HDFC Bank Stock Slips Despite Posting Strong Results

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India’s leading private sector lender, HDFC Bank on Saturday reported a 32.8-percent increase in the net profit to Rs7416.50-Cr for the third (Q3FY20) quarter results, led by interest and non-interest income.

According to the results updates, the Bank’s net interest income (NII) advanced to Rs14,172.9-Cr from Rs12,576.8-Cr for the quarter ended Dec-31, 2019, fueled by the growth in advances of 19.9% and a growth in deposits of 25.2% each.

Also, the Bank’s Net-Interest-Margin (NIM) for the quarter remained strong at 4.2%. The bank further reported that it had a net profit of Rs5,585.9-crore in the Oct-December quarter of the last fiscal.

In addition, the total income advanced to Rs36039-Cr during the Dec quarter Versus Rs30,811.27-Cr in the year-ago period. The specific loan loss provisions have also increased by 66.2-pc to Rs2,883.6-Cr in the quarter from Rs1734.6-Cr, year-on-year. get avail free trading tips visit our website.

The HDFC Bank Stock which opened at Rs1,304.85 and touched an intraday high and low of Rs1,304.85 and 1,253.75 respectively on the NSE.

At 11:55-hrs, shares of HDFC Bank is trading at Rs.1,260.50-per share, down by 1.38 percent against its last close of Rs 1,278.15 on the NSE. In comparison, the Nifty quoted lower at 12296, down by 56 points and the Sensex at 41775, down by 170 points in trade.

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