HDFC Bank shares up over 2 per cent post March quarter earnings

The stock rallied 2.27 per cent to Rs 1,950 -- its 52-week high level -- on the BSE. At the NSE, it climbed 2.30 per cent to hit the one-year peak of Rs 1,950.70

New Delhi: Shares of HDFC Bank on Monday climbed over 2 per cent to hit its one-year peak after the firm reported a 7 per cent growth in consolidated net profit for the March quarter.

The stock rallied 2.27 per cent to Rs 1,950 — its 52-week high level — on the BSE. At the NSE, it climbed 2.30 per cent to hit the one-year peak of Rs 1,950.70. The 30-share BSE benchmark Sensex jumped 625.63 points to trade at 79,178.83 in morning trade. The NSE Nifty climbed 191.35 points to 24,043.

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HDFC Bank on Saturday reported a 7 per cent growth in consolidated net profit for the March quarter to Rs 18,835 crore, but flagged issues around pricing in home and corporate loan segments, which are impacting its loan growth.

On a standalone basis, the largest private sector lender reported a net profit of Rs 17,616 crore for the reporting quarter as against Rs 16,512 crore in the year-ago period.

The net interest income moved up 10.3 per cent to Rs 32,070 crore during the reporting quarter, on a slight expansion in the net interest margin to 3.5 per cent and the gross advances growth coming at 5.4 per cent.

HDFC Bank’s chief financial officer, Srinivasan Vaidyanathan, said that the bank had consciously taken a call to slow down loan growth and focus on the liabilities piece for the fiscal year and added that the deposit growth was over 15 per cent.