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HDFC Bank trades lower:

HDFCBANK

HDFC Bank share price fell over 2 percent at open on July 19 after the company declared its Q1 results. The country’s largest private sector lender on July 17 reported a 16.1 percent year-on-year growth in standalone profit at Rs 7,729.64 crore for the quarter ended June 2021 despite elevated provisions.

Higher other income and pre-provision operating profit along with NII supported profitability. The bank reported a profit of Rs 6,658.62 crore in Q1 FY21.

Net interest income, the difference between interest earned and interest expended, grew by 8.6 percent to Rs 17,009 crore compared to the year-ago quarter, with loan growth of 14.4 percent and a core net interest margin of 4.1 percent. Deposits, at Rs 13.45 lakh crore grew, by 13.2 percent YoY.

News Source:- Moneycontrol

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