HDFC Bank shares surge by 6% as investors cheer healthy profits

Shares of HDFC Bank on Monday surged nearly 6 per cent after the lender posted a 15.4 per cent rise in consolidated net profit for the March quarter on healthy interest income. The scrip jumped 5.54 per cent to Rs 960.85 on the BSE. It was the top gainer on the 30-share BSE benchmark Sensex.

On the NSE, it rose by 5.56 per cent to Rs 960.95.

HDFC Bank on Saturday posted a 15.4 per cent rise in consolidated net profit at Rs 7,280.22 crore for the March quarter on healthy interest income, even as it faced a hit towards the end of the fiscal due to the Covid-19 pandemic.

The private sector lender had posted a consolidated net profit of Rs 6,300.81 crore in the corresponding January-March period of the preceding fiscal year 2018-19.

Consolidated total income grew to Rs 38,287.17 crore in the reported quarter, Rs 33,260.48 crore in the year ago period, the bank said in a regulatory filing.

On a standalone basis, the bank's net profit grew by 17.7 per cent to Rs 6,927.69 crore from Rs 5,885.12 crore. Income rose to Rs 35,917.63 crore as against Rs 31,204.46 crore earlier.

On the asset quality front, the gross non-performing assets as a percentage of gross advances as on March 31, 2020 improved to 1.26 per cent from 1.36 per cent at end of March 2019. SUM ANSANSANS