MUMBAI: Shares of HDFC BankBSE -0.30 % gave up intraday gains and slipped in the red even as the bank’s first quarter results came in line with Street estimates.

HDFC Bank reported a net profit of Rs 2,700 crore in April-June quarter against a net profit of Rs 2,233 crore in the same period last fiscal. ET Now poll had estimated net profit at Rs 2,721 crore.

Net interest income rose to Rs 6,390 crore, up 23.5 per cent on year, from Rs 5,172 crore.

At 12:00 noon, HDFC Bank shares traded at Rs 1,112.40, down 0.3 per cent, on the BSE.

While the asset quality is stable, there is some downward bias quarter-on-quarter basis. Gross non-performing assets increased slightly to 0.95 per cent vs 0.93 per cent and net NPA rose to 0.27 per cent as against 0.25 per centin the previous quarter.

Kaitav Shah, analyst, SBI Cap Securities, is of the view that numbers are broadly in line, with no negative surprises. He doesn’t see the asset quality coming under pressure in the near future.

“We have a ‘Buy’ rating on the stock and it remains top pick in the banking space,” he told ET Now.