India’s HDFC Bank Ltd reported a record quarterly net profit of 58.85 billion rupees (USD 848 million) on Saturday, meeting market expectations as the country’s biggest lender by market value raked in higher interest and fee income.
The bank also said its board had approved raising up to 500 billion rupees by issuing debt over the next 12 months.
A sharp rally in three private sector banks – HDFC Bank, ICICI Bank and Axis Bank – that have gained over 10 per cent each from their August 29, 2018 level helped the benchmark index S&P BSE Sensex breeze past the 39,000 mark and hit a new high on Monday. The benchmark index surpassed its previous high of 38,990 recorded on August 29, 2018 in intra-day deals.
The Nifty50, too, breached the 11,700 level for the first time since September 2018 to hit an intra-day high of 11,716.
MUMBAI: HDFC Bank, which breached the Rs 6 lakh-crore market capitalisation threshold last week and ranks in the list of the planet’s most expensive lenders, provides investors an opportunity to buy into the stock now because of its increasingly low-cost liabilities, robust asset quality, and stable margins.
HDFC Bank Ltd has a reputation of being a consistent performer and its third quarter results were no different.
The private sector lender reported a 20% year-on-year growth in net profit to ₹585.85 crore for the quarter ended 31 December, in line with analysts’ estimate of ₹5,605.70 crore in a Bloomberg survey of 19 brokerage firms.
In the wake of recent fradulent transactions, HDFC Bank has issued an alert to its customers asking them to stay safe. Recently, many incidents of bank frauds have ben reported across the country. In many of these instances, customers unknowingly shared their sensitive banking information with third parties under impression they are calling from their respective banks.
With the growing usage of online and mobile banking, customers are given thorough guidelines from the respective banks so they can develop a habit of safe and secure banking.
HDFC Bank on Friday hiked its marginal cost of funds lending rate (MCLR) to 8.40%, 8.45% and 8.55% for the one, three- and six-month tenures, respectively. The hike for all buckets was 5 basis points. HDFC Bank has hiked its short-term MCLR rates consecutively for the past four months.
However, the private sector lender left the benchmark one-year MCLR unchanged at 8.70%.
HDFC Bank has restored the old version of its app for Android users as well as for Apple App customers. HDFC Bank had earlier taken down its mobile banking app as it was not working smoothly with some servers.
The HDFC Bank mobile provides access to services like savings accounts, fixed deposits, debit cards, credit cards, demat accounts among other functions to the customers.
Shares of HDFC Bank climbed as much as 2.78 per cent in the intra-day deals on Monday to Rs 2,020.45 apiece on BSE after the lender reported a 20.6 per cent rise in its net profit at Rs 50.05 billion for the second quarter ended September this fiscal, as the core income grew at a healthy pace.
The bank had registered a net profit of Rs 41.51 billion in the July-September quarter of 2017-18.
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