HDFC Bank ADRs rally 7% as robust Q4 provisional numbers boost mood

economictimes.indiatimes.com:

HDFC Bank rallied 7% on the New York Stock Exchange on Thursday, buoyed by the encouraging numbers for the March quarter.
HDFC Bank ADRs were trading at $60.2, up nearly 7% from the previous close. Back home, shares of the private sector lender ended 3% higher on the National Stock Exchange at Rs 1,529.

India's largest private lender reported a 55.4% year-on-year (YoY) growth in its gross advances to Rs 25.08 lakh crore for the quarter ended March. On a sequential basis, the gross loans rose by 1.6%.
The lender saw domestic retail loans double YoY and grow 3.7% sequentially to Rs 43,700 crore, according to the provisional updates shared by it earlier on Thursday.
The commercial & rural banking loans grew by around 25% YoY and 4.2% quarter-on-quarter (QoQ) in the recently ended quarter.
HDFC Bank’s deposits aggregated to approximately Rs 23.80 lakh crore as of March 31, 2024, up 26.4% from the corresponding quarter a year ago. On a QoQ basis, the growth was around 7.5%.
While the provisional numbers were encouraging, the market will await other core numbers to gauge the overall performance.
In the December quarter, HDFC Bank had made a large contingency provision of Rs 1,200 crore towards AIF and had also exhausted its liquidity coverage ratio, which led to a significant fall in the stock price, as analysts sharply slashed their earnings estimates.