Shares of HDFC bank slipped 0.2% during the initial part of the day as investors awaited quarterly earnings due around 2 p.m. but post results, markets saw some correction. Experts are bullish on the stock and recommended to stay long on this stock. According to some experts, stock may gain 20-22% further this quarter.
Bank reported total income of Rs 7,098 crore an increase of 31.2% over Rs 5,410.6 crore previous year same quarter.
Net interest income for the first quarter grew by 18.6% to Rs 2,848 crore.
Net revenues of the bank jumped to Rs 3,968 crore as against Rs 3,391.6 crore corresponding quarter previous year.
Despite a series of interest rate hikes by RBI, bank shows a robust credit demand, its retail loans grew by 28.6% over first quarter to Rs 83,863 crore.
Operating expenses of the bank rose to Rs 1934.63 crore in Q1 against Rs 1642.85 crore in the corresponding quarter previous year.
Total deposits increased by Rs 28,118 crore to Rs 211, 151 crore.