HDFC Bank shares ascend 5% on robust Q4 earnings

HDFC

Shares of private lender HDFC Bank inflated over 5 percent on Monday after the bank reported its results for the March quarter (Q4FY20) despite the ongoing coronavirus crisis. The country’s second-largest private sector lender on Saturday witnessed an 18 percent growth in net profit to Rs 6,927 crore for Q4FY20.

HDFC

In the corresponding quarter last year, the Mumbai-headquartered lender had posted a net profit of Rs 5,885.12 crore.

The stock grew as much as 5.5 percent to Rs 960.85 per share on the BSE.

The sentiment was also positive as most of the brokerages retained their bullish stance on the stock.

Meanwhile, the lender’s board has also finalised the names of three candidates as a successor to MD and CEO Aditya Puri. The names will be submitted to the Reserve Bank of India for its approval.

Among these three names being reported by media, two are internal and only one external candidate has been shortlisted.

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