HDFC Bank shares decline over 1 pc; pare early gains

| | New Delhi
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HDFC Bank shares decline over 1 pc; pare early gains

Monday, 22 April 2024 | PTI | New Delhi

HDFC Bank shares decline over 1 pc; pare early gains

Shares of HDFC Bank on Monday declined over 1 per cent, reversing early gains, after reporting its March quarter earnings over the weekend.

The stock dipped 1.14 per cent to Rs 1,513.80 even after a positive beginning on the BSE.

On the NSE, shares of the company went lower by 1.15 per cent to Rs 1,513.65, paring early gains.

HDFC Bank on Saturday reported a Rs 17,257.87 crore net profit for January-March on a consolidated basis, over 2 per cent higher than that in the preceding quarter.

Its consolidated net profit for FY24 came at 64,060 crore. On a standalone basis, the country's largest private sector lender reported a net profit of Rs 16,511.85 crore in the January-March quarter as against Rs 16,372.54 crore in the October-December quarter.

In July 2023, the bank merged its home loan-focused parent HDFC into itself.

HDFC Bank has reported good Q4 results with improving margins, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The bank, which is among the first lenders to announce the numbers for the quarter, reported that the core net interest income grew to Rs 29,080 crore for the reporting quarter, while the other income grew to Rs 18,170 crore.

On the net interest margin (NIM), wherein it had to face investors' concerns earlier, it reported a 0.04 per cent improvement to 3.44 per cent for the reporting quarter.

The gross non-performing assets ratio improved marginally to 1.24 per cent from 1.26 per cent in the quarter-ago period.

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