Private lender HDFC Bank Ltd.'s fourth-quarter update provisional figures showed growth in deposits and current account savings account ratio.
Deposits grew 7.5% quarter-on-quarter to Rs 23.8 lakh crore in the quarter ended March 31, according to an exchange filing on Thursday. While gross advances rose 1.6% sequentially to Rs 25 lakh crore, the filing showed.
The lender's CASA witnessed growth of 8.8% QoQ, contributing to an improved ratio of 38.2%, compared to the previous quarter's 37.7%.
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Shares of the bank rose 2.97% before paring gains to trade 2% higher at 10:27 a.m., compared to a 0.67% rise in the Nifty Bank.
The stock has fallen 8.60% over the past year.
Key Levels To Watch
Resistance level: Rs 1,600 per share (High made on day of Q3 earnings).
Support level: Rs 1,420 per share (one-month low).
Fourth-Quarter Update
Domestic retail loans increased by 3.7% sequentially to Rs 43,700 crore; commercial and rural banking increased by 4.2% QoQ to Rs 32,300 crore; and corporate loans decreased by 2.2% sequentially to Rs 9,800 crore.
The bank's deposits grew 7.5% sequentially to Rs 23.8 lakh crore. Retail deposits increased by 6.9% QoQ to Rs 1.28 lakh crore, while wholesale deposits jumped 10.9% QoQ to Rs 38,000 crore.
Street View
Of the 50 analysts tracking the company, 45 maintain a 'buy' and five recommend a 'hold', according to Bloomberg data.
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