[ad_1]
A woman walks past a signboard of HDFC Bank’s automated teller machine (ATM) in New Delhi, India, May 5, 2023. REUTERS/Anushree Fadnavis/File photo Acquire Licensing Rights
BENGALURU, Sept 20 (Reuters) – Shares of HDFC Bank (HDBK.NS) fell 3% on Wednesday, dragging the benchmark Nifty 50 index (.NSEI)
after the country’s top private lender said its newly completed merger with HDFC Ltd would hit some key financial metrics.
The bank has said it expects some “pressure” on its net interest margins (NIM) and forecast a rise in non-performing assets (NPA), according to analyst reports following a meet with HDFC Bank’s management held early in the week.
HDFC Bank (HDBK.NS) is expected to report its first consolidated earnings next month, though a date has not been announced yet. The two companies merged effective July 1, creating a $40 billion behemoth.
About 11.6 million shares changed hands in early trade against a 30-day average of 21.1 million.
HDFC Bank shares are down 3% so far this year, underperforming 6% gains in the bank index (.NSEBANK) and 11% gains in the Nifty index.
Reporting by Sethuraman NR in Bengaluru; Editing by Savio D’Souza and Nivedita Bhattacharjee
Our Standards: The Thomson Reuters Trust Principles.
[ad_2]
Source link