HDFC Bank Shares Surge 3.5% After Q2 Earnings

New Delhi, Oct 21 (PTI) Shares of HDFC Bank on Monday morning climbed more than 3.50 per cent after the firm posted a 6 per cent rise in September quarter net profit on a consolidated basis.

The stock increased 3.53 per cent to Rs 1,740.55 per piece on the BSE.

On the NSE, it jumped 3.42 per cent to Rs 1,739.50 apiece.

The company's market valuation surged Rs 46,433.29 crore to Rs 13,29,281.58 crore during the morning trade.

The stock was the biggest gainer among the BSE Sensex and NSE Nifty firms.

HDFC Bank on Saturday reported a 6 per cent increase in September quarter net profit to Rs 17,825.91 crore on a consolidated basis.

On a standalone basis, the largest private sector lender's post-tax net grew to Rs 16,820.97 crore during the reporting period, as against Rs 15,976.11 crore in the year-ago period.

Its core net interest income grew 10 per cent to Rs 30,010 crore on the back of a 7 per cent increase in gross advances and the margins being stable at 3.46 per cent.

The bank, which had guided towards doubling in size in four years recently, is operating as per market dynamics right now, its Chief Financial Officer S Vaidyanathan told reporters on a call.