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HDFC Bank Q4 update: Gross advances up 1.6%, deposits rise 26%

HDFC Bank said its gross advances at the end of the March quarter rose 1.6% to 25.08 trillion rupees ($300.44 billion) from the December quarter. The bank’s deposits in the March quarter rose 7.5% to 23.8 trillion rupees from the December quarter. Gross advances at 16.14 lakh crore in the corresponding period of the previous financial year and rose over 24.69 lakh crore as of December 31, 2023, the bank informed. 

HDFC Bank Q4 update: The headquarters of India’s HDFC bank is pictured in Mumbai. (Reuters)

The private lender said that its domestic retail loans grew by around 108.9% over March 31, 2023 and around 3.7% or 43,700 crore over December 31, 2023. In March, the commercial & rural banking loans grew by around 24.6% while it grew around 4.2% quarter-on-quarter (QoQ). With respect to corporate and other wholesale loans, the growth was around 4.1% over March 31, 2023, the filing said.

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As of March 31, 2024, HDFC Bank’s deposits aggregated to 23.80 lakh crore- up 26.4% over 18.83 lakh crore reported at the end of corresponding quarter. On quarterly basis, the growth was around 7.5%, the lender noted.

At the same time, retail deposits grew by around 27.8% YoY and around 6.9% QoQ. Wholesale deposits grew by around 19.4% YoY and around 10.9% QoQ, it said. 

The filing also showed that retail CASA grew by around 8.8% over March 31, 2023, and 6.3% over December 31, 2023 while the CASA ratio stood at around 38.2% as of March 31, 2024, against 44.4% in the same quarter last yea. 

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