Shares of HDFC Bank gained more than 1 per cent in initial trade on Monday after the firm reported 19.9 per cent jump in its net profit for the third quarter ended December 2022.

The stock climbed 1.47 per cent to Rs 1,624.40 at the BSE.

On the NSE, it advanced 1.29 per cent to Rs 1,621.30.

The 30-share BSE benchmark Sensex traded 118.37 points or 0.20 per cent higher at 60,379.55.

HDFC Bank on Saturday reported 19.9 per cent jump in net profit at ₹12,698 crore for the third quarter ended December 2022, helped by a healthy rise in core income.

On a standalone basis, the largest private sector lender's post tax profit grew 18.5 per cent to ₹12,259.5 crore as compared to the year-ago period, as per an exchange filing.

The core net interest income grew 24.6 per cent to ₹22,987.8 crore, on the back of a 19.5 per cent increase in advances. The bank's net interest margin was stable at 4.1 per cent when compared to the preceding September quarter.

On the asset quality side, gross non-performing assets ratio was stable at 1.23 per cent as of December 31, 2022.