HDFC Bank Shares Touch 52-Week High On Jump In Q2 Net Profit
HDFC Bank shares zoomed more than 2 per cent to new highs on the BSE after the bank reported a jump in net profit in the September quarter. On Saturday, HDFC Bank reported a net profit of Rs 8,834.3 crore the July-September quarter, an increase of 17.58 per cent from Rs 7,513.1 crore during the same period last year.
HDFC Bank's total income stood at Rs 38,754 crore during the quarter, compared to Rs 36,069 crore in the year-ago period.
The bank's gross non-performing asset (NPA) stood at 1.35 per cent of the gross advances, compared to 1.47 per cent in the preceding June quarter, and 1.37 per cent in the year-ago period. The net interest income - the difference between interest earned and interest expended - grew 12.1 per cent to Rs 17,684.4 crore, compared to Rs 15,776.4 crore in the year-ago period, driven by advances growth of 15.5 per cent and a core net interest margin of 4.1 per cent.
At 11:20 am, HDFC Bank shares had surrendered all their intra-day gains and turned flat due to profit-booking at higher levels. The benchmark indices were trading with gains of 0.8 per cent at the time.
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