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HDFC Bank share price rises over 2% on strong growth in deposits, advances

HDFC Bank share price opened at Rs 1,258 on BSE today. The large cap stock has gained after two days of fall

twitter-logoBusinessToday.In | January 7, 2020 | Updated 17:48 IST
HDFC Bank share price rises over 2% on strong growth in deposits, advances
Share price of HDFC Bank gained up to 2.46% to Rs 1,271 compared to the previous close of Rs 1,241 on BSE

HDFC Bank share price closed higher today after the private sector lender said advances and deposits grew at a healthy rate for quarter ended December 2019. HDFC Bank share price gained up to 2.46% to Rs 1,271 compared to the previous close of Rs 1,241 on BSE.

The stock opened at Rs 1,258 on BSE today. HDFC Bank stock gained after two days of fall. The banking stock was among the top Sensex gainers today. It closed 1.59% or 19.70 points higher at Rs 1,260 on BSE. The large cap stock has risen 20% in last one month. 4.91 lakh shares changed hands amounting to turnover of Rs 62.21 crore on BSE.

Advances rose 20% to Rs 9.34 lakh crore as of December 31, 2019 as compared to  Rs 7.81 lakh crore as of December 31, 2018. Advances stood at Rs 8.97 lakh crore as of September 30, 2019. Deposits rose 25% to Rs 10.67 lakh crore as of December 31, 2019 compared to Rs 8.5 lakh crore as of December 31, 2018. For period ending September 30, 2019, deposits stood at Rs 10.21 lakh crore.

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HDFC Bank reported a 24.7 per cent rise in consolidated net profit at Rs 6,638.03 crore for the quarter ended September 30, 2019 compared to net profit of Rs 5,322.41 crore in the corresponding period a year ago.

Its consolidated total income increased to Rs 36,130.96 crore in the July-September period over Rs 30,124.49 crore a year ago. Total balance sheet size as of September 30, 2019 stood at Rs 13,25,072 crore as against Rs 11,69,898 crore a year earlier.

Its total deposits as of September 30, 2019 reported at Rs 1,021,615 crore, a rise of 22.6 per cent over September 30, 2018.

Meanwhile, bank Nifty rose 1.59% or 495 points to 31,737. Domestic market managed to erase some of their losses in early trade today. While Sensex rose 400 points to 41,077 level, Nifty50 traded 130 points higher to reach 12,122 mark.

On Monday, Sensex closed 787 points lower at 40,676 and Nifty declined 233 points to 11,993 on prospects of rising tension between US and Iran with the latter suspending its commitments under the 2015 nuclear deal it had struck with world powers. Iran's Supreme Leader Ayatollah Ali Khamenei warned the US on Friday that a harsh retaliation was waiting after the death of its military general Qasem Soleimani. The warning hit market sentiment worldwide on Monday.

By Aseem Thapliyal

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