HDFC Bank Shares Surge Amid Profit and Growth Reporting

HDFC Bank experienced a 7% increase in consolidated net profit for the March quarter, driving a 1% rise in its stock. The bank's market value soared, and its shares hit a 52-week high, despite challenges in loan growth. HDFC prioritizes deposit growth over loan expansion.

Shares of HDFC Bank rose over 1% on Monday after the bank announced a 7% increase in consolidated net profit for the March quarter.

The stock closed at Rs 1,927.55, marking a 52-week high of Rs 1,950.70 on both BSE and NSE, while the market valuation increased by Rs 16,069.67 crore.

The bank reported a standalone net profit of Rs 17,616 crore with a 10.3% rise in net interest income, despite focusing on liabilities over loan growth as deposit growth exceeded 15%.

(With inputs from agencies.)