The stock of the country’s largest private sector lender HDFC Bank is down more than 4% today i.e., Friday, July 5. It is the top loser of Nifty 50 and Sensex. The bank has given an update on weaker than expected business in the quarter ended June 30 (Q1FY25). Gross advances grew 52.6% year-on-year to ₹ 24.87 lakh crore in the April-June quarter. It was Rs 25.07 lakh crore in Q4FY24 (January-March quarter). Gross advances declined by 0.8% in the April-June quarter due to a decline in corporate and wholesale loans. Advances are money that a bank or other financial institution gives you without requiring you to repay it immediately. It differs from a loan in that the money is not used for a specific purpose, such as buying property or equipment. Deposits increased 24.4% year-on-year HDFC’s deposits grew 24.4% year-on-year to ₹23.79 lakh crore in the first quarter of this financial year. The bank’s current account savings account (CASA) deposits stood at ₹8.63 lakh crore in Q1, showing a growth of 6.2% as compared to a year ago. HDFC share fell 2% this year HDFC Bank share is trading over 4% down at around ₹1,650 today. The stock has given a negative return of 2% this year. At the same time, the stock has fallen by around 1% in one year. HDFC share has risen 6% in one month. Nomura gave ‘Neutral’ rating to HDFC Bank After this update, global brokerage firm Nomura has given ‘Neutral’ rating to HDFC Bank with a price target of ₹1,660 per share. Another brokerage CLSA has maintained an outperform rating and given a target of ₹ 1,725. The bank’s profit in the fourth quarter was ₹ 16,511.85 crores HDFC released the results for Q4FY24 i.e. the fourth quarter of financial year 2024 on 20 April. In the January-March quarter, HDFC Bank’s standalone net profit grew 37.05% year-on-year to ₹ 16,511.85 crores. At the same time, the bank also announced a dividend of Rs 19.50 per equity share to its investors.
