HDFC Bank's Profit Surge: A 10% Leap Amidst Yearly Highs
HDFC Bank reported a significant 10% increase in consolidated net profit for the September quarter, reaching Rs 19,610.67 crore. Despite reaching its 52-week high, the bank’s shares ended flat due to market corrections. Net profits rose to Rs 18,641.28 crore with improved asset quality and increased provisions.
- Country:
- India
This Monday, HDFC Bank's shares experienced a fluctuating day, ultimately ending flat even after a robust financial report. The bank declared a 10% increase in consolidated net profit for the September quarter, totaling Rs 19,610.67 crore.
In morning trade, shares climbed 1.74%, touching a 52-week peak of Rs 1,020 on both the BSE and NSE. However, the gains did not hold, and shares concluded modestly at Rs 1,003.30 on the BSE and Rs 1,002.95 on the NSE.
HDFC Bank's impressive profit jump reflects improved financial health, evidenced by a standalone net profit increase to Rs 18,641.28 crore and a gross non-performing assets ratio of 1.24%. Despite a rise in provisions to Rs 3,500 crore, this figure is substantially lower than the previous quarter's Rs 14,441 crore.
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