HDFC Bank Shares Hit All-Time High Ahead Of Earnings Announcement This Week
HDFC Bank share price rose as much as 1.01% to Rs 1,883.80 apiece.
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HDFC Bank's share price surged to an all-time high on Wednesday, trading 1.01% higher at Rs 1,883. This rally marks the third consecutive session of gains for the bank's stock, ahead of its earnings report.
HDFC Bank, along with Yes Bank, ICICI Bank, and Mid East Portfolio Management, is set to announce its financial results for the fourth quarter and FY25 on April 19. Additionally, HDFC Life Insurance Co. and HDFC Asset Management Co. will release their fourth-quarter earnings on April 17.
HDFC Bank reported a 2.2% year-on-year increase in the profit for the December quarter, reaching Rs 16,736 crore.
This result met analysts' expectations of Rs 16,596 crore, as polled by Bloomberg. The bank's provisions for bad loans fell by 25% year-on-year to Rs 3,153 crore, boosting its profit after tax.
Net interest income, the bank's core income, rose nearly 8% year-on-year to Rs 30,650 crore. The core net interest margin stood at 3.43%, while it was 3.62% on an interest-earning asset basis. Despite these positive figures, the bank's asset quality showed some deterioration, with the gross non-performing assets ratio rising to 1.42% from 1.36% in the previous quarter, and the net NPA ratio increasing to 0.46% from 0.41%.
The scrip rose as much as 1.01% to Rs 1,883.80 apiece. It pared gains to trade 0.42% higher at Rs 1,872.70 apiece, as of 10:28 a.m. This compares to a 0.076% decline in the NSE Nifty 50 index.
It has risen 24.08% in the last 12 months. The relative strength index was at 66.
Out of 48 analysts tracking the company, 43 maintain a 'buy' rating, five recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 25.8%.
