HDFC Bank Shares Up As Q1 Deposit Growth Higher Than Loans
HDFC Bank added over Rs 10,000 crore in market capitalisation soon after trading began.
HDFC Bank Ltd.'s share price traded marginally higher on Friday after its first-quarter business update showed deposit growth was higher than that of loans.
Gross advances as of June 30 increased 6.7% year-on-year to Rs 26,530 crore. Period-end deposits rose 16.2% year-on-year to Rs 27,640 crore, according to business updates disclosed on Friday. Sequentially, advances were marginally up by 0.4%, while deposits rose 1.8%, respectively.
On an average deposit basis, the total deposits were up 16.4% at Rs 26,580 crore.
Current account savings account or CASA deposits jumped 8.5% to Rs 9,370 crore. CASA deposits are a crucial source of funding for banks, as they are relatively low-cost compared to other deposit types like fixed deposits.
HDFC Bank Share Price Today
HDFC Bank share price gained 0.8% soon after the market opened to Rs 2,003 apiece
HDFC Bank shares gained 0.8% soon after the market opened to Rs 2,003 apiece. The stock has risen 15% in the last 12 months and 11.5% so far this year.
Over four lakh shares changed hands with the total traded value being Rs 82.44 crore as of 9:20 a.m. The company added over Rs 10,000 crore in market capitalisation.
Out of 49 analysts tracking the bank, 45 have a 'buy' rating on the stock and four recommend a 'hold', according to Bloomberg data. The average of 12-month analysts' price target of Rs 2,207 implies a potential upside of 11%.
