HDFC Bank shares plunge 1% as Q4 results disappoint

New Delhi: Shares of HDFC Bank on Monday declined over 1 per cent, reversing early gains, after reporting its March quarter earnings over the weekend. The stock dipped 1.24 per cent to settle at Rs 1,512.30 even after a positive beginning on the BSE. During the day, it declined 1.52 per cent to Rs 1,507.95. On the NSE, shares of the company went lower by 1.10 per cent to settle at Rs1,514.35, paring early gains. During the day, it dropped 1.50 per cent to Rs 1,508.30. The company’s market capitalisation (mcap) got eroded by Rs14,434.12 crore to Rs11,48,880.80 crore.

In traded volume terms, 12.55 lakh shares of the company were traded at the BSE and over 211.49 lakh shares at the NSE during the day. HDFC Bank on Saturday reported a Rs17,257.87 crore net profit for the March quarter on a consolidated basis, over 2 per cent higher than that in the preceding quarter. Its consolidated net profit for FY24 came at Rs64,060 crore. On a standalone basis, the country’s largest private sector lender reported a net profit of Rs16,511.85 crore during the quarter under review as against Rs16,372.54 crore in the December quarter.

In July 2023, the bank merged its home loan-focused parent HDFC into itself. The bank, which is among the first lenders to announce the numbers for the quarter, reported that the core net interest income grew to Rs29,080 crore for the reporting quarter, while the other income grew to Rs18,170 crore. On the net interest margin (NIM), wherein it had to face investors’ concerns earlier, it reported a 0.04 per cent improvement to 3.44 per cent for the reporting quarter.