This Indian banking heavyweight gets the green signal to raise Rs 50,000 crore!

Bank reported a 21 per cent increase in consolidated net profit in Q4FY23.

HDFC Bank has received approval for the issuance of Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long-Term Bonds (Financing of Infrastructure and Affordable Housing) up to a total amount of Rs 50,000 crore for the next twelve months through private placement mode. The Board of Directors of the Bank, at its meeting held on April 15, 2023, has inter alia approved the same. 

On April 15 on a consolidated basis, the bank reported a rise of 20.60 per cent in its net profit at Rs 12,594.47 crore for the fourth quarter ended March 31, 2023, as compared to Rs 10,443.01 crore for the same quarter in the previous year. 

For the year ended March 31, 2023, on a consolidated basis, the bank has reported a 20.88 per cent rise in its net profit at Rs 45,997.11 crore as compared to Rs 38,052.75 crore for the previous year. 

Today the stock opened at Rs 1706 and touched a high of Rs 1715.85 and low of Rs 1653.65 and closed at Rs 1667.05 which is at negative 1.55 per cent from opening. 

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.