In an exchange filing on Sunday, HDFC Bank disclosed its provisional business metrics for the quarter. Gross advances for the period grew by 16.3% from the same quarter last year to ₹32.19 lakh crore. On a sequential basis, the lender’s loan growth stood at 5.2%.
HDFC Bank’s average advances under management, which is adjusted for inter-bank participation certificates, bills rediscounted and securitization and assignment grew by 14% year-on-year to ₹31.87 lakh crore, while the period-end figure stood at ₹33.07 lakh crore, a growth of 15.3% year-on-year.
Deposit growth at India’s largest private lender continues to outpace its loan growth on a year-on-year basis. At the end of the quarter, the total deposits at HDFC Bank stood at ₹33.27 lakh crore, a growth of 18.8% from the same quarter last year. On a sequential basis, that figure stood at 4.9%, which is slower than the sequential loan growth figure.
CASA growth at the bank were materially slower than overall deposits. At the end of the September quarter, CASA deposits grew by 10.8% from last year to ₹10.52 lakh crore. On a sequential basis, that growth figure stood at 2.6%. Term deposits also increased by 22.8% year-on-year and 6.1% quarter-on-quarter to ₹22.75 lakh crore.
In its disclosure, HDFC Bank also mentioned that it has mobilized $11.5 billion worth of FCNR (B) deposits under the RBI swap window. The overseas branches of the bank extended loan facilities aggregating to $5.7 billion against these deposits. It had also issued $2.5 billion worth of USD-denominated senior unsecured bonds.
HDFC Bank’s shares will also be reacting to the appointment of its new MD & CEO Anup Bagchi, who will take charge after Sashidhar Jagdishan’s term ends on October 26. The US-listed shares of the bank or ADRs rose 2.7% on Thursday after the announcement, but gave up all those gains on Friday. The stock in India is down 27% so far this year.