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HDFC Bank braces for rate-cut hit
April 21, 2025
|Mint Kolkata
Margin moderation ahead
HDFC Bank's net interest margin (NIM) for the quarter ending March (Q4FY25) has expanded 2-3 basis points (bps) sequentially and year-on-year to 3.46% after excluding the interest income on income tax refund worth ₹700 crore.
While this is praiseworthy, it will be interesting to see how the bank deals with the Reserve Bank of India's (RBI) rate-cutting cycle, which is likely to be deeper than envisaged.
The RBI has cut the repo rate in February and April by 25bps each to 6%.
With the regulator projecting the consumer price index (CPI) or retail inflation for FY26 at 4%, there could be further rate cuts in the offing, with real interest rate, i.e., nominal repo rate minus inflation, currently at 2%.
One basis point is one-hundredth of a percentage point.
During the post-earnings call, HDFC Bank revealed that nearly 70% of its loans are on a floating rate basis (a large chunk of them linked to the repo rate), with the rest being fixed-rate loans.
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