Mumbai:
There is good news for people investing in the stock market through IPOs. The country’s largest private bank, HDFC Bank, has approved HDB Financial Services for an IPO.
The management is also considering the possibility of selling a stake outside of the HDB Financial IPO.
This decision was made during a meeting held on July 20.
HDFC Bank’s Role
HDFC Bank has informed the stock markets that the board has given permission to start the process of the HDB Financial IPO as of July 20.
This IPO process must be completed by September 2025.
The management is exploring the possibilities of selling stakes apart from the IPO,
although no final decision has been made on this yet.
Financial Performance of HDB Financial
During the financial year 2023-24, HDB Financial’s total revenue was Rs 14,171 crore, up from Rs 12,402 crore the previous year.
The profit for the last financial year was Rs 2,460 crore, compared to Rs 1,959 crore in the previous financial year.
Performance of HDFC Bank
HDFC Bank’s consolidated net profit increased by 33.17 percent to Rs 16,474.85 crore in the April-June quarter of the current financial year, compared to Rs 12,370 crore in the same quarter of the last financial year.
However, net profit decreased by 6.51 percent from Rs 17,622.38 crore in the January-March 2024 quarter.
