India's two largest private sector banks have announced their Q4 results. HDFC Bank announced its Q4FY22 results on April 16th, 2022, while ICICI Bank released the results for the same quarter on April 23rd, 2022.
ICICI Bank delivered a robust performance for the fourth quarter ended March 31, 2022, beating Street estimates. while HDFC bank slightly missed analyst estimates.
HDFC Bank Ltd is one of India's premier banks. The bank provides a wide range of banking services, covering commercial and investment banking on the wholesale side and transactional and branch banking on the retail side.
The bank has three primary business segments, namely banking, wholesale banking, and treasury. The retail banking segment serves retail customers through a branch network and other delivery channels. The wholesale banking segment provides loans, non-fund facilities, and transaction services to corporate, public-sector units, government bodies, financial institutions, and medium-scale enterprises. The treasury segment includes net interest earnings on the investment portfolio of the bank.
ICICI Bank Ltd. (Industrial Credit and Investment Corporation of India) is an Indian multinational bank and financial services company headquartered in Vadodara.
It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital, and asset management. The bank has a presence in 17 countries. The bank has subsidiaries in the United Kingdom and Canada.
ICICI Bank's net profit jumped 59.4 percent year-on-year (YoY) to ₹7,018.7 crore. In the corresponding quarter last year, the company posted a net profit of ₹4,403 crore.