HDFC Bank share price hits record high as market-cap crosses ₹14 lakh crore mark

HDFC Bank share price hit an all-time high on Thursday, November 28, as the private lender's market capitalisation topped ₹14 lakh crore for the first time.

The scrip rose 3.13% this week and 18.7% in the last six months.

Meanwhile, equity benchmark indices NIFTY50 and SENSEX slumped on Thursday amid declines in technology stocks like Infosys, Tech Mahindra, Tata Consultancy Services and HCLTech.

The BSE benchmark SENSEX shed 641 points to 79,592. The NSE NIFTY slumped 0.73% to 24,098.

From the NIFTY50 space, Infosys, Tech Mahindra, Mahindra & Mahindra, HCL Technologies and Tata Consultancy Services were among the laggards.

Adani Enterprises, State Bank of India, HDFC Life, Coal India and SBI Life were among the gainers.

HDFC Bank Q2 results

India's biggest lender reported a 5% increase in its standalone profit after tax (PAT) to ₹16,821 crore in the second quarter of the financial year ended September 2024. A year ago, the bank reported a post-tax profit of ₹15,976 crore.

Total income surged to ₹85,500 crore in Q2 FY25, reflecting a 9% jump from ₹78,406 crore in the corresponding period last year.

The bank's interest income rose 9.3% year-on-year (YoY) to ₹74,017 crore in the three-month period ended September 2024 from ₹67,698 crore in Q2 FY24.

Net Interest Income (NII) enhanced to ₹30,110 crore during the quarter under review, from ₹27,390 crore in the July-September quarter of the previous year, registering a 10% growth.

The bank's asset quality witnessed a slight deterioration, with gross Non-Performing Assets (NPAs) growing to 1.36% of the gross loans by September 2024 end from 1.34% a year ago.

Similarly, bad loans or net NPAs rose to 0.41% from 0.35% in the same period previous fiscal.