HDFC Bank's Gross Advances Reach INR 24.87 Lakh Crore in the Q1 HDFC Bank's gross advances increased by 52.6 per cent year-on-year (YoY) to INR 24.87 lakh crore in the quarter ending June 30
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HDFC Bank revealed its first-quarter business update, showcasing a substantial expansion. As of June 30, 2024, deposits reached INR 23.8 lakh crore, marking a 24.4 per cent increase from the previous year. The bank's gross advances surged by 52.6 per cent to INR 24.87 lakh crore, with a 14.9 per cent increase when excluding the merger's effect. "Excluding the impact of the merger of erstwhile HDFC Limited with the Bank on July 1, 2023, the Bank's gross advances grew by 14.9 per cent over June 30, 2023. This compares to INR 25,078 billion as of March 31, 2024," stated HDFC Bank in an exchange filing on Thursday.
As of June 30, 2024, HDFC Bank's current account savings account (CASA) deposits stood at INR 8.63 lakh crore, up 6.2 per cent from INR 8.13 lakh crore in the previous year. However, this figure was lower than the INR 9.08 lakh crore reported on March 31, 2024, due to "seasonal impact," stated the bank. The bank's gross advances reached INR 24.87 lakh crore, representing a 52.6 per cent increase from INR 16.3 lakh crore in June 2023. On a like-for-like basis, excluding the impact of the HDFC Ltd merger on July 1, 2023, gross advances grew by 14.9 per cent year-on-year.
HDFC Bank's advances under management, as of June 30, 2024, totaled INR 25.75 lakh crore, up from INR 17.05 lakh crore in the previous year and unchanged from March 31, 2024. During the quarter, retail loans increased by INR 18,600 crore, while commercial and rural banking loans grew by INR 7,200 crore. However, corporate and other wholesale loans decreased by INR 26,600 crore compared to March 31, 2024. Current account balances also declined by INR 42,500 crore during the quarter.
"The figures for the periods ended June 30, 2024, and March 31, 2024, include the operations of the erstwhile HDFC Limited which amalgamated with and into HDFC Bank on July 01, 2023, and hence are not comparable with those of the corresponding period of the previous year," the bank added.
The bank's average advances under management for the June 2024 quarter were INR 25.32 lakh crore, representing a 54.1 per cent year-on-year (Yoy) increase from INR 16.43 lakh crore and a 0.8 per cent quarter-on-quarter increase from INR 25.12 lakh crore.
Average deposits for the June 2024 quarter stood at INR 22.83 lakh crore, up 25.2 per cent from INR 18.24 lakh crore in the same period last year and 4.6 per cent from INR 21.83 lakh crore in the March 2024 quarter.
