Mumbai1 hour ago
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The stock of the country’s largest private sector lender HDFC Bank has fallen by more than 4% today i.e. Friday, July 5. It is the top loser of Nifty 50 and Sensex. The bank has given an update on weaker than expected business in the quarter ended June 30 (Q1FY25).
Gross advances grew 52.6% year-on-year to Rs 24.87 lakh crore in the April-June quarter from Rs 25.07 lakh crore in Q4FY24 (January-March quarter). Gross advances declined by 0.8% in the April-June quarter due to a decline in corporate and wholesale loans.
Advances are money that a bank or other financial institution gives you without requiring you to repay it immediately. It differs from a loan in that the money is not used for a specific purpose, such as buying property or equipment.
Deposits grew 24.4% year-on-year
HDFC’s deposits grew 24.4% year-on-year to ₹23.79 lakh crore in the first quarter of this fiscal. The bank’s current account savings account (CASA) deposits stood at ₹8.63 lakh crore in Q1, up 6.2% from a year ago.
HDFC share fell 2% this year
Today, HDFC Bank’s stock is trading at around Rs 1,650 with a decline of more than 4%. The stock has given a negative return of 2% this year. At the same time, the stock has fallen by about 1% in a year. HDFC’s stock has risen by 6% in a month.
Nomura gives ‘Neutral’ rating to HDFC Bank
Following this update, global brokerage firm Nomura has given HDFC Bank a ‘Neutral’ rating with a price target of Rs 1,660 per share. Another brokerage CLSA has maintained an outperform rating and given a target of ₹ 1,725.
The bank’s profit in the fourth quarter was ₹ 16,511.85 crore
HDFC released the results for Q4FY24 i.e. the fourth quarter of financial year 2024 on 20 April. In the January-March quarter, HDFC Bank’s standalone net profit grew 37.05% year-on-year to Rs 16,511.85 crore. At the same time, the bank also announced a dividend of Rs 19.50 per equity share to its investors.
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