HDFC Bank Q1 2014 surges to Rs 1844 cr; stock down

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HDFC Bank reported net profits for Q1 2014 that were largely in line with expectations at Rs 1844 crore against Rs 1,417.4 crore reported for the corresponding period of last year.

The net interest income was also significantly higher at Rs 4,419 crore versus Rs 3,484 crore, YoY. The gross NPAs were around 1 per cent, the same as that of last year. The net NPAs increased to 0.3 per cent from 0.2 per cent year on year.

The stock was down in trade largely reflecting poor sentiments for banking stocks following the RBI's move to hike MSF requirements for banks.

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