The loan book of HDFC Bank Ltd. grew 21.5% year-on-year to Rs 13,95,000 crore in the April-June quarter. That includes loans purchased from parent Housing Development Finance Corp. Ltd. ahead of their merger.
India's private sector lender bought loans worth Rs 9,533 crore via the direct assignment route under the home loan arrangement with HDFC, according to a regulatory filing Monday. Advances rose 22.5% over the year-ago period while deposits grew 19.3% to 16,05,000 crore.
On April 4, HDFC -- India's largest mortage lender -- agreed to merge with HDFC Bank in a deal valued at about $40 billion. The proposed entity will have an asset base of around Rs 18 lakh crore. Once the deal is effective, HDFC Bank will be 100% owned by public shareholders, and existing shareholders of HDFC will own 41% of the lender.
The merger is expected to be completed by the second or third quarter of 2023-24, subject to regulatory approvals.
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