Private sector lender HDFC Bank on Wednesday said it has recorded a 19.5% increase in credit growth to Rs 15 lakh crore for the third quarter ended Dec. 2022.
The bank had outstanding credit at Rs 12.6 lakh crore at the end of Dec. 31, 2021, HDFC Bank said in a regulatory filing. On a sequential basis, the bank posted a 1.8% growth over the Sept. 2022 quarter's figure of Rs 14.7 lakh crore.
As per the bank's internal business classification, domestic retail loans grew by around 21.5% over Dec. 31, 2021 and around 5% over Sept. 30, 2022; commercial and rural banking loans grew by around 30% over Dec. 31, 2021 and around 5% over Sept. 30, 2022.
Corporate and other wholesale loans grew by around 20% over Dec. 31, 2021 but were lower by around 1% compared to Sept. 30, 2022, it said.
The bank's deposits aggregated to approximately Rs 17.3 lakh crore as of Dec. 31, 2022, a growth of around 19.9% over Rs 14.4 lakh crore in the year-ago period.
With regard to Current Account Saving Account deposits, it said they aggregated to approximately Rs 7.6 lakh crore as of Dec. 31, 2022, a growth of around 12% over the same period a year ago.
During the quarter ended Dec. 31, 2022, the bank purchased loans worth Rs 8,892 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation, its parent entity.
Last April, the country's largest private lender HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion, creating a financial services titan.
The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.
Once the deal is effective, HDFC Bank will be 100% owned by public shareholders, and existing shareholders of HDFC will own 41% of the entity.
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