![HDFC Bank share price gains after Q1 results](https://img-cdn.thepublive.com/fit-in/1280x960/filters:format(webp)/connect-gujarat-english/media/media_files/8UE3EwR4RjIhxv3OyRVw.jpeg)
HDFC Bank share price gained over a percent higher in early trade on Monday after the country’s largest private sector bank reported its earnings for the fiscal first quarter ended June 2024.
Gains in HDFC Bank shares comes in an otherwise weak market as the benchmark Nifty 50 dropped half a percent, while the Bank Niftywas down 0.6%
HDFC Bank reported a net profit of ₹16,175 crore in Q1FY25, registering a decline of 2% from ₹16,512 crore in the previous quarter.
The bank’s Net Interest Income (NII) rose 2.6% to ₹29,837 crore in the June quarter as compared with 29,078 crore in the March quarter, while net interest margin (NIM) improved 3 bps QoQ to 3.47%.
Asset quality depreciated sequentially in the quarter ended June 2024 as the gross non-performing asset (NPA) rose 6% sequentially to ₹33,026 crore and the net NPA jumped 17.5% QoQ to ₹9,508.4 crore.
Gross NPA ratio increased 9 bps QoQ to 1.33% and net NPA ratio rose 6 bps QoQ to 0.39%.