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HDFC Bank hits record high after robust March quarter earnings

SI Reporter/Mumbai 21 Apr 17 | 02:47 PM
Related to : HDFC Bank Ltd
 HDFC Bank Ltd

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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 in a press release.

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The bank’s assets quality remains stable on sequential basis. Gross non-performing assets (NPA) were at 1.05% of gross advances in Q4FY17, as against 1.05% in Q3FY17 and 0.94% in Q4FY16.

Net NPAs as percentage to net advances were at 0.33% during the quarter under review, as against 0.32% in previous quarter and 0.28% in a year ago quarter.

At 02:42 pm; the Nifty 50 index was down 0.24% at 9,114. The trading volumes on the counter jumped more than three-fold with a combined 3.51 million shares changed hands on BSE and NSE so far.

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