HDFC Bank on Friday crossed Rs 7 lakh crore in market capitalisation for the first time becoming only the third firm after TCS and RIL.
HDFC Bank on Friday crossed Rs 7 lakh crore in market capitalisation (m-cap) for the first time becoming only the third firm after TCS and RIL. India’s most valued private sector lender hit Rs 7.01 lakh crore in m-cap. HDFC Bank stock has climbed over 20 per cent so far this year. In today’s trade, the stock hit a new historic high of Rs 1,283.40 on the BSE. The scrip traded at Rs 1,280.60, up 0.5 per cent from the last close. With an m-cap of Rs 9.32 lakh crore, Mukesh Ambani’s RIL is the most valued firm followed by TCS which has a m-cap of Rs 8.19 lakh crore. HDFC Bank shares were trading at Rs 1,281.45, up 7.55, or 0.59 per cent at the time of reporting.
In Q2FY19, HDFC Bank recorded a 24.7 per cent rise in consolidated net profit at Rs 6,638.03 crore as against Rs 5,322.41 crore in the corresponding period a year ago. Its consolidated total income increased to Rs 36,130.96 crore in the July-September period, over Rs 30,124.49 crore a year ago. As of September 30, 2019, the total balance sheet size stood at Rs 13,25,072 crore as against Rs 11,69,898 crore in the year-ago period. The total deposits were recorded at Rs 1,021,615 crore, an increase of 22.6 per cent over September 30, 2018. The overseas advances constitute 3 per cent of total advances, HDFC Bank said in the exchange filing of second quarter results of the ongoing fiscal.
At the end of September 2019, the private sector lender reported a distribution network of 5,314 banking outlets and 13,514 ATMs across 2,768 cities or towns. It had 4,825 banking outlets and 13,018 ATMs across 2,718 cities or towns in the year-ago period.