In its latest financial report for the second quarter of 2023, HDFC Bank, India’s largest private sector bank, has demonstrated remarkable growth in various segments. After its merger with the parent company, HDFC Limited, on July 1, 2023, the bank’s performance has been nothing short of impressive.
Advances Soar by 57.7%
One of the standout figures in the report is the bank’s advances, which have seen an astonishing 57.7% growth. The total advances surged to Rs 23.54 lakh crore from Rs 14.93 lakh crore in the previous year. This remarkable increase reflects HDFC Bank’s commitment to expanding its lending portfolio and supporting economic growth.
Record-Breaking Home Loan Disbursals
Following the merger with HDFC Limited, HDFC Bank achieved an unprecedented milestone in home loans. The bank reported the highest-ever home loan disbursals during the July-September FY24 quarter, reaching an impressive Rs 48,000 crore. This achievement underscores HDFC Bank’s strong position in the housing finance sector and its dedication to meeting the housing needs of customers.
Deposit Growth of Nearly 30%
HDFC Bank’s deposit base has also witnessed substantial growth. The bank’s deposits reached approximately Rs 21.73 lakh crore, marking a significant increase of 29.9% compared to the previous year’s Rs 16.73 lakh crore. This surge in deposits reflects the trust and confidence that customers have in HDFC Bank’s services.
Segment-Wise Loan Growth
Breaking down the loan growth, HDFC Bank’s retail loans exhibited remarkable growth, with a year-on-year increase of 111.5%. Commercial and rural banking loans also saw healthy growth at around 29.5%. Additionally, corporate and other wholesale loans expanded by approximately 8% year-on-year. Non-individual loans from the former HDFC Limited contributed significantly, aggregating to approximately Rs 1.02 lakh crore.
CASA Deposits and Ratio
The bank’s current account and savings account (CASA) deposits for the July-September FY24 quarter aggregated to approximately Rs 8.17 lakh crore, compared to Rs 7.59 lakh crore in the previous year. This represents a solid 7.6% year-on-year growth. However, the CASA ratio stood at around 37.6%, a slight decrease from the previous year’s 45.4%.
In conclusion, HDFC Bank’s Q2 2023 update showcases impressive growth in advances, record-breaking home loan disbursals, and a significant boost in deposits. This performance underscores the bank’s resilience and ability to adapt to changes, including its merger with HDFC Limited, while continuing to provide valuable financial services to its customers.
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