HDFC Bank’s gross advances grew 16.3% year-on-year to Rs 32.20 lakh crore as of September-end, while deposits rose at a faster pace of 18.8% to Rs 33.28 lakh crore, according to the provisional business figures released on Sunday.
The bank’s period-end advances under management stood at Rs 33.08 lakh crore, up 15.3% on year. Average advances under management during the September quarter grew 14% year-on-year to Rs 31.87 lakh crore.
Deposit growth continued to outpace advances during the quarter. Average deposits rose 16.8% year-on-year to Rs 31.67 lakh crore from Rs 27.11 lakh crore in the corresponding period last year. Growth was led by time deposits, which increased 22.8% on year to Rs 22.76 lakh crore as of September 30. CASA deposits grew at a slower 10.8% to Rs 10.52 lakh crore. On an average basis, CASA deposits increased 10.7% to Rs 9.71 lakh crore, while time deposits rose 19.7% to Rs 21.95 lakh crore.
The bank also disclosed that it mobilised foreign currency deposits equivalent to $11.5 billion, under the Reserve Bank of India’s FCNR(B) swap facility introduced in June. Against these deposits, HDFC Bank’s overseas branches extended loans worth $5.7 billion. It also issued standby letters of credit to other banks aggregating $3.1 billion, in respect of loans against the deposits. During June-August, the bank also raised $2.5 billion, through US dollar-denominated senior unsecured bonds.