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KRChoksey Research Report
HDFC Bank Ltd. reported a 16.5% / 5.2% YoY/ QoQ growth in Q3 FY22 at Rs 1,26,08,628 million. Almost all the segments led the growth but mainly a 29.4% YoY increase in commercial and rural banking loans.
The retail loan portfolio saw a growth of 13.3% YoY and 4.7% QoQ. The corporate loan book also saw a decent recovery with 7.5% YoY/ 4.4% QoQ growth.
Deposits for Q3 FY22 saw a growth of 13.8%/ 2.8% YoY/ QoQ at Rs 1,44,59,181 million. The strong momentum in current account and savings account growth continues at 24.6% YoY.
We expect strong growth traction to continue on the loan book front, with growth of 16%/17% in FY22E/FY23E.
HDFC Bank's deposit growth is expected to remain strong, with CASA deposits giving significant support, ensuring a healthy margin outlook.
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