Shares of HDFC Bank rose 3% to an intraday high of Rs 1,526.35 on the National Stock Exchange. The surge in the stock came after the company’s gross loans came in at Rs 25.08 lakh crore, an increase of 55.4% year-on-year compared to Rs 16.14 lakh crore as of March 31, 2023. The stock was leading the pack of Nifty 50 stocks.
The company’s gross advances rose 1.6% sequentially as of March 31, 2024. In March 31, 2024, the company’s loan book grew by Rs 38,700 crore over Rs 24,693 billion in December 31, 2023.
“Grossing up for transfers through inter-bank participation certificates and bills rediscounted, the Bank’s advances grew by around 53.8 per cent over March 31, 2023 and around 1.9 per cent (Rs 47,200 crore) over December 31, 2023,” HDFC Bank said in a regulatory filing.
HDFC Bank’s deposits aggregated to Rs 23.8 lakh crore as of March 31, 2024, posting a growth of 26.4 per cent as against Rs 18.83 lakh crore during the same period last year. It increased by 7.5 per cent (Rs 1.66 lakh crore) over Rs 22,140 billion as of December 31, 2023.
The stock of HDFC Bank has given a return of 4.7% in the last five days but has fallen 0.8% in the past six months. It has wiped out more than 8% of investor’s wealth in the last year. However, in the last five years, the bank stock has risen almost 32%.
Comparing the return with the banking index – Nifty Bank. The sectoral index has risen 1.7% in the last five days and around 9% in the last six months. It has given a return of almost 17% in the past year and 59% in the last five years.