HDFC Bank continues aggressive deposit accretion, adds Rs 1.2 lakh crore in September quarter
HDFC Bank continued its drive to aggressively grow its deposit base by adding more than Rs 1.2 lakh crore worth of deposits in the September quarter provisional numbers showed.
The lender grew its deposit by 15.1% at the end of the September quarter taking its total deposit base to Rs 25 lakh crore. Sequentially deposits grew by 5%.
«Overall, we see this as a good set of numbers and if the margin is stable despite the slower loan growth, it would provide greater confidence on a quicker normalization story,» said Pranav Gundlapalle, head, India financials at Bernstein. «We could even see a continuation of the healthy margin improvement story if there had been a substantial decline in borrowings during the quarter.»
The bank’s CASA deposits stood at Rs 8.83 lakh crore as of September 30, 2024, a growth of around 8% on year. Time deposits were Rs 16.16 lakh crore a growth of around 19.3% on year.
Its total advances for the September 2024 quarter grew by 7% to Rs 25.19 lakh crore. Advances under management which includes inter-bank participation certificates, bills re-discounted and securitisation grew by 8% for the second quarter of 2024 to Rs 26.33 lakh crore. The bank said it had securitised loans worth Rs 19,200 crore in the September quarter.
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