HDFC Bank’s advances soar 53%, deposits jump 24% in Q1

The bank’s deposits stood at Rs 23.8 trillion in the June quarter, logging in a growth of 24.4 percent over Rs 19.13 trillion in the year-ago period.
HDFC Bank’s advances soar 53%, deposits jump 24% in Q1

MUMBAI: The second largest lender HDFC Bank has said its gross advances soared 52.6 percent at Rs 24.87 trillion in the quarter to June over Rs 16.3 trillion in the year-ago period, while deposits in the same period jumped 24 percent on-year.

In an exchange filing, the bank said that excluding the impact of the merger with its parent HDFC, which came into effect from July 1, 2023, gross advances grew 14.9 percent over the June 2023 quarter.

In the March 2024 quarter, the bank had reported gross advances of Rs 25.07 trillion, which was a record for the lender. That made HDFC Bank the only lender after SBI to have such a large asset book.

On the other hand, the bank’s deposits stood at Rs 23.8 trillion in the June quarter, logging in a growth of 24.4 percent over Rs 19.13 trillion in the year-ago period.

However, what is worrying the lender is that liabilities were at similar levels (to Rs 23.8 trillion) in the March quarter too. Also, excluding the reverse-merger impact with the parent, deposits grew by 16.5 percent over the same period last year.

In the reporting quarter, retail loans grew by Rs 18,600 crore, while commercial and rural loans grew by around Rs 7,200 crore and corporate and other wholesale loans inched down to Rs 26,600 crore over the last quarter of the previous financial year.

The low cost current account and savings account (Casa) deposits, where it is the industry leader, jumped 6.2 percent to Rs 8.63 trillion in the reporting quarter from Rs 8.13 trillion in the year-ago period. It stood at Rs 9.08 trillion in the March quarter, and the bank said this was seasonal.

Its current account balances came down by Rs 42,500 crore during the quarter, it said.

After hitting a lifetime record of Rs 1,794 a share yesterday, the HDFC Bank counter shed over 2.3 percent at Rs 1,728 on the BSE today.

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