HDFC Bank and ICICI Bank reported their Q3FY23 results.
ICICI Bank’s consolidated net profit increased by 27.64%.
HDFC Bank’s net profit increased by 19.8%.
ICICI Bank’s consolidated net income was Rs 53,922.75 crore during Q4FY23.
HDFC Bank’s net profit was Rs 12,047.5 crore for Q4FY23.
HDFC Bank’s Net interest income (NII) increased by 23.7% to Rs 23,351.8 crore.
ICICI Bank’s board recommended a dividend of Rs 8 per share.
Ravi Singhal, CEO of GCL Broking, suggests choosing HDFC Bank over ICICI Bank for medium to long-term investment.
Several brokerages have a ‘buy’ tag on ICICI Bank shares after it reported robust numbers for Q4FY23.