HDFC Bank shares jump 5% on robust Q1 earnings

Shares of HDFC Bank on Monday rose 5 per cent, buoyed by lender's strong June quarter numbers. Its stock rose 4.86 per cent to Rs 1,152.65 on BSE and climbed 4.95 per cent to Rs 1,152.90 on NSE. HDFC Bank on Saturday h reported nearly 20 per cent rise in standalone net profit at Rs 6,658.62 crore for June 2020 quarter. Its income increased to Rs 34,453.28 crore for reported quarter from Rs 32,361.84 crore a year ago.

lender's net interest income (interest earned less interest expended) for quarter grew 17.8 per cent to Rs 15,665.4 crore from Rs 13,294.3 crore in same period a year earlier, driven by growth in vances of 20.9 per cent and a rise in deposits of 24.6 per cent, bank h said.

Also on asset quality front, re was improvement as gross n-performing assets (NPAs) fell to 1.36 per cent of gross vances as on June 30, 2020 from 1.40 per cent by end of June 2019. In value terms, gross NPAs or b loans were at Rs 13,773.46 crore as against Rs 11,768.95 crore.