HDFC Bank share hit a record high in trade today after the private sector lender reported a 18.1% increase in net profit for the quarter ended December 31, 2020. HDFC Bank share rose 2.52% to Rs 1,503 against previous close of Rs 1,466 on BSE. The large cap share has gained after 3 days of consecutive fall.
HDFC Bank stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
HDFC Bank share has gained 16% in one year and risen 3.21% since the beginning of this year. In a month, the share has climbed 5.08%. Market cap of the lender rose to Rs 8.16 lakh crore. Total 5.92 lakh shares changed hands amounting to turnover of Rs 88.23 crore. The lender reported a net profit of Rs 8,758.29 crore in Q3 against Rs 7,416.48 crore profit in the year-ago period.
Net profit rose as net interest income (NII), the difference between interest earned and interest expended, climbed 15.1 per cent to Rs 16,317.6 crore in Q3 from Rs 14,172.19 crore in the corresponding quarter last fiscal.
Advances growth of 15.6 per cent and core net interest margin of 4.2 per cent drove the rise in NII. Net revenues, the sum of NII and other income, grew to Rs 23,760.8 crore for in Q3 FY21, up 14 per cent from Rs 20,842.2 crore in Q3 FY20.
Operating expenses during the quarter increased 8.6 per cent to Rs 8,574.8 crore from Rs 7,896.8 crore in the same period of previous fiscal.
Meanwhile, brokerage CLSA has maintained "buy" call on the stock with a target price of Rs 1,700 against the previous target of Rs 1,525. The research firm said the macro- environment has improved after lockdown, adding that the better use of data analytics is leading to lower retail stress against PAT cycles. CLSA said that in the medium term, opex efficiency still has room to improve, terming the private bank as one of its top picks.