HDFC Bank shares climb 2 pc post June quarter earnings

Shares of HDFC Bank on Monday climbed 2 per cent after the company posted a 29 per cent jump in consolidated net profit for the June quarter at Rs 12,370 crore.

New Delhi: Shares of HDFC Bank on Monday climbed 2 per cent after the company posted a 29 per cent jump in consolidated net profit for the June quarter at Rs 12,370 crore.

The stock gained 2.07 per cent to Rs 1,679.20 on the BSE. During the day, it rallied 2.23 per cent to Rs 1,682.05. At the NSE, it climbed 2 per cent to Rs 1,678.35.

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The company’s market valuation jumped to Rs 12,65,708.66 crore amid a rally in the stock.

In traded volume terms, 7.31 lakh shares of the company were traded on the BSE and 2.46 crore shares at the NSE during the day.

Core income growth and trading gains helped HDFC Bank post a 29 per cent jump in consolidated net profit for the June quarter at Rs 12,370 crore. On a standalone basis, the largest private sector lender reported a 30 per cent jump in net profit for April-June period at Rs 11,952 crore.

This is one of the fastest profit growth reported by the lender, which recently completed the merger of its mortgage financier parent HDFC into itself with effect from July 1 onwards.

In the reporting quarter, core Net Interest Income (NII) grew 21 per cent to Rs 23,599 crore, helped by 15.8 per cent advances growth, while the Net Interest Margin expanded to 4.1 per cent on the overall assets.

The other income came at Rs 9,230 crore, but it was the trading gains of Rs 552 crore as against a loss of Rs 1,077 crore in the year-ago period, which helped the bottom line.

The gross non-performing assets ratio improved to 1.17 per cent when compared to 1.28 per cent in the year-ago period, but was marginally higher when compared with the 1.12 per cent in the preceding March quarter-end.