HDFC Bank gross advances jump 52.6% on-year in Q1 to Rs 24.8 lakh crore
HDFC Bank informed exchanges on Thursday.
The country’s largest private bank said that the figures for the period ended June 30, 2024 and March 31, 2024 included the operations of the former HDFC Limited and hence were not comparable with those of the corresponding period of the previous year.
In the first quarter of the current fiscal year, HDFC Bank’s retail loans grew by around Rs 18,600 crore, commercial and rural banking loans grew by Rs 7200 crore while corporate and other wholesale loans declined by Rs 26,600 crore, the lender said.
On the liability side, if the impact of the merger were to be excluded, HDFC Bank’s deposits grew by 16.5% over June 30, 2023. On a sequential basis, deposit growth was flat, with the bank’s deposits at Rs 23.79 lakh crore as on March 31, 2024.
Over the past few months, the Reserve Bank of India has repeatedly flagged the persistence of higher bank credit growth than deposit growth, with the central bank telling banks to re-strategize businesses and ensure a prudent balance between assets and liabilities.
Tight liquidity forces banks to tap debt markets, shell out more
As on June 30, HDFC Bank’s current account savings account (CASA) deposits were at Rs 8.63 lakh crore, registering growth of 6.2% over the figures a year ago. CASA deposits, however, fell from Rs 9.09 lakh crore as on March 31, 2024 “which had a seasonal impact”, the bank said.
CASA deposits represent low-cost funds for banks.
HDFC Bank’s current account balances fell by Rs 42,500 crore
