HDFC Bank Gains More Than 3% On Jump In Q4 Net Profit

HDFC Bank shares rose as much as 5.6 per cent on the BSE to their highest since March 27 after the top private-sector lender on Saturday reported an 18 per cent rise in quarterly profit and said it shortlisted three candidates for the post of chief executive officer to succeed incumbent Aditya Puri.

At 10.10 am, the shares were trading at Rs 944, higher by Rs 33 or 3.7 per cent, on the BSE. The shares had opened at Rs 952 and have touched an intra-day high of Rs 960 and a low of Rs 937 thus far.

HDFC Bank on Saturday reported an increase of nearly 18 per cent in net profit for the March quarter, led by strong loan growth. In a regulatory filing, the country's largest private sector lender said its net profit came in at Rs 6,927.69 crore for the quarter ended March 31, as against Rs 5,885.12 crore it had reported for the corresponding period a year ago.

Meanwhile in a related development, the bank said its board had shortlisted three candidates in its search for a new chief executive. It did not elaborate on the three candidates.

On Friday, shares in HDFC Bank ended 3.33 per cent higher at Rs 910.40 apiece on the BSE, in line with a 3.22 per cent increase in the benchmark S&P BSE Sensex index.

The BSE Sensex was trading higher by 87 points at 31,649 and the NSE Nifty was up 16 points at 9,283 at the time.