HDFC Bank posts 19.2% rise in Q1 deposits, 13.1% growth in gross advances

HDFC bank

HDFC Bank informed the exchanges on July 5 that its advances aggregated to approximately Rs 16,155 billion for the quarter ended June 30, up nearly 15.8 percent from Rs 13,951 billion a year ago.

The bank's advances grew around 0.9 percent over Rs 16,006 billion as of Q4FY23.

Segment wise, the bank's domestic retail loans grew by around 20 percent, commercial and rural banking loans grew by around 29 percent and corporate and other wholesale loans grew by around percent on a year-on-year basis.

The bank’s deposits aggregated to approximately Rs 19,130 billion in Q1FY24, posting a growth of around 19.2 percent over Rs 16,048 billion from a year ago and a growth of around 1.6 percent over Rs 18,834 billion from Q4FY23.

Retail deposits grew by around Rs 380 billion during the quarter, and grew by around 21.5 percent over June 30, 2022 whereas wholesale deposits grew by around 9 percent on a YoY basis.

The Bank’s current account and savings account (CASA) deposits aggregated to approximately Rs 8,130 billion as of June 30, 2023, a
growth of around 10.7 percent over Rs 7,346 billion as of June 30, 2022.

Also Read: HDFC-HDFC Bank merger: As an era comes to end, senior HDFC employees walk down memory lane

The merged entity’s gross advances aggregated to approximately Rs 22,450 billion in Q1FY24, up by nearly 13.1 percent over Rs 19,859 billion as of June 30 and up by 0.7 percent over Rs 22,302 billion as of March 31.

The merger of Housing Development Finance Corporation (HDFC), India's oldest and largest mortgage lending firm, with HDFC Bank came into effect on July 1. HDFC and HDFC Bank announced the decision to merge on April 4, 2022.