HDFC Bank beats peer banks in garnering deposits with a wide margin
Public Sector Banks may have the largest network base in the country but their ability to garner deposits is much lesser than their private peers. HDFC Bank, the largest Indian private sector lender raced miles ahead in garnering deposits even though its branch presence remained a third of the largest Indian lender State Bank of India.
State Bank of India recorded the largest deposit base at Rs 49.01 lakh crore at the end of the June 2024 quarter. It added Rs 3.70 lakh crore of deposits in one year, with the June 2023 deposit base at Rs 45.31 lakh crore. SBI has garnered these deposits with a mammoth branch network of 22,580.
Private sector lender HDFC Bank was the top performer among banks in bagging deposits, it added a whopping Rs 4.66 lakh crore in one year. Its deposit base stood at Rs 23.79 lakh crore at the end of June 24 quarter versus Rs 19.13 lakh crore in the year ago period. What is noteworthy is that these deposits have been accumulated with a branch network of 8851, almost a third of SBI's network.
ICICI Bank added Rs 1.87 lakh crore worth of deposits taking its total liabilities to Rs 14.26 lakh crore. This was at Rs 12.38 lakh crore in the year ago period. Its branch network at the end of the June quarter stood at 6587.
Public sector lender Punjab National Bank added liabilities worth Rs 1.10 lakh crore in one year with the second largest branch network of 10,150. Its total deposits at the end of June 2024 quarter was at Rs 14.08 lakh crore versus Rs 12.97 lakh crore in the year ago period.
Cana
