The combined advances of HDFC Bank Ltd. and Housing Development Finance Corp. rose 13% year-on-year as of June 30 to Rs 22.45 lakh crore. The bank's standalone advances were up 15.8% to Rs 16.55 lakh crore, it said in an exchange filing on Wednesday.
The two entities were merged effective July 1, as part of a planned merger announced in April 2022. While this was the effective date, the record date for delisting of HDFC shares from the exchanges is set for July 13. After that, the company's shareholders will receive the bank's shares according to the agreed upon swap ratio.
HDFC shareholders will receive 42 shares of HDFC Bank for every 25 shares held.
India's largest mortgage lender closed its books a few days before June 30, due to which some of the merged entity's numbers are not comparable with the year ago period, the bank said.
On a standalone basis, the bank's retail book grew 20% from a year ago, commercial and rural banking loans rose 20%. Corporate and other wholesale loans were up 11% year-on-year.
Excluding HDFC's wholesale advances, the merged entity's total advances were at Rs 21.36 lakh crore, up 15.3% year-on-year. According to Reserve Bank of India guidelines, banks cannot lend towards construction finance, which HDFC could do in its housing finance avatar.
The merged entity's deposits aggregated to approximately Rs 20.63 lakh crore as of June 30, a growth of around 16.2% from a year ago period. On a standalone basis, HDFC Bank's total deposits stood at Rs 19.13 lakh crore, up 19.2% year-on-year. For the bank, the current account savings account ratio stood at 42.5% of total deposits, compared to 45.8% a year ago.
The merged entity's average liquidity coverage ratio for the first quarter was around 120% on a pro forma basis.
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