HDFC Bank Q2 advances surge 7% to ₹25.19 lakh cr, deposits up 15%

In its quarterly business update, India's biggest private lender HDFC Bank today reported 7% year-on-year growth in gross advances at around ₹25.19 lakh crore as of September 30, 2024, over ₹23,546 billion as of September 30, 2023.

In an exchange filing, HDFC Bank says its advances under management, including advances grossing up for inter-bank participation certificates, bills rediscounted and securitisation/assignment, on an average basis stood at ₹25.63 lakh crore for Q3, a 10.2% growth over ₹23.26 lakh crore in the same period last year. Compared to the last quarter, the growth was around 1.2% over ₹25.32 lakh crore.

The bank’s advances under management grossing up for inter-bank participation certificates, bills rediscounted and securitisation or assignment grew 8% YoY to ₹26.33 lakh crore as of September 30, 2024, over ₹24.37 lakh crore in the year-ago period. The growth was around 2.3% over ₹ 25.75 lakh crore as of June 30, 2024.

During the quarter, retail loans grew around by ₹33,800 crore; commercial and rural banking loans grew by around ₹38,000 crore; and corporate and other wholesale loans dipped by ₹13,300 crore over June 30, 2024, says HDFC Bank.

The bank informs it securitised or assigned loans worth ₹19,200 crore (year-to-date ₹24,600 crore) as a strategic initiative in Q3.

Deposits in Q2

The bank’s deposits were ₹25 lakh crore in Q3, a growth of around 15.1% over ₹21.72 lakh crore in the year-ago period, and a growth of around 5.1% over ₹23.79 lakh crore in the previous quarter.

The bank’s CASA deposits grew 8% YoY to ₹8.83 lakh crore as of September 30, 2024. The growth was around 2.3% over ₹86.36 lakh crore as of June 30, 2024.

Time deposits were ₹16.16 lakh crore as of September 30, 2024, up 19.3% over ₹13.55 lakh crore in the same period last year and up 6.7% over ₹15.15 lakh crore in Q1. HDFC says it reflects customer preference for "time deposits" in this stage of the rate cycle.

Average deposits stood at ₹23.53 lakh crore for Q3, recording a 15.4% growth over ₹20.38 lakh crore in Q3 last year. Compared to Q1 this year, the growth was 3.1%.

The bank’s average CASA deposits were ₹8 lakh crore in the said quarter, a growth of 7.3% over ₹7.5 lakh crore in Q3 last year. CASA deposits in Q3 this year dipped around 0.3% compared to ₹8.1 lakh crore for the June 2024 quarter.

Liquidity coverage ratio (average) was around 127% for the quarter, says the bank.