HDFC Bank share price update
HDFC Bank shares price surged 3% to reach an intraday high of Rs 1,526.35 on the National Stock Exchange. This increase was fueled by the company’s robust performance, with gross loans reaching Rs 25.08 lakh crore, marking a significant 55.4% year-on-year growth from Rs 16.14 lakh crore recorded as of March 31, 2023. Furthermore, the stock outpaced others in the Nifty 50 index. The company’s gross advances also demonstrated a sequential increase of 1.6% as of March 31, 2024. Notably, the loan book expanded by Rs 38,700 crore compared to its size of Rs 24,693 billion as of December 31, 2023.
On July 1, HDFC Bank completed its merger with its parent company, HDFC Ltd. However, as HDFC Ltd primarily operated as a housing finance company, it lacked significant customer deposits. Consequently, this merger elevated the loan-to-deposit ratio within the combined entity. Subsequently, during the December quarter, HDFC Bank observed a 4.9% growth in gross loans, accompanied by a 1.9% increase in deposits. However, when the third-quarter earnings report was released in January, HDFC Bank’s shares experienced a sharp decline of 10%.
HDFC Bank share price update
Thursday’s trading session will likely place HDFC Bank shares under scrutiny following the disclosure of updates for the quarter ending on March 31, 2024, by the largest private lender. The company unveiled its quarterly earnings prior to the commencement of the session.
