Private sector lender HDFC Bank on Monday said it has recorded a 16.9% increase in credit growth at Rs 16 lakh crore at the end of the March quarter.
The bank had an outstanding credit at Rs 13.6 lakh crore at the end of March 31, 2022, HDFC Bank said in a regulatory filing.
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On a sequential basis, the bank posted a 6.2% growth compared to the amount of Rs 15.06 lakh crore at the end of 2022 December quarter.
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As per the bank's internal business classification, domestic retail loans grew around 21% compared to the end of March 2022 and about 5% compared to the end of December 2022.
Commercial and rural banking loans grew around 30% over March 31, 2022 and about 9.5% compared to Dec. 31, 2022.
Corporate and other wholesale loans rose around 12.5% over March 31, 2022 and around 4.5% over Dec. 31, 2022, it said.
The bank's deposits aggregated to approximately Rs 18.83 lakh crore as of March 31, 2023, a growth of around 20.8% over Rs 15.59 lakh crore in the year-ago period.
During the quarter ended March 2023, the bank purchased loans aggregating Rs 9,340 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation Limited, the filing said.
Last April, HDFC Bank agreed to take over HDFC in a deal valued at about $40 billion.
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.
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