HDFC Bank hits record high after robust March quarter earnings

The stock was up 2.3% at Rs 1,495 on the National Stock Exchange.

Shares of HDFC Bank  moved higher to its record high of Rs 1,495, up 2.3% on the National Stock Exchange (NSE) after the private sector lender reported a better-than-expected 18% growth in standalone net profit at Rs 3,990 crore for the quarter ended March 2017 (Q4FY17). Analysts on an average had expected net profit of Rs 3,938 crore for the quarter.

Net interest income (interest earned less interest expended) or NII grew 21.5% to Rs 9,055 crore, YoY, driven by average assets growth of 19% and a core net interest margin for the quarter of 4.3%, HDFC Bank said