HDFC Bank gains over 2% post Q1 results

HDFC Bank share price:  Shares of the merged HDFC Bank ended over 2 per cent higher at Rs 1,679.20 apiece on the BSE after the lender released its June quarter numbers (Q1FY24). The private sector bank reported a standalone profit after tax (PAT) of Rs 11,951.77 crore for the quarter ended June 30, 2023. The lender had posted a profit of Rs 9,195.99 crore in the year-ago period, thereby reporting a 30 per cent surge. This is HDFC Bank's first earnings report since the completion of its mega-merger with Housing Development Finance Corporation (HDFC).

The bank's net revenue grew by 26.9 per cent to Rs 32,829 crore from Rs 25,870 crore in the year-ago period. READ MORE

Meanwhile, new shares HDFC Bank post the merger with HDFC Ltd got listed on the stock exchanges today. As per the regulatory filing, the lender has allotted 3,11,03,96,492 new equity shares of Rs 1 each of HDFC Bank in accordance with the share exchange ratio provided in the Scheme. As per the merger agreement, every HDFC shareholder has got 42 shares of HDFC Bank for every 25 scrips they held in the company.

"Bank has allotted 3,11,03,96,492 New Equity Shares of Rs. 1 each of HDFC Bank in accordance with the share exchange ratio provided in the Scheme, to/for such eligible shareholders of HDFC Limited who were holding shares as on the Record Date. Further, the shareholding pattern of HDFC Bank post the above allotment is enclosed," the filing read. 

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