HDFC Bank stock hits 52-week high after Q4 net profit rises 7%

Shares of HDFC Bank on Monday ended over 1 per cent after the firm reported a 7 per cent growth in consolidated net profit for the March quarter.

The stock ended at Rs 1,927.55 apiece, up 1.10 per cent on the BSE. During the day, the stock rallied 2.27 per cent to Rs 1,950 -- its 52-week high level.

On the NSE, shares of the firm went up by 0.97 per cent to Rs 1,925.20. Intra-day, the stock climbed 2.30 per cent to hit the one-year peak of Rs 1,950.70.

The company's market valuation soared Rs 16,069.67 crore to Rs 14,75,003.99 crore.

 

The 30-share BSE Sensex jumped 855.30 points or 1.09 per cent to settle above the 79,000 mark at 79,408.50. The NSE Nifty climbed 273.90 points or 1.15 per cent to close at 24,125.55.

HDFC Bank on Saturday reported a 7 per cent growth in consolidated net profit for the March quarter to Rs 18,835 crore, but flagged issues around pricing in home and corporate loan segments, which are impacting its loan growth.

On a standalone basis, the largest private sector lender reported a net profit of Rs 17,616 crore for the reporting quarter against Rs 16,512 crore in the year-ago period.

The net interest income moved up 10.3 per cent to Rs 32,070 crore during the reporting quarter, on a slight expansion in the net interest margin to 3.5 per cent and the gross advances growth coming at 5.4 per cent.

HDFC Bank's chief financial officer Srinivasan Vaidyanathan said the bank had consciously taken a call to slow down loan growth and focus on the liabilities piece for the fiscal, and added that the deposit growth was over 15 per cent.