HDFC Bank Q2 Update: Advances grow 57% to ₹23.54 lakh crore, home loans rise 10% YoY after merger
- HDFC Bank’s domestic retail loans grew by around 111.5% year-on-year (YoY), while commercial & rural banking loans grew by around 29.5% YoY and corporate & other wholesale loans grew by 8% YoY.
HDFC Bank, the largest private sector lender in the country, on Wednesday reported a robust 57.7% growth in its gross advances at ₹23.54 lakh crore as of September 30, 2023, rising from ₹14.93 lakh crore last year.
HDFC Bank’s deposits aggregated to approximately ₹21.73 lakh crore as of September 30, 2023, a growth of around 29.9% over ₹16.73 lakh crore as of September 30, 2022.
Meanwhile, the bank’s domestic retail loans grew by around 111.5% year-on-year (YoY), while commercial & rural banking loans grew by around 29.5% YoY and corporate & other wholesale loans grew by 8% YoY, HDFC Bank said in a regulatory filing on October 4.
The lender said that after the merger with the parent company HDFC Ltd, the bank reported highest ever home loan disbursals at around ₹48,000 crore.
This is a growth of 14.0% over the quarter ending June 30, 2023, and a growth of 10.5% over the quarter ending September 30, 2022, it added.
Non-individual loans of the erstwhile HDFC Limited (eHDFCL) aggregated to approximately ₹1.02 lakh crore as of September 30.
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The bank’s current account and savings account (CASA) deposits in Q2FY24 rose 7.6% to approximately ₹8.17 lakh crore from ₹7.59 lakh crore last year. CASA ratio stood at around 37.6% compared to 45.4% last year.
On Tuesday, it was reported that HDFC Bank is revamping some parts of top management as the lender seeks to propel its mortgages business, three months after it acquired HDFC Ltd.
According to a Bloomberg report, the bank detailed the changes in a memo to employees late Sunday.
HDFC Bank share price has underperformed the benchmark Nifty 50 and Bank Nifty indices. HDFC Bank shares have fallen 4% in one month and 12% in the last three months. The stock is down over 6% YTD.
At 11:20 am, HDFC Bank shares were trading 0.91% higher at ₹1,521.65 apiece on the BSE.
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Business NewsCompaniesNewsHDFC Bank Q2 Update: Advances grow 57% to ₹23.54 lakh crore, home loans rise 10% YoY after merger
First Published:4 Oct 2023, 11:22 AM IST
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