With an m-cap of Rs 9.32 lakh crore Mukesh Ambani ’s RIL is the most valued firm followed by TCS which has a m-cap of Rs 8.19 lakh crore. Image: Reuters

HDFC Bank on Friday crossed Rs 7 lakh crore in market capitalisation (m-cap) for the first time becoming only the third firm after TCS and RIL. India’s most valued private sector lender hit Rs 7.01 lakh crore in m-cap. HDFC Bank stock has climbed over 20 per cent so far this year. In today’s trade, the stock hit a new historic high of Rs 1,283.40 on the BSE. The scrip traded at Rs 1,280.60, up 0.5 per cent from the last close. With an m-cap of Rs 9.32 lakh crore, Mukesh Ambani’s RIL is the most valued firm followed by TCS which has a m-cap of Rs 8.19 lakh crore. HDFC Bank shares were trading at Rs 1,281.45, up 7.55, or 0.59 per cent at the time of reporting.

In Q2FY19, HDFC Bank recorded a 24.7 per cent rise in consolidated net profit at Rs 6,638.03 crore as against Rs 5,322.41 crore in the corresponding period a year ago. Its consolidated total income increased to Rs 36,130.96 crore in the July-September period, over Rs 30,124.49 crore a year ago. As of September 30, 2019, the total balance sheet size stood at Rs 13,25,072 crore as against Rs 11,69,898 crore in the year-ago period. The total deposits were recorded at Rs 1,021,615 crore, an increase of 22.6 per cent over September 30, 2018. The overseas advances constitute 3 per cent of total advances, HDFC Bank said in the exchange filing of second quarter results of the ongoing fiscal.

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At the end of September 2019, the private sector lender reported a distribution network of 5,314 banking outlets and 13,514 ATMs across 2,768 cities or towns. It had 4,825 banking outlets and 13,018 ATMs across 2,718 cities or towns in the year-ago period.