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Business

HDFC Bank Reports 8.9% Growth in Net Revenue for Q3 FY26; Net Interest Income Rises 6.4%

rencygomes02

Written by Intern Rency Gomes ||Team Allycaral 

Mumbai, January 17, 2026: The Board of Directors of HDFC Bank Limited approved the Bank’s financial results prepared under Indian GAAP for the quarter and nine months ended December 31, 2025, at its meeting held in Mumbai on Saturday. The financial statements have been subjected to a limited review by the statutory auditors of the Bank.

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For the quarter ended December 31, 2025, the Bank reported net revenue of ₹458.7 billion, registering a growth of 8.9 per cent compared to ₹421.1 billion in the corresponding quarter of the previous year.

Net interest income (interest earned less interest expended) for the quarter increased by 6.4 per cent to ₹326.2 billion from ₹306.5 billion in the same period last year. The Bank’s core net interest margin stood at 3.35 per cent on total assets and 3.51 per cent on interest-earning assets.

Other income (non-interest revenue) for the quarter amounted to ₹132.5 billion. Fee and commission income rose to ₹92.3 billion compared to ₹81.8 billion in the corresponding quarter of the previous year. Foreign exchange and derivatives revenue stood at ₹14.3 billion, marginally higher than ₹14.0 billion reported a year earlier. Net trading and mark-to-market gains surged to ₹9.3 billion from ₹0.7 billion, while miscellaneous income, including recoveries and dividends, was ₹16.6 billion compared to ₹17.9 billion in the year-ago quarter.

Operating expenses for the quarter ended December 31, 2025 were ₹187.7 billion. Excluding the estimated impact of ₹8.0 billion related to employee benefits under the New Labour Code, operating expenses stood at ₹179.7 billion, compared to ₹171.1 billion in the corresponding quarter of the previous year. The Bank’s core cost-to-income ratio for the quarter was 39.2 per cent.

The results reflect HDFC Bank’s continued focus on sustainable growth, operational efficiency and disciplined cost management amid evolving economic conditions.

Business

Apple Hits $4 Trillion Market Value as Strong iPhone Sales Offset AI Concerns

Tanisha Cardozo

Apple has officially surpassed a $4 trillion market value, becoming the third Big Tech company in history to achieve this milestone, after Nvidia and Microsoft. The milestone comes amid robust demand for its iPhone 17 lineup and the iPhone Air, which have helped lift shares about 13% since their launch on September 9, marking Apple’s first positive performance for the year.

The iPhone remains a critical revenue driver, accounting for more than half of Apple’s profit. Analysts say the iPhone Air’s slim design positions Apple to compete effectively against rivals like Samsung Electronics, while early sales of the iPhone 17 have outperformed its predecessor by 14% in key markets such as the U.S. and China, according to research firm Counterpoint. Brokerage Evercore ISI expects the strong demand to exceed market expectations for the quarter ending September, with upbeat forecasts anticipated for the December quarter.

Apple shares had faced headwinds earlier in the year due to stiff competition in China and uncertainties related to high U.S. tariffs affecting its major manufacturing hubs in Asia. While Apple has taken a cautious approach to artificial intelligence, including delayed upgrades to Siri and a slower rollout of the Apple Intelligence suite, reports indicate ongoing collaborations with Alphabet’s Gemini AI, Anthropic, and OpenAI.

Chris Zaccarelli, chief investment officer of Northlight Asset Management, noted, “The lack of a well-understood AI strategy is one of the overhangs for the stock. If Apple can incorporate AI in a way that excites consumers, it would transform the company.”

Apple reported its strongest quarterly results in years during April-June, achieving double-digit growth across key segments and surpassing analyst expectations. Its shares currently trade at 33.2 times projected earnings for the next 12 months, compared to 27.42 for the Nasdaq 100, reflecting the company’s strong valuation. Apple is expected to announce its Q4 results on October 30, which could further impact investor sentiment.

Despite underperforming the Nasdaq 100 this year, Apple’s milestone highlights the enduring appeal of its ecosystem, driven largely by iPhone sales and global brand loyalty.