Shares of HDFC twins HDFC Bank and Housing Development Finance Corporation (HDFC) were higher for a second day, gaining more than 3.4% over the past two sessions.

At 10:59 am, HDFC Bank was up 1.5% at Rs 1,632, while HDFC was up 1.3% at Rs 2,674 on the BSE. In contrast, the S&P BSE Sensex gained 0.42% to 60,908.

HDFC Bank (up 13%) and HDFC (up 15%) have outperformed the market over the past three months, with the benchmark index up 3%.

During HDFC Bank’s earnings call, management said that NCLT’s final hearing on the merger with HDFC would be held on January 27, 2023, at which point the regulatory process will continue.

On January 14, HDFC Bank, India’s largest private bank, reported an 18.5% YoY increase in net profit to Rs 12,259 crore in Q3FY23, as healthy growth in net interest income boosted the bank’s bottom line, the BSE filing said. On a sequential basis, the bank’s net profit rose 15.6% from Rs 10,606 crore in the July-September quarter.

HDFC Bank’s net interest income – the difference between interest earned and interest expended – rose 24.6% year-on-year to Rs 22,987 crore in the third quarter of the current financial year. The bank said the bank’s core net interest margin was 4.1% of total assets and 4.3% of interest-earning assets.