HDFC Bank Gains 2% as Q3 Meets Estimates

Shares of India's second largest private sector lender, HDFC Bank advanced nearly 2 per cent to an intraday high of Rs 1,085 on Monday after the company reported in-line earnings for the third quarter of FY15.

HDFC Bank reported 20 per cent annual rise in its net profit at Rs 2,795 crore as against Rs 2,326 crore in the same quarter previous year.

Analysts on an average had expected the bank to post profit of Rs 2,780 crore, according to Thomson Reuters.

HDFC Bank's net interest income or interest earned over interest expended increased 23 per cent to Rs 5,700 crore as against Rs 4,634 crore during the last financial year

The bank's advances rose 17 per cent to Rs 3.5 lakh crore compared to 13 per cent increase posted by its rival ICICI Bank.

Its net non-performing assets as a percentage of total advances was at 0.3 per cent, unchanged sequentially.

Meanwhile, earlier this month, HDFC Bank had raised Rs 10,000 crore from stock sale in United States and India. Its tier-1 capital advanced 200 basis points after this fund raising.

Shares in HDFC Bank ended 0.2 per cent lower at Rs 1,063.7 apiece, underperforming the broader Nifty, which closed 0.04 per cent higher.

(With inputs from Reuters)