HDFC Bank saw the prices of its shares slip on Wednesday after the bank reported its October-December quarter results. HDFC Bank’s US-listed ADRs (American depositary receipts) also fell 6.71% overnight on the New York Stock Exchange (NYSE).

HDFC Bank’s shares hit an intraday low of Rs 1,553.00, 7.5% lower than its previous closing price on the National Stock Exchange (NSE). At noon, the stock was trading 6.87% lower at Rs 1,563.85.

HDFC Bank posted a 33% year-on-year (YoY) jump in its net profit to Rs 16,372 crore in Q3FY24. While meeting expectations on the headline numbers, investors were disappointed as it included a one-time tax rate gain. 

The net interest income (NII) of the largest private-sector bank in the country rose to Rs 28,471 crore in the quarter ended December 31, 2023, as compared to Rs 27,385 crore in the previous quarter and up 24% YoY.

On the asset quality front, HDFC Bank’s gross non-performing assets (NPAs) grew to 1.26% in Q3FY24 from 1.23% in the corresponding period in the last fiscal year. Meanwhile, net NPAs dropped to 0.31% from 0.33% during the same time.