HDFC Bank Q4 Update: Gross advances rise 55% YoY to ₹24.69 lakh crore; deposits grow 26%; share price gains 3%

HDFC Bank share price gained nearly 3% in early trade on Thursday after the bank reported 55.4% year-on-year (YoY) growth in gross advances to ₹25.08 lakh crore as of March 31, 2024, from ₹16.14 lakh crore as of March 31, 2023.

On a sequential basis, the advances of HDFC Bank, the largest private sector bank in India, grew 1.6% from ₹24.69 lakh crore in December 2023. 

Grossing up for transfers through inter-bank participation certificates and bills rediscounted, the bank’s advances grew by around 53.8% over March 31, 2023, and around 1.9% ( ₹472 billion) over December 31, 2023, HDFC Bank said in a BSE filing on Thursday.

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It is to be noted that HDFC Bank was merged with HDFC Limited on July 01, 2023, and the data for the period ended March 31, 2024, is of the merged entity.

The lender’s domestic retail loans grew by around 108.9% year-on-year (YoY) and around 3.7% quarter-on-quarter (QoQ), while commercial and rural banking loans grew by around 24.6% YoY and 4.2% QoQ.

HDFC Bank’s deposits aggregated to approximately ₹23.80 lakh crore in Q4FY24, increasing by 26.4% YoY and 7.5% QoQ. Retail deposits growth was 27.8% YoY and 6.9% QoQ, while wholesale deposits grew by 19.4% YoY and around 10.9% sequentially.

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The bank’s CASA deposits in the fourth quarter of FY24 rose 8.7% to ₹9.09 lakh crore from ₹8.36 lakh crore as of March 2023. The sequential growth in CASA deposits was 8.8% 

Retail CASA grew by around 8.8% YoY and grew by around 6.3% QoQ.

CASA ratio stood at around 38.2% as of March 31, 2024, as compared to 44.4% as of March 31, 2023, and 37.7% as of December 31, 2023.

At 9:20 am, HDFC Bank shares were trading 2.82% higher at ₹1,524.35 apiece on the BSE. 

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