Market

HDFC Bank shares tumble nearly 5%; m-cap down Rs 38,541 cr

Shares of HDFC Bank on Monday fell nearly 5 per cent even after the main personal sector lender reported a 23 per cent soar in standalone internet revenue for the March quarter.

The stock declined 4.74 per cent to settle at Rs 1,395.35 apiece on the BSE. During the day, it tumbled 5.10 per cent to Rs 1,390.10.

On the NSE, it went decrease by 4.60 per cent to settle at Rs 1,397.50 apiece.

The company’s market valuation eroded by Rs 38,541.51 crore to Rs 7,73,797.06 crore on the BSE.

In traded quantity phrases, 4.94 lakh shares have been traded on the BSE and over 2.28 crore shares on the NSE in the course of the day.

“Despite sector-leading credit growth (~21 per cent y-o-y), 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, mentioned.

On Saturday, HDFC Bank posted a 23 per cent soar in standalone internet revenue to Rs 10,055.20 crore for the March quarter, led by a progress in mortgage demand throughout classes and decrease provisioning as dangerous loans have been trimmed.

The financial institution’s internet revenue in the course of the corresponding interval of the earlier fiscal stood at Rs 8,186.51 crore.

Total earnings of the financial institution on a standalone foundation rose by over 8 per cent to Rs 41,085.78 crore within the January-March interval of 2021-22 as in opposition to Rs 38,017.50 crore in the identical quarter of 2020-21.

On the asset high quality entrance, the financial institution’s gross non-performing belongings have been at 1.17 per cent of the gross advances as on March 31, 2022, in comparison with 1.26 per cent earlier.

(Only the headline and film of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)

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