Home / Companies / Company Results /  HDFC Bank's loans and advances grow over 23% in Q2; shares surge

Shares of HDFC Bank surged more than 2% to 1,447 apiece on the BSE in Tuesday's early trading session after the private sector lender shared its business update for the second quarter of the current fiscal or Q2 FY23.

HDFC Bank’s deposits aggregated to approximately 16,735 billion as of September, 2022, a growth of around 19% over 14,063 billion as of September, 2021 and a growth of around 4.3% over 16,048 billion as of June, 2022.

Meanwhile, its loans and advances aggregated to approximately 14,800 billion as of September 30, 2022, a growth of around 23.5% over 11,988 billion from the year-ago period and 6% over 13,951 billion from the previous quarter. 

The bank’s CASA deposits aggregated to 7,595 billion as of September 30, 2022, a growth of around 15% over 6,582 billion year-on-year (YoY) and a growth of more than 3% from 7,346 billion as of June 30, 2022. The Bank’s CASA ratio stood at around 45% as of September 30, 2022, as compared to 46.8% as of September 30, 2021 and 45.8% as of June 30, 2022.

During the quarter ended September 30, 2022, the Bank purchased loans aggregating 91.45 billion through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation Limited (HDFC), the bank informed in an exchange filing today.

In April, HDFC Bank announced that parent HDFC will merge with the bank to enable seamless delivery of home loans and leverage on the large base of over 68 million customers of HDFC Bank and inter alia improve the pace of credit growth in the economy.

The proposed merger is to create a large balance sheet and net worth that would allow a greater flow of credit into the economy. It will also enable the underwriting of larger ticket loans, including infrastructure loans, an urgent need of the country.

Under the scheme, HDFC shareholders will receive 42 shares of HDFC Bank having a face value of Re 1 each for 25 shares of HDFC having a face value of 2 each. Further, HDFC shareholding in HDFC Bank will be extinguished as per the scheme of amalgamation.

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