India-based HDFC Bank reports 33% jump in revenue, re-appoints CEO for 3 years
HDFC Bank Ltd. (HDB) (IN:500180) disclosed Monday that the India-based bank reported fiscal second-quarter standalone revenue that grew 33.1% to INR380.93 billion ($4.58 billion) to beat the FactSet consensus of INR374.33 billion. Net interest income rose 30.3% to INR273.85 billion and non-interest revenue jumped 41% to INR107.08 billion. The U.S.-listed stock was little changed in premarket trading. Separately, the bank disclosed that its board of directors has re-appointed Sashidhar Jagdishan as chief executive officer for three years, through Oct. 26, 2026. The stock has lost 13.9% over the past three months through Friday, while the iShares MSCI India ETF (INDA) has gained 0.5% and the S&P 500 has slipped 3.9%.
-Tomi Kilgore
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10-16-23 0849ET
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