After HDFC revealed that the headcount of their employees was reduced by 6,000 employees, there was an atmosphere of tension not only among the workers of HDFC but also between other workers who belonged to the same profession. Even though there has been a reduction in headcounts, the bank has not left its streak of making a profit.
HDFC Bank’s shares rose by over 2%, totaling Rs 8,918 Crore to banks market assessment after the corporation reported an 18.2% increase in net income for the March quarter. On BSE, the stock increased to end at Rs 1,496.75 by 2.38%. As of the remaining day, the stock rose to Rs 1,500 by 2.60%, the highest in the last 52 weeks. On NSE, the stock jumped to close at Rs 1,496.60 by 2.35%. The market valuation of the company settled at Rs 383,549.03 crore with an increase by Rs 8,918.03 crore. In terms of volume, over 43 Lakh shares modified hands on NSE and 5.15 Lakh shares of the firm were traded on BSE throughout the day. HDFC Bank reported an 18.2% increase in net income for the March quarter at Rs 3,990 Crore. The nation’s second largest concealed sector lender had declared a net income of Rs 3,374 Crore during the period of January-March for the fiscal year of 2015-16. Bad loans provisioning grew strongly up from Rs 662 Crore in the January-March period of 2015-16 to Rs 1,261 Crore during the quarter. This data was provided in a BSE filing. Whole income during the fourth quarter grew up from Rs 18,862 Crore to Rs 21,560 Crore in the same quarter for the fiscal year of 2014-15. For the fiscal year of 2016-17, HDFC Bank claimed a growth of 18.3% with a net income of Rs 14,549 crore, as estimated from the preceding financial year. Gross non-performing assets (NPA) of the HDFC Bank as a percentage of whole advances grew to 1.05% during the March quarter, from 0.94% in the same quarter for the fiscal year of 2015-16.
Well, even though the bank is cutting off its staff count, it does not seem to affect its profit at all.