The Bank on 18th July posted their Q1 results as of the quarter ended on June 2020 and posted a rise of nearly 20% in standalone net profit at Rs 6658.62 Crore in June after which on Monday, the share price of the bank was trading up by 5% in the Indian stock markets.
The Total income increases 6.46& to 34,454.28 Crore in Q1 June 2020 which earlier in the last year in the same period was at 32361.84 Crore in the year 2019. However, The net profit saw a jump of 19.58% in the year 2020 as compared to the standalone profit of 2019. This year the profit was at Rs 6658.62 Crore versus Rs 5568.16 Crore for the same quarter in 2019.
The NII for the quarter ended on June 2020 was at Rs 15665.4 Crore which jumped 17.8% compared to the previous year which was at 13,429.3 Crore.
HDFC Bank has been able to deliver its usual earnings growth trajectory, the pandemic has induced volatility on certain operating parameters like fee income and opex and in turn has heavily dented loan origination across retail segments. Overall performance of the bank should remain steady expect the bank to offset near-term pressure on other income via tight control over opex as it maintains higher liquidity to navigate through the crisis,” Analysts at Motilal Oswal said in a note. The brokerage has a buy rating on the stock.- livemint.
Stock Market Update:
On Monday July 20, The stock price surged over 5% and also reaching the day’s high at Rs 1152.90 after opening at Rs 1135.00.
At 1:00 IST, The share price was at Rs 1,136.75 which was up by 3.49% or 38.35 points to be precise, The trading volume of the shares at the same time was at 24,498,087 and as the market studies the more the volume rises the more the prices go up.
Previously, The stock closed at 1,098.45 on Friday and opened higher led by strong Q1 on 18th July.
