HDFC Bank Q3 Update: Gross advances rise 62.4% to ₹24.69 lakh crore; deposits up 27.7% YoY

HDFC Bank on Friday announced that its gross advances aggregated to ₹24,69,500 crore as of December 31, 2023, registering a growth of around 62.4% over ₹15,20,500 crore as of December 31, 2022.

On a sequential basis, the bank’s gross advances grew by 4.9% from ₹23,54,600 crore as of September 30, 2023.

Grossing up for transfers through inter-bank participation certificates and bills rediscounted, the bank’s advances grew by around 60.7% over December 31, 2022 and around 3.8% over September 30, 2023, HDFC Bank said in a regulatory filing.

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Domestic retail loans jumped 111% year-on-year (YoY), and around 3.0% quarter-on-quarter (QoQ). Commercial & rural banking loans grew by 6.5% and corporate & other wholesale loans (excluding non-individual loans of the erstwhile HDFC Limited) grew by 2.0% sequentially.

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HDFC Bank’s deposits increased by 1.9% to ₹22,14,000 crore at the end of December quarter from ₹21,72,900 crore at the end of September 2023. Deposits recorded a growth of 27.7% YoY.

Retail deposits increased by 2.9%, while wholesale deposits declined 3.4%, QoQ.

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The bank’s CASA deposits aggregated to approximately ₹8,35,500 crore in Q3FY24, a growth of 2.2% QoQ. Retail CASA grew by around 10.0% over December 31, 2022 and grew by around 2.3% over September 30, 2023. 

The Bank’s CASA ratio stood at around 37.7% as of December 31, 2023, as compared to 44.0% as of December 31, 2022 and 37.6% as of September 30, 2023.

HDFC Bank shares have failed to give any major returns in the past one year as the stock is up just over 5% as against Nifty 50's more than 20% gains during the same period.

At 9:35 am, HDFC Bank share price was trading 0.39% lower at ₹1,683.45 apiece on the BSE.

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