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HDFC Bank Shares at over two month high, trade above ₹1,500

HDFC Bank Shares at over two month high, trade above ₹1,500

HDFC Bank shares were in focus on April 4 as the bank stock opened at an over two-month high and continued to trade above the ₹1,500 mark. This is the first time since January 17 that the stock has risen past this level.

HDFC Bank shares traded over 2% higher at ₹1,512.55 on BSE at 10 am. The stock has gone up about 5.6% in the past month, however, so far in 2024 (year-to-date), it has erased more than 10% of investors’ wealth. This compared to a 2% rise in benchmark Sensex during the four- month period.

The uptrend in the stock of India’s largest private lender comes on a day It reported its quarterly business update that point towards robust growth in deposits in terms of value.

Its deposits aggregated to approximately ₹23,800 billion as of March 31, 2024, a growth of ₹18,834 billion as of March 31, 2023 and a growth of around 7.5% (₹ 1,660 billion) over ₹22,140 billion as of December 31, 2023.

HDFC Bank saw retail deposits grow by around 27.8% over March 31, 2023 and around 6.9% (₹ 1,280 billion) over December 31, 2023 whereas wholesale deposits grew by around 19.4% over March 31, 2023 and around 10.9% (₹ 380 billion) over December 31, 2023.

In fact, there has been massive growth in its retail loans. According to its internal business classification, domestic retail loans grew by around 108.9% over 3.7% (₹ 437 billion) over December 31,2023.

Commercial and rural banking loans, on the other hand, grew by around 24.6% over March 31, 2023 and around 4.2% ( ₹ 323 billion) over December 31.2023; corporate & other Wholesale loans (excluding non- individual loans of the erstwhile HDFC Limited)  lower by around 2.2% (₹ 98 billion) over December 31, 2023.

HDFC Bank gross advance aggregated to approximately  ₹ 25,080 billion as of March 31, 2024, a growth of around 55.4% over ₹16,142 billion as of March 31,2023 and a growth of around 1.6% (₹ 387 billion) over ₹ 24,693 billion as of December 31,2023, the Firm said in an exchange filling.

S- ET Image Source: Google

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