New Delhi : Shares of HDFC Bank on Monday fell nearly 4 per cent even after the leading private sector lender reported a 23 per cent jump in standalone net profit for the March quarter.
The stock declined 3.63 per cent to Rs 1,411.65 on the BSE. On the NSE, it went lower by 3.66 per cent to Rs 1,411.30.
“Despite sector-leading credit growth (21% YoY), HDFC Bank reported a slight miss on PAT at Rs 100 billion due to continued weak core profitability (up 10 per cent y-o-y), which was dragged by weak margins/fees and additional contingent provisions of Rs 10 billion,” Anand Dama, Senior Research Analyst at Emkay Global Financial Services, said.
On Saturday, HDFC Bank on posted a 23 per cent 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 per cent 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 per cent of the gross advances as on March 31, 2022, compared to 1.26 per cent earlier.