HDFC Bank Rises to New Heights on Impressive Profit Growth
HDFC Bank's shares increased nearly 2% after announcing a 10% jump in consolidated net profit for the September quarter, reaching a 52-week high. The bank's standalone net profit rose 10.82%, with overall income increasing to Rs 91,040 crore. The gross non-performing assets ratio improved, and provisions were lower than the previous quarter.
- Country:
- India
Shares of HDFC Bank surged nearly 2% on Monday, buoyed by the announcement of a 10% rise in consolidated net profit for the September quarter. The bank's stock climbed to a 52-week peak of Rs 1,020 on both the BSE and NSE.
For the July-September period, HDFC Bank, the largest private sector lender in the country, reported a standalone net profit increase of 10.82%, amounting to Rs 18,641.28 crore. The bank's total income witnessed a significant boost, reaching Rs 91,040 crore compared to Rs 85,499 crore in the same quarter last year.
In a promising development, the gross non-performing assets ratio improved to 1.24% by the end of September, down from the previous 1.40% three months prior and 1.36% in the same period last year. Despite an increase in overall provisions to Rs 3,500 crore from Rs 2,700 crore the previous year, it remains notably lower than the Rs 14,441 crore recorded in the preceding quarter.
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