HDFC Bank shares up over 1% on Q1 earnings growth

HDFC Bank shares gained over one% in a flat stock market today, after the company reported 30.6% growth in net profit for the first quarter ended June, 2012.

Shares of the company settled with a gain of 1.21% at Rs 586.85 on the BSE. During the day, the stock touched a high of Rs 591.55, up 2% from its previous close.

At the NSE, the scrip closed at Rs 586, up 1.02%.

"HDFC Bank's results were as per estimates. Even in this challenging environment, the bank continues to deliver 30% earnings growth and superior asset quality.

"For the next couple of quarters, as the visibility of recovery in the macro-environment remains weak, a stock like HDFC Bank will continue to command a premium due to its stable earnings outlook as compared to peers," Vaibhav Agrawal VP Research Banking Angel Broking said.

The bank had reported net profit of Rs 1,085 crore in the April-June quarter of the 2011-12 fiscal, HDFC Bank said in a BSE filing.

The total income of the bank rose to Rs 9,536.9 crore in the April-June quarter from Rs 7,098 crore in the same period last year, an increase of 34.3%.
Meanwhile, in the stock market, the BSE barometer Sensex ended the trade at 17,213.70, down 18.85 points.