HDFC Bank Q1 Update: Loans Grow Nearly 7%, Deposits Up Over 16%
Current account savings account or CASA jumped 8.5% to Rs 9,370 crore.
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HDFC Bank Ltd.'s first quarter loan book or gross advances rose nearly 7%, even as deposits jumped over 16%.
Gross advances as of June 30 increased 6.7% year-on-year to Rs 26,530 crore. Period-end deposits rose 16.2% year-on-year to Rs 27,640 crore, according to business updates disclosed on Friday. Sequentially, advances were marginally up by 0.4%, while deposits rose 1.8%, respectively.
On an average deposit basis, the total deposits were up 16.4% at Rs 26,580 crore.
Current account savings account or CASA deposits jumped 8.5% to Rs 9,370 crore. CASA deposits are a crucial source of funding for banks, as they are relatively low-cost compared to other deposit types like fixed deposits.
During the quarter ended June, HDFC Bank securitised and assigned loans of Rs 3,300 crore as a strategic initiative.
The private sector lender will announce its quarterly financial results on July 19. The board may also mull a dividend.
The bank showed a marginally positive trend in its loan-to-deposit ratio (LDR), which shrank from 97.3% to 96% quarter-on-quarter, driven by strong deposit growth.
