HDFC Bank gets record ₹1.66L cr deposits in Q4

TNN / Updated: Apr 5, 2024, 05:35 IST

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HDFC Bank, India's largest bank, witnessed a notable Rs 1.66 lakh crore increase in deposits in Q1 2024 after the HDFC merger. Retail customers contributed 77% of the additional deposits. Gross advances rose by 1.6% to Rs 25 lakh crore, while deposits grew by 7.5% to Rs 23.8 lakh crore. Year-on-year growth rates stood at 55.4% for advances and 26.

HDFC Bank gets record ₹1.66L cr deposits in Q4

MUMBAI: HDFC Bank has reported a record addition of Rs 1.66 lakh crore in deposits for the quarter ended March 2024, in an attempt to bridge the gap between its loan book and deposits following the merger of HDFC with itself. A significant 77% of the incremental deposits (Rs 1.28 lakh crore) came from retail customers.
As of March 31, 2024, the country’s largest bank’s gross advances increased by 1.6% quarter-on-quarter to a little over Rs 25 lakh crore from Rs 24.7 lakh crore in Dec 2023.

During the same period, the bank’s deposits rose 7.5% to Rs 23.8 lakh crore from Rs 22.1 lakh crore.
The year-on-year growth in advances and deposits stood at 55.4% and 26.4% respectively. However, these numbers do not accurately reflect the situation since the figures are for the period ended March 31, 2024, which include operations of the erstwhile HDFC, which merged with and into HDFC Bank on July 1, 2023.
“HDFC Bank (excluding the erstwhile HDFC’s deposits) has mobilised around Rs 3.5 lakh crore of deposits in FY24,” said Suresh Ganapathy from Macquarie.

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