On Thursday (July 4), HDFC Bank, the largest private sector lender, reported significant growth in its first quarter business update for the period ending June 30, 2024.
As of June 30, 2024, HDFC Bank’s deposits increased by 24.4% to ₹23.8 Lakh Crore, up from ₹19.13 Lakh Crore the previous year. This value remained largely unchanged from ₹23.8 Lakh Crore on March 31, 2024. Deposits increased by 16.5% year on year, excluding the impact of the merger.
As of June 30, 2024, the bank’s CASA (current account savings account) deposits totaled ₹8.63 Lakh Crore, up 6.2% from ₹8.13 Lakh Crore in the previous year. However, there was a reduction from ₹9.08 Lakh Crore on March 31, 2024, which had a seasonal influence.
The bank’s gross advances reached ₹24.87 Lakh Crore, up 52.6% from ₹16.3 Lakh Crore as of June 30, 2023. Excluding the impact of the merger with HDFC Ltd on July 1, 2023, the Bank’s gross advances increased by 14.9% over the previous year.
As of June 30, 2024, the bank’s advances under management, including inter-bank participation certificates, bills rediscounted, and securitization/assignment, were ₹25.75 Lakh Crore, up from ₹17.05 Lakh Crore the previous year and ₹25.75 Lakh Crore on March 31, 2024.
Retail loans surged by ₹18,600 Crore during the quarter, while commercial and rural banking loans jumped by ₹7,200 Crore. However, corporate and other wholesale loans decreased by ₹26,600 Crore compared to March 31, 2024.
The current account balances decreased by ₹42,500 Crore throughout the quarter. Time deposits increased by 37.7% to ₹15.15 Lakh Crore, up from ₹11 Lakh Crore the previous year and ₹14.71 Lakh Crore as of March 31, 2024.
In the June 2024 quarter, the bank’s advances under management averaged ₹25.32 Lakh Crore, up 54.1% from ₹16.43 Lakh Crore in June 2023 and 0.8% from ₹25.12 Lakh Crore in March 2024.
In the June 2024 quarter, average deposits reached ₹22.83 Lakh Crore, up 25.2% from ₹18.24 Lakh Crore the previous year and 4.6% from ₹21.83 Lakh Crore in March 2024.
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