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HDFC Bank has firmed up on the bourses after reporting a 23% increase in net profit for the quarter ended March 2014. The stock is trading at Rs 726, up Rs 9 or 1.2%, on the BSE.
The private sector bank reported profit of Rs 2,326 crore for the quarter ended March 2014 as against Rs 1,890 crore a year earlier. The other income rose 11% to Rs 2,001 crore as against Rs 1,803 crore in March 2013.
In yearly terms, the provisions for the quarter were down 24% at Rs 296 crore but the net interest income was up 15% at Rs 4,953 crore. The gross NPA was flat at 1%. Net interest income rose 15.3% to Rs 4,953 crore.
Meanwhile, the Mumbai-based bank announced a dividend of Rs 6.85 per share.
The shares had opened at Rs 720 and have touched a high of Rs 728 and a low of Rs 718 on the BSE thus far.
