Mumbai37 minutes ago
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The shares of HDFC Bank, the country’s largest private sector lender, have fallen by more than 4% today i.e. on Friday, July 5. He is the top loser of Nifty 50 and Sensex. The bank has given an update regarding weaker than expected business in the quarter ending June 30 (Q1FY25).
Gross advances increased 52.6% year-on-year to ₹24.87 lakh crore in the April-June quarter. In Q4FY24 (January-March quarter) it was Rs 25.07 lakh crore. Gross advances declined by 0.8% in the April-June quarter due to decline in corporate and wholesale loans.
Advances are money that a bank or other financial institution gives you without the need to repay it immediately. It differs from a loan in that the money is not used for a specific purpose, such as purchasing property or equipment.
Deposits increased by 24.4% on annual basis
HDFC’s deposits grew 24.4% year-on-year to ₹23.79 lakh crore in the first quarter of this financial year. The bank’s current account savings account (CASA) deposits stood at ₹8.63 lakh crore in Q1, showing a growth of 6.2% over a year ago.
HDFC shares fell 2% this year
Today HDFC Bank shares are trading around Rs 1,650 with a fall of more than 4%. The stock has given a negative return of 2% this year. The stock has fallen by about 1% in a year. HDFC shares have risen 6% in a month.
Nomura gives ‘neutral’ rating to HDFC Bank
After this update, global brokerage firm Nomura has given ‘Neutral’ rating to HDFC Bank with a price target of Rs 1,660 per share. Another brokerage CLSA has maintained outperform rating and given a target of ₹1,725.
The bank’s profit in the fourth quarter was ₹ 16,511.85 crore.
HDFC had released the results of Q4FY24 i.e. the fourth quarter of the financial year 2024 on April 20. HDFC Bank’s standalone net profit in the January-March quarter was ₹16,511.85 crore, up 37.05% year-on-year. At the same time, the bank had also announced a dividend of Rs 19.50 per equity share to its investors.
