HDFC Bank and ICICI Bank Q3FY26 results draw mixed analyst reactions. Here's why ICICI Bank shares fell and why HDFC Bank faces growth concerns.
Aakash Shah of Choice Equity Broking says that HDFC Bank may remain tepid as long as the stock trades below ₹970; while ICICI Bank needs to sustain above ₹1,380 to maintain its long-term positive bias
HDFC Bank said its elevated credit-deposit ratio will not constrain loan growth, while reiterating a glide path to bring it down to 85-90 per cent by FY27
HDFC Bank on Saturday said its consolidated profit jumped 12.17 per cent to Rs 19,807 crore in the December quarter. The city-headquartered lender had reported a consolidated net profit of Rs 17,657 crore in the year-ago period and Rs 19,611 crore in the preceding September quarter. On a standalone basis, the profit of the country's largest private sector lender increased 11.46 per cent to Rs 18,653.75 crore for the October-December period. The core net interest income grew 6.4 per cent to Rs 32,600 crore, while the non-interest income came at Rs 13,250 crore, as per an exchange filing. The net interest margin at the overall level stood at 3.35 per cent, it said. Implementation of the new labour codes led to an impact of Rs 800 crore in expenses for the bank during the quarter.
Q3FY26 company results: Firms including Punjab & Sind Bank, UCO Bank, IDBI Bank, RBL Bank, Oswal Yarns, and Netweb Technologies are also to release their October-December earnings reports today
HDFC Bank Q3FY26 results preview: Analysts see gradual earnings recovery with stable margins, improving loan growth and pressure on deposits. Check brokerage estimates
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HDFC Bank shares slide 4% in two days and fall below the 200-DMA. Analysts explain FII selling, Q3FY26 update impact and strategy ahead.
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After several quarters, the bank reported loan growth higher than deposit growth. The bank mobilised ₹57,700 crore of deposits during the quarter while credit disbursed expanded by ₹75,300 crore
HDFC Bank merged with its parent HDFC in July 2023, adding a significant pool of loans but a smaller volume of deposits
After crossing Rs 2 trillion in September and October, credit card spending eased to Rs 1.89 trillion in November 2025, with major issuers reporting month-on-month declines
HDFC Bank has lowered its fixed deposit rates by 15 bps for select tenors on deposits below Rs 3 crore, bringing its peak deposit rate down to 6.45% from December 17
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The RBI has allowed HDFC Bank and its group firms to buy up to 9.5 per cent stake in IndusInd Bank within one year, as the private lender faces losses and governance issue
HDFC Bank's earnings growth is likely to converge with ICICI Bank by FY28, helping the former achieve premium valuation over the latter, Emkay Global said
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Outflows of over $300 million each
The brokerage argued that the profitability downcycle, marked by several quarters of net interest margin (NIM) compression and elevated credit costs, is now behind the sector.
The bank had also outsourced the function of determining compliance with KYC norms of certain customers to its outsourcing agents