HDFC Bank posted higher deposit growth than advances in the third quarter, as per provisional business updates. Deposits at the country’s largest private lender surged 15.8% to Rs 25.63 lakh crore as of December 31, 2024, from Rs 22.14 lakh crore a year ago, registering a growth of 2.5% at over Rs 25 lakh crore as of September 30, 2024.
Gross advances of the bank rose 3% to Rs 25.42 lakh crore as of December 31, 2024, from Rs 24.69 lakh crore a year ago.
The bank’s current account savings account (CASA) deposits grew by 4.4% to Rs 8.72 lakh crore as of December 31, 2024, from Rs 8.35 lakh crore a year ago. Time deposits increased 22.7% to Rs 16.91 crore as of December 31, 2024 from Rs 13.78 lakh crore a year ago.
“During the quarter ended December 31, 2024, the bank securitised/assigned loans of Rs 21,600 crore (year-to-date at Rs 46,300 crore) as a strategic initiative,” said the bank in a filing to stock exchanges.
Retail loans during the quarter were up 10% year-on-year; commercial and rural banking loans were up 11.5%, but corporate loans declined 10.3%. On Friday, the lender had received the Reserve Bank of India’s approval to acquire aggregate holding of up to 9.50% of the share capital, or voting rights in Kotak Mahindra Bank, AU Small Finance Bank and Capital Small Finance Bank.
