HDFC stock flat despite gaining positive numbers in Q3

HDFC Bank reported a 32.8 per cent YoY rise in the net profit to Rs 7,416.50 crore for the third quarter ended December 31, 2019, driven by interest and non-interest income.

In a statement released on January 18, HDFC Bank said that the net interest income grew to Rs 14,172.9 crore from Rs 12,576.8 crore for the quarter ended December 31, 2019, driven by the growth in advances of 19.9 per cent and a growth in deposits of 25.2 per cent. Meanwhile, it also added that the net interest margin for the quarter remained stable at 4.2 per cent.

India’s leading private sector bank further said that the bank had posted a net profit of Rs 5,585.9 crore in the October-December quarter of the last financial year. Besides, the total income rose to Rs 36,039 crore during the December quarter against Rs 30,811.27 crore in the year-ago period.

At 11.16 am, the stock of HDFC is trading at Rs 1,256.40, down by 1.68 per cent against its previous close of Rs 1,277.85 while, the market on Monday opened at Rs 1,302.75. Its 52-week high is recorded at Rs 1,304.10 and its 52-week low is Rs 1,011.50 on BSE.