Shares of HDFC Bank gained ground post quarterly numbers of the bank. HDFC Bank reported a 18.4 percent year-on-year (y-o-y) growth in profit at Rs 7,513.11 crore for the September quarter. The profit in the year-ago period was at Rs 6,345 crore.
Lower tax rates and increasing net interest margins was the prime reasons for the improvement in quarterly numbers.
Many brokerages have upgraded the stock of HDFC Bank to a buy. The stock of HDFC Bank was last trading with gains of nearly 1.29 per cent at Rs 1,215.
The gross and net NPAs (non-performing assets) were at 1.08 percent of the gross advances and 0.17 percent of the net advances as on 30 September 2020, respectively, the bank said in its stock exchange filing.
The Board has also approved the appointment of Sashidhar Jagdishan as Managing Director and CEO.
"We wish to inform you that the Board of Directors of the Bank, at its meeting held today, has approved the appointment of Mr. Sashidhar Jagdishan as an Additional Director and as the Managing Director and Chief Executive Officer of the Bank, subject to the approval of the shareholders of the Bank, for a period of three (3) years from October 27, 2020, as approved by the Reserve Bank of India vide its email dated August 3, 2020," the bank said in its filing.