HDFC Bank increases by 3% due to strong gross deposits and advances
HDFC Bank
HDFC Bank: After a long period, there has been movement in HDFC Bank’s stock. On February 14, the banking stock dropped to Rs 1,363.55, which was its 52-week low.
On the National Stock Exchange, HDFC Bank shares increased 3% to reach an intraday high of Rs 1,526.35. The company’s gross loans reached Rs 25.08 lakh crore as of March 31, 2023, up 55.4% year over year from Rs 16.14 lakh crore. This news caused the stock to soar. Among the Nifty 50 stocks, the stock was leading the pack.
As of March 31, 2024, the company’s gross advances increased 1.6% sequentially. The company’s loan book increased from Rs 24,693 billion on December 31, 2023, to Rs 38,700 crore on March 31, 2024.
“The Bank’s advances grew by approximately 53.8 percent over March 31, 2023, and approximately 1.9 percent (Rs 47,200 crore) over December 31, 2023, grossing up for transfers through inter-bank participation certificates and bills rediscounted,” HDFC Bank stated in a regulatory filing.
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As of March 31, 2024, the total amount of deposits held by HDFC Bank was Rs 23.8 lakh crore, indicating a 26.4% increase over Rs 18.83 lakh crore during the same period the previous year. As of December 31, 2023, it had expanded by 7.5% (Rs 1.66 lakh crore) over Rs 22,140 billion.
Although HDFC Bank’s stock has down 0.8% over the last six months, it has returned 4.7% during the last five days. Over 8% of investor wealth has been lost as a result of it in the past year. Nonetheless, the bank’s stock has increased by over 32% during the past five years.
contrasting the result with the Nifty Bank banking index. In the past five days, the sectoral index has increased by 1.7%, and over the past six months, it has increased by about 9%. Over the last year, it has returned nearly 17%, and over the last five years, it has returned 59%.
