After a slow start to the day, HDFC Bank’s share price jumped as soon as the company posted its earnings for the quarter ended March at around 12:47 pm on Monday.
What Happened: The country’s largest private bank saw its standalone profit surge up over 30% to ₹11,951 crore, compared with a ₹9,195.9 crore profit in the same quarter last year. The profit beat analyst estimates of around ₹11,200 crore. The company’s net internet income – the difference between the income a bank makes from its lending activities and the interest it pays to depositors – stood at ₹23,599 crore, up 21% from the year-ago period.
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During the quarter ended June 2023, HDFC Bank experienced a decline in its asset quality. The bank’s gross non-performing assets (NPA) increased by 5.7% to ₹19,045.1 crore, as compared to ₹18,019 crore in the previous quarter.
Similarly, the Net NPA also rose by 9.4% to ₹4,776.9 crore from ₹4,368.4 crore on a quarter-on-quarter basis. On a quarter-on-quarter basis, the lender’s gross NPA stood at 1.17%, up 5 basis points, and net NPA was at 0.30%, up 3 basis points.
Price Action: HDFC Bank’s share price was up 1.75% to trade at ₹1,673.30 apiece on Monday afternoon.
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