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HDFC Bank Shares Jump 5% On Robust Q1 Earnings

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HDFC Bank Shares Jump 5% On Robust Q1 Earnings
PTI - 20 July 2020

New Delhi, July 20: Shares of HDFC Bank on Monday rose 5 per cent, buoyed by the lender's strong June quarter numbers.

Its stock rose 4.86 per cent to Rs 1,152.65 on the BSE and climbed 4.95 per cent to Rs 1,152.90 on the NSE.

HDFC Bank on Saturday had reported a nearly 20 per cent rise in standalone net profit at Rs 6,658.62 crore for the June 2020 quarter.

Its income increased to Rs 34,453.28 crore for the reported quarter from Rs 32,361.84 crore a year ago.

The lender's net interest income (interest earned less interest expended) for the quarter grew 17.8 per cent to Rs 15,665.4 crore from Rs 13,294.3 crore in the same period. It was driven by growth in advances of 20.9 per cent and a rise in deposits of 24.6 per cent, the bank had said.

Also, there was an improvement on the asset quality front, as gross Non-Performing Assets (NPAs) fell to 1.36 per cent of the gross advances as on June 30, 2020, from 1.40 per cent by the end of June 2019.

In value terms, gross NPAs or bad loans were at Rs 13,773.46 crore as against Rs 11,768.95 crore.

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