HDFC Bank shares decline nearly 4% after Q4 results

On Saturday, HDFC Bank posted a 23 percent jump in standalone net profit to Rs 10,055.20 crore for March quarter

FPJ Web DeskUpdated: Monday, April 18, 2022, 12:47 PM IST
article-image
The stock declined 3.63 percent to Rs 1,411.65 on the BSE. On the NSE, it went lower by 3.66 percent to Rs 1,411.30. / Representative image |

HDFC Bank shares on Monday fell nearly 4 percent even after the leading private sector lender reported a 23 percent jump in standalone net profit for the March quarter.

The stock declined 3.63 percent to Rs 1,411.65 on the BSE. On the NSE, it went lower by 3.66 percent to Rs 1,411.30.

At 12.42 PM, the shares were down 4.23 percent at Rs 1,403.05 on the NSE.

Anand Dama, Senior Research Analyst at Emkay Global Financial Services, said, ''Despite sector-leading credit growth (21 percent y-o-y), HDFC Bank reported a slight miss on PAT at Rs 100 billion due to continued weak core profitability (up 10 percent y-o-y), which was dragged by weak margins/fees and additional contingent provisions of Rs 10 billion,''

On Saturday, HDFC Bank posted a 23 percent jump in standalone net profit to Rs 10,055.20 crore for the March quarter, led by growth in loan demand across categories and lower provisioning as bad loans were trimmed.

The bank's net profit during the corresponding period of the previous fiscal stood at Rs 8,186.51 crore.

Total income of the bank on a standalone basis rose by over 8 percent to Rs 41,085.78 crore in the January-March period of 2021-22 as against Rs 38,017.50 crore in the same quarter of 2020-21.

On the asset quality front, the bank's gross non-performing assets were at 1.17 percent of the gross advances as of March 31, 2022, compared to 1.26 percent earlier.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

India records 2,685 fresh COVID-19 cases, 33 deaths

India records 2,685 fresh COVID-19 cases, 33 deaths

French Open: Rafael Nadal vs Uncle Toni: Rafa to meet Felix Auger-Aliassime in Paris

French Open: Rafael Nadal vs Uncle Toni: Rafa to meet Felix Auger-Aliassime in Paris

Mumbai: Ola driver arrested for molesting 15-year-old girl in Goregaon

Mumbai: Ola driver arrested for molesting 15-year-old girl in Goregaon

Union minister Narayan Rane undergoes angioplasty in city hospital

Union minister Narayan Rane undergoes angioplasty in city hospital

Palghar: Mephedrone worth Rs 11.50 lakh seized from Nalasopara, two Nigerians held

Palghar: Mephedrone worth Rs 11.50 lakh seized from Nalasopara, two Nigerians held