Priya Patel
Key Points:
- HDFC Bank’s gross advances increased by 62.4% to Rs 24.69 trillion in the October-December quarter of the current fiscal year.
- The bank’s deposits grew by 27.7% year-on-year to Rs 22.14 trillion during the same period.
HDFC Bank has reported a strong performance in the third quarter of the current fiscal year, with its advances growing by 62.4% and deposits increasing by 27.7% year-on-year. The bank’s gross advances reached Rs 24.69 trillion, while its deposits stood at Rs 22.14 trillion. Analysts expect other lenders to post similar numbers for the same period.
Key Highlights:
- The bank’s domestic retail loans grew by 111% year-on-year, while commercial and rural loans increased by 31.5%.
- The bank’s corporate and other wholesale loans, excluding non-individual loans, saw a growth of 11% year-on-year.
- The bank’s current account savings account (CASA) ratio stood at 37.7% as of December 31.
HDFC Bank reported significant growth in its domestic retail loans, which increased by 111% year-on-year. Commercial and rural loans also saw a substantial rise of 31.5% during the same period. The bank’s corporate and other wholesale loans, excluding non-individual loans, grew by 11% year-on-year. Additionally, the bank’s CASA ratio stood at 37.7% as of December 31.
In a filing on the BSE, the bank stated that its advances grew by 60.7% over December 31, 2022, and 3.8% over September 30, 2023, after accounting for transfers through inter-bank participation certificates and bills rediscounted.
The bank’s current account savings account (CASA) deposits reached approximately Rs 8.35 trillion, growing by 9.5% from December 2022. Retail CASA deposits also increased by 10% year-on-year and 2.3% over September 30, 2023.
HDFC Bank’s strong performance in the third quarter is expected to set a positive trend for other lenders. Earlier this week, Punjab National Bank reported a 13.5% growth in advances for the quarter.
