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HDFC Bank Rises Nearly 4% On Jump In June Quarter Profit

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HDFC Bank shares soared nearly 4 per cent after the bank, on Saturday, reported a 19.58 per cent increase in net profit at Rs 6,658.62 crore for the quarter ended June 30, compared to the corresponding period a year ago, driven by higher interest income and lower costs. In a regulatory filing to stock exchanges. The shares of HDFC Bank hit an intra-day high of Rs 1,142, up 3.8 per cent, in early trading. At 9:30 am, the shares were trading at Rs 1141.80, up 3.7 per cent, on the BSE.

In a regulatory filing to stock exchanges, HDFC Bank - the country's largest private sector lender by market value - said its net revenue (net interest income plus other income) stood at Rs 34,453.28 crore in the April-June period, up 6.46 per cent compared to quarter ended June 30, 2019.

HDFC Bank said its net interest income (NII) - or the difference between interest earned and interest paid - increased 17.84 per cent to Rs 15,665.42 crore in the June quarter.

On Friday, ahead of the results, HDFC Bank shares had ended 3.46 per cent higher at Rs 1,099.15 apiece on the BSE; making it gains of more than 7 per cent within a span of 2 trading sessions. 

The BSE Sensex was trading at 37,369, higher by 352.38 points or 0.9 per cent and the NSE Nifty was at 11,002, up 103.15 points or 0.9 per cent at the time.

Source: NDTV

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