HDFC Bank shares gain 1.7 pct after earnings

Written by PTI | Mumbai | Updated: Apr 23 2014, 01:48am hrs
Shares of HDFC Bank rose 1.7 per cent today after posting a 23.1 per cent increase in net profit in the March quarter.

The stock ended 1.36 per cent higher at Rs 726.35 on the BSE. During the day, it had gained 1.68 per cent to Rs 728.65.

On the National Stock Exchange, HDFC Bank shares settled with a gain of 1.71 per cent at Rs 728.70.

The country's second-largest private lender said net profit rose to Rs 2,326.52 crore in the three months ended March 31 from Rs 1,889.84 crore a year earlier. Total income climbed 14.9 per cent to Rs 12,790 crore.

Net interest income (interest earned less interest expended) for the quarter grew 15.3 per cent to Rs 4,952.6 crore, driven by average asset growth of 20.3 per cent, the bank said in a statement.

The board recommended a dividend of Rs 6.85 per equity share of Rs 2 for the year ended March 31 as against Rs 5.5 per share for the previous year.

For the financial year 2013-14, the bank posted a 26 per cent increase in net profit to Rs 8,478.4 crore.