,587 crore in the first quarter of FY13 from Rs 2,848 crore in a year ago period.
HDFC Bank’s loan book expansion was higher than industry in Q4 FY12 and has always maintained above industry growth around 22% to 27% in the past.
Analyst at Dolat Capital Research expects credit to expand faster than the system at compounded annual growth rate (CAGR) of 25% over FY12-14; primarily led by higher growth in retail book as compared to corporate loan book.
The stock opened at Rs 585 is currently trading at day’s high level on the National Stock Exchange. A combined around 536,000 shares have changed hands on the counter till early noon trades on both the exchanges.
