HDFC, ICICI Bank Q1 Results Live Updates: HDFC sees sharp rise in provisions

HDFC & ICICI Bank Q1 Results Highlights: India’s two largest private lenders, HDFC Bank Ltd. and ICICI Bank Ltd. reported their quarterly results for the April-June period on Saturday. HDFC Bank’s profitability was aided by a jump in other income, while ICICI Bank’s profit and core income (NII) were above expectations from the CNBC-TV18 poll.

HDFC & ICICI Bank Q1 Results Highlights: India’s two largest private lenders, HDFC Bank Ltd. and ICICI Bank Ltd. reported their quarterly results for the April-June period on Saturday. HDFC Bank’s profitability was aided by a jump in other income, while ICICI Bank’s profit and core income (NII) were above expectations from the CNBC-TV18 poll. Asset quality of both the lenders remained stable on a sequential basis. Both also saw an increase in provisions, with HDFC Bank creating a floating provision of ₹9,000 crore during the quarter. ICICI Bank’s advances and deposits both grew in double digits compared to the same quarter last year. We will hear from both the managements during the earnings call shortly. Both the stocks, interestingly, are also 3% away from their respective all-time high levels and will react to these results on Monday.