HDFC Bank Limited is set to conduct a board meeting on October 19, to approve its financial results for the quarter ended September 2024.
What Happened: The Mumbai-based bank made the announcement on Monday morning. The meeting will consider the financial results for the quarter and half-year ending September 30, 2024.
The upcoming board meeting follows a steady Q1 performance by HDFC Bank. In the first quarter, the bank reported a 35.3% year-on-year increase in net profit, which came in at ₹16,174.75 crore, beating analyst estimates. However, the profit slipped 2% sequentially. The bank’s net interest income also jumped 26.4% year-on-year to ₹29,837 crore.
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Last month, the bank recently rejected a $2 billion stake purchase offer by Japan’s Mitsubishi UFJ Financial Group (MUFG) for its non-banking subsidiary HDB Financial Services. The bank has instead approved a plan to move forward with HDB’s listing to comply with Reserve Bank of India (RBI) regulations. This decision was made despite the Japanese government’s interest in the deal as a means to strengthen economic and strategic ties between the two countries.
Price Action: HDFC Bank’s share price was up 0.13% to trade at ₹1,668.15 in early trade on Monday.
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