HDFC Bank Q1 update: Advances up 16% YoY, deposits up 19%
HDFC Bank reported that its advances, which represent its loans and credit extended to customers, amounted to approximately ₹16.15 lakh crore for the quarter ending June 30. This reflected a year-on-year increase of nearly 15.8% compared to ₹13.95 lakh crore in the same period the previous year. On a quarter-over-quarter basis, advances grew by around 0.9% compared to ₹16 lakh crore in the previous quarter (Q4FY23).
The bank's deposits showed significant growth, rising by 19.2% year on year to ₹19.13 lakh crore for the quarter. This was a notable increase from ₹16.04 lakh crore in the first quarter of the previous fiscal year (Q1FY23). On a quarter-over-quarter basis, deposits increased by 1.6% from Rs 18.83 lakh crore in the quarter ended March 31, 2023.
During the quarter, HDFC Bank witnessed a 21.5% year-on-year increase and a 2.5% quarter-on-quarter increase in retail deposits, amounting to an additional ₹38,000 crore. Wholesale deposits, on the other hand, grew by approximately 9% year on year but declined by around 2.5% quarter on quarter. Additionally, HDFC Bank acquired loans amounting to ₹11,632 crore through the direct assignment route, as part of its home loan arrangement with HDFC Ltd.
As of June 30, 2023, HDFC Bank's Current Account and Savings Account (CASA) deposits reached ₹8.13 lakh crore, indicating an improvement of 10.7% compared to ₹7.34 lakh crore as of June 30, 2022. However, CASA deposits declined by 2.7% from ₹8.36 lakh crore at the end of March 2023. The retail CASA grew by 11% in Q1FY24 compared to Q1FY23 but fell by 2% quarter on quarter. The bank's CASA ratio for the quarter stood at approximately 42.5%, lower than 45.8% in Q1FY23 and 44.4% in Q4FY23.
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