Stories
HDFC Bank Shares Fall Over 2 Percent Despite Profit Rise
- •HDFC Bank shares dropped over 2 percent following the release of its September quarter earnings.
- •The country's largest private sector lender reported a 5.55 percent increase in consolidated net profit to Rs 20,700 crore.
- •Treasury operations impacted overall profit growth for the quarter, though standalone profit grew by 4.7 percent.
- •The bank is currently undergoing a leadership transition with ICICI Group veteran Anup Bagchi set to take over as managing director.
- •Incumbent Deputy Managing Director Kaizad Bharucha announced his decision to leave the bank.
Key Questions Answered
HDFC Bank shares dropped after its September quarter earnings failed to cheer investors, with the stock dipping 2.20 per cent on the BSE and 2.31 per cent on the NSE. The lender reported a 5.55 per cent increase in consolidated net profit to Rs 20,700 crore, but noted that the impact on treasury operations restricted profit growth.
On a consolidated basis, HDFC Bank reported a 5.55 per cent increase in net profit to Rs 20,700 crore for the September quarter. On a standalone basis, the net profit grew 4.7 per cent to reach Rs 19,510 crore.
ICICI Group veteran Anup Bagchi is set to take over as managing director and chief executive officer of HDFC Bank later this month. He will become the first outsider to assume the leadership role at the country's largest private sector lender.
