Priya Patel
HDFC Bank Q3 business update: Gross advances grow 62.4%, retail loans 111% up
HDFC Bank has reported significant growth in its gross advances and retail loans in the third quarter of FY24. Gross advances increased by 62.4% to approximately ₹24.69 lakh crore, while retail loans surged by 111%. The bank’s deposits also saw a considerable increase, totaling approximately ₹22.14 lakh crore. Retail deposits grew by 28.4% and current account savings account (CASA) deposits increased by 9.5%. However, wholesale deposits experienced a slight decrease of 3.4%.
The growth trajectory varied across different segments, with domestic retail loans experiencing the highest surge of 111%. Commercial and rural banking loans saw an increase of 31.5%, while corporate and other wholesale loans grew by around 11%. The bank’s CASA ratio stood at 37.7% as of December 2023.
This strong performance reflects the bank’s ability to attract new customers and generate increased lending activity. The growth in retail loans suggests a strong consumer demand for credit, while the increase in CASA deposits indicates a growing customer relationship with the bank.
It is important to note that these figures include the operations of the erstwhile HDFC, which merged with HDFC Bank on July 1, 2023. As a result, the figures are not directly comparable to the previous year’s performance.
Overall, HDFC Bank’s Q3 business update demonstrates its strong position in the market and its ability to drive growth in lending and deposits. The bank’s focus on retail lending and customer relationships has proven to be successful, leading to significant increases in both gross advances and deposits.
