Shares of HDFC twins down 3% each as its loan growth figure falls to 15%

Shares of HDFC and HDFC Bank dropped nearly 3 per cent, each, on Wednesday — most among the Sensex and the Nifty50 components. Analysts said that the losses were on account of disappointing loan growth figures posted by HDFC. HDFC Bank (merged entity) reported gross loan growth of 15 per cent compared to a standalone loan growth of 20 per cent, an analyst pointed out.
 

“There seems to have been some slowdown even in the retail book of HDFC as per our calculations. The issue here is that the implied retail loan book numbers for HDFC from HDFC Bank disclosures do not tally with HDFC’s retail loan numbers disclosed on June 30. We believe some merger-related adjustments could have been done and will wait for clarifications from management when it reports its quarterly results,” said a note by Suresh Ganapathy, managing director, head of financial services research, Macquarie Capital.
 

HDFC Bank is expected to disclose its first merged profit and loss (P&L) and balance sheet numbers during the September 2023 quarter. Analysts don’t rule out near-term pressure on growth as the two financial sector behemoths try to integrate.