HDFC Bank’s share price rose more than 2% in early trading on Monday after the bank reported its earnings for the fiscal first quarter ending June 2024. This gain occurred in an otherwise weak market, with the benchmark Nifty 50 dropping 0.5% and the Bank Nifty down 0.6%.
HDFC Bank posted a net profit of ₹16,175 crore in Q1FY25, a 2% decline from ₹16,512 crore in the previous quarter. However, the bank’s Net Interest Income (NII) increased by 2.6% to ₹29,837 crore compared to ₹29,078 crore in the March quarter. The net interest margin (NIM) improved slightly by 3 basis points to 3.47%.
Asset quality showed some deterioration, with the gross non-performing assets (NPA) rising 6% sequentially to ₹33,026 crore and net NPA jumping 17.5% to ₹9,508.4 crore. The gross NPA ratio increased by 9 basis points to 1.33%, and the net NPA ratio rose by 6 basis points to 0.39%.
As of 10:25 AM, HDFC Bank shares were trading 2.59% higher at ₹1,649.00 on NSE.
