HDFC Bank shares gain after strong Q2 results
Published On: Monday, October 19, 2020 | By: Team KnowMyStock
HDFC Bank shares gained 2.5 per cent to Rs 1,235 apiece on the BSE on Monday after the bank reported a healthy September quarter (Q2FY21) results. The bank reported an 18.4% on-year jump in net profit to Rs 7,513 crore compared to a net profit of Rs 6,344.9 crore in the quarter ended September 2019. The lender reported profit growth of 19.58 per cent in June and 17.71 per cent in the March quarter. It had posted a net profit of Rs 6,658.6 crore in the first quarter ended in June 2020. The lender reported a 17% year-on-year growth in its net interest income to Rs 15,774.4 crore in Q2FY21 from Rs 13,515 crore in Q2FY20. On the asset quality front, gross non-performing assets stood at 1.08% from 1.36% last quarter while net non-performing assets stood at 0.17% from 0.33% in the previous quarter. Provisions saw a decline of 5% quarter-on-quarter to Rs 3,704 crore.
Post results, analysts see up to 27 per cent upside in the stock price from current levels and maintained their 'buy' rating on the stock.Most of the analysts have recommended a "buy" rating on this stock and given a target price of Rs1450 or 1550. Three suggest a ‘hold’ and the rest recommend a ‘sell’.
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