New Delhi: HDFC Bank's shares surged by over 3.50 pc on Monday morning following a 6 pc increase in consolidated net profit for the September quarter. The stock rose by 3.53 percent to reach Rs 1,740.55 each on the BSE. It increased by 3.42 per cent on the NSE to reach Rs 1,739.50 per share. During morning trade, the market capitalization of the company increased by Rs 46,433.29 crore to reach Rs 13,29,281.58 crore.
HDFC Bank's Q2 Net Profit Rises 6 pc to Rs 17,825.91 Crore, Led by Strong Interest Income
The stock saw the largest increase out of all the companies listed on BSE Sensex and NSE Nifty. HDFC Bank's consolidated September quarter net profit rose by 6 per cent to Rs 17,825.91 crore. During the reporting period, the biggest private sector bank's after-tax net profit increased to Rs 16,820.97 crore from Rs 15,976.11 crore in the previous year.
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HDFC Bank CFO Srinivasan informed reporters on a call that the bank is currently following market dynamics as it aims to double in size within four years.
The main net interest income increased by 10 per cent to Rs 30,010 crore due to a 7 per cent rise in gross advances and stable margins at 3.46 per cent.
“Wholesale loans were down this quarter by 2.8 per cent (sequentially). The right kind of pricing is very important. We have seen that pricing has not kept pace with policy rates which have been raised by 250 basis points (bps),” the CFO further revealed as per reports .
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