Housing Development Corporation Limited (HDFC) and HDFC Bank rallied up to 10 per cent on the BSE in Monday’s intra-day trade after their respective boards approved the merger of HDFC into HDFC Bank.
As part of the deal, shareholders of HDFC Ltd will receive 42 shares of the bank for 25 shares held. Existing shareholders of HDFC Ltd will own 41 per cent of HDFC Bank. Shares held by the housing finance company in the lender will be extinguished, making HDFC Bank a full-fledged public company, reports suggest.
HDFC Bank announced on Tuesday that its total business in Karnataka has crossed Rs two trillion, making it the largest private sector bank in the state in terms of overall business volume.
The bank's total advances in the state stood at Rs 73,655.39 crore on September 30, 2021, which included loans to retail, corporate, MSME and Microfinance customers, the bank said in a press release. The lender enjoys a market share of nine per cent in total advances in the state.
Shares of HDFC Bank declined 3 per cent to Rs 1,475 on the BSE in intra-day trade on Monday after the lender reported lower than expected performance for the quarter ended June (Q1FY22). The bank posted a 16.1 per cent jump in Q1 net profit to Rs 7,729.6 crore as the bank’s asset quality deteriorated and provisions increased. The country’s largest private-sector lender's profit stood at Rs 6,659 crore in the same period last year (Q1FY21).
The net interest income (NII) of the lender rose 8.57 per cent year-on-year (YoY) in Q1FY21 to Rs 17,009 crore, driven by growth in advances at 14.4 per cent and a net interest margin of 4.1 per cent.
HDFC Bank Ltd., India’s biggest lender by market capitalization, is considering to sell its first-ever offshore bonds that qualify as capital as it boosts buffers.
The Mumbai-based lender’s board on Saturday will mull a plan to issue perpetual Additional Tier 1 notes that comply with Basel III capital norms, according to a filing late Tuesday. It would be only the second such offshore offering from an Indian bank after the nation’s largest lender State Bank of India sold such securities in 2016.
State Bank of India (SBI) and HDFC Bank have moved the Supreme Court and sought a stay on the Reserve Bank of India's directive to banks to provide financially sensitive data under the RTI act, The Times of India reported on Friday.
According to the report, the two largest banks of India feared that such directive could be detrimental to their business operations and compromise the confidentiality of customer information.
India's largest private lender HDFC Bank on Saturday reported a 18 per cent year-on-year growth in standalone net profit for the quarter ended March 2021 (Q4FY21) at Rs 8,186 crore. It was Rs 6,927.6 crore in the year-ago period (Q4FY20).
However, sequentially, the standalone net profit declined 6.5 per cent compared with Rs 8,758 crore in the December quarter (Q3FY21).
HDFC Bank Q4 preview: Just when India Inc was getting back on its feet, coming out from the Covid-19 pandemic-led disruption, the second wave of infections is making analysts wary of the recovery. Hence, when HDFC Bank reports its March quarter results (Q4FY21) on Saturday, April 17, all eyes would be on the management’s growth outlook.
If you have an account in State Bank of India, HDFC Bank, Punjab National Bank, Axis Bank, Bank of Baroda, HDFC Bank, then there is very important news for you, because in the coming days you may face problems in banking services. Banks will be closed for 7 days from March 27 to April 4, but in the meantime, another worrying news is that you may face problems in online banking as well.
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