A first after merger! HDFC Bank to announce Q1 results on July 17
HDFC Bank will announce its June quarter results on July 17, a first post the merger. «We wish to inform you that a meeting of the Board of Directors of HDFC Bank will be held on July 17 to consider the unaudited standalone and consolidated financial results for the first quarter ending June 30, 2023,» the company said in a filing. HDFC Bank had earlier said its merged loan book with HDFC stood at about $274 billion at the end of the June quarter.
The lender's loan book rose 13% in the June quarter from a year ago on a proforma basis, though some numbers may not be directly comparable with those of the previous year. The merged entity's deposits aggregated to about Rs 20.64 lakh crore as of June end, up 16% from a year ago. The combined entity's liquidity coverage ratio, a measure of how much cash-like assets the bank has, was around 120% on a proforma basis for the quarter ended June 30.
The bank's standalone gross advances rose about 16% to Rs 16.16 lakh crore as of June end, while deposits rose 19% to Rs 19.13 lakh crore. HDFC and HDFC Bank completed their $40 billion-merger, the largest in India's corporate history on July 1 and have set July 13 as the «record date» for shareholders to swap HDFC's shares with those of HDFC Bank. Post the merger HDFC Bank will replace HDFC Ltd on MSCI Global Standard indexes from July 13, following the merger of two companies.
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