HDFC Bank's Q1 Profit Surge Boosts Stock by 2%

HDFC Bank's consolidated net profit rose by 33.17% to Rs 16,474.85 crore in the June 2024 quarter, leading to over a 2% increase in its stock price. Shares traded actively on both BSE and NSE, with market capitalization also seeing a significant jump.

HDFC Bank's stock surged over 2% on Monday following the announcement of a 33.17% increase in the company's consolidated net profit, reaching Rs 16,474.85 crore in the June 2024 quarter.

The firm's shares advanced to settle at Rs 1,640.80 apiece on the BSE, experiencing an intraday high of Rs 1,650.75. On the NSE, shares closed at Rs 1,642 each.

The bank's market capitalization jumped by Rs 25,639.38 crore to Rs 12,48,340.71 crore. Trading activity was robust, with 15.82 lakh shares transacted on the BSE and 268.72 lakh shares on the NSE.

Despite a 6.51% sequential decline in profit compared to the January-March quarter of 2024, the June quarter net profit on a standalone basis rose to Rs 16,174 crore, compared to Rs 11,951 crore in the same period last year.

Additionally, the bank's total income increased to Rs 83,701 crore from Rs 57,816 crore a year ago.

(With inputs from agencies.)