Country’s largest private sector lender HDFC Bank on Saturday reported a 35 per cent year-on-year (Y-o-Y) growth in net profit at Rs 16,175 crore for the quarter ended June 2024 (Q1FY25), aided by healthy net interest income (NII) and lower provisions. Analysts at Bloomberg had estimated that the bank may post a net profit of Rs 15,652 crore.

However, sequentially net profit of the lender was down 2 per cent from Rs 16,511.85 crore in Q4FY24 due to lower income growth and higher tax expenses.

In a letter dated February 5, 2024, the Reserve Bank of India (RBI) has approved the application of HDFC Bank Limited to acquire an "aggregate holding" of up to 9.5 per cent of the paid-up share capital or voting rights in IndusInd Bank Limited, according to a regulatory filing by IndusInd Bank with the BSE. The approval has been granted following the application submitted by HDFC Bank to the RBI.

The filing said that RBI's approval is subject to compliance with the relevant provisions of the Banking Regulations Act, 1949.

Ahead of the Reserve Bank of India (RBI) monetary policy decision, HDFC Bank has increased its Marginal Cost of Funds-Based Lending Rates (MCLR) across select tenors by five basis points. With the latest increase in the rate of interest, loan EMIs linked to MCLR are expected to rise.

The Marginal Cost of the Fund-Based Lending Rate or the MCLR is the minimum interest rate a financial institution needs to charge for a specific loan. It dictates the lower limit of the interest rate for a loan. This rate limit is set in stone for borrowers unless specified otherwise by the Reserve Bank of India.

HDFC Bank Managing Director and CEO Sashidhar Jagdishan on Friday flagged funding as a risk for the lender, after the completion of the $40-billion amalgamation with Housing Development Finance Corporation (HDFC) on July 1.

“The risks of the merger are the funding part of it,” Jagdishan told shareholders of the largest private sector lender at its first post-merger annual general meeting. HDFC Bank Chairman Atanu Chakraborty, on the other hand, expressed confidence that the private sector lender would benefit from the low cost of funds that a bank traditionally enjoys.

The country’s biggest lender HDFC Bank on Monday reported a 30 per cent jump in its net profit for the quarter that ended on June 30 to Rs 11,952 crore.

The bank’s net revenue grew 26.9 per cent to Rs 32,829 crore in the quarter as compared to Rs 25,870 crore in the same quarter last year. The net interest income during the quarter jumped 21.1 per cent to Rs 23,599 crore from Rs 19,481 crore last year.

Days after its merger with HDFC Ltd, HDFC Bank on Monday joined the exclusive club of companies with a market capitalisation of $100 billion. This makes it the seventh-largest lender globally.

On Monday, the bank’s market capitalisation crossed $150 billion, making it bigger than Morgan Stanley, Goldman Sachs and Bank of China.

HDFC Bank – the country’s largest private sector lender –to implement interoperability between United Payment Interface and Central Bank Digital Currency, effective Thursday.

“HDFC Bank today announced the launch of UPI QR code interoperable with India's sovereign digital currency, Central Bank Digital Currency (CBDC). With this, HDFC Bank becomes one of the first banks in the country to complete the integration process,” the bank said in a statement.

India's HDFC Bank on Wednesday said its merged loan book with Housing Development Finance Corporation stood at about 22.45 trillion rupees ($273.77 billion) as at the end of the June quarter.

HDFC Bank merged with HDFC on July 1 in a $40 billion merger, the largest in India's corporate history, entering the coveted list of the world's top 10 banks by market capitalisation.

Shares of Housing Development Finance Corporation (HDFC) and HDFC Bank gained up to 3 per cent on the BSE in Monday’s intra-day trade, extending their past three days' upward movement, after their respective Boards fixed July 13 as the record date for determining the shareholders of the Corporation who shall be issued and allotted the shares of HDFC Bank.

With the deal getting effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold. Besides, July 13 has been fixed for the continuation of warrants of HDFC Limited in the name of HDFC Bank.

Five of the top 10 most valued firms together lost Rs 86,447.12 crore in market valuation last week, with Infosys, Tata Consultancy Services and State Bank of India taking the biggest hit.

Last week, the BSE benchmark fell 462.8 points or 0.79 per cent.

While Reliance Industries Limited, Tata Consultancy Services (TCS), HDFC Bank, Infosys and State Bank of India suffered erosion from their valuation, ICICI Bank, Hindustan Unilever Limited, ITC, HDFC and Bharti Airtel posted gains.

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