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Axis Securities Report
HDFC Bank Ltd. demonstrated resilience during a challenging FY22 and delivered a strong operating performance in FY22 despite Covid-related headwinds.
It exited the year with a strong return on asset/return on equity of 1.9%/16.5%. The liability franchise continued to scale up with growth primarily driven by current account and savings account deposits (up 22% YoY) and the cost of deposits falling to a multi-year low of 3.4% in FY22.
Credit growth picked up to 21% (versus mid-teens growth over nine months-FY22) and was primarily driven by corporate and commercial and rural banking segments, while retail growth lagged. Asset quality continued to remain top-notch.
HDFC Bank's annual report is themed around ‘leading responsibly' with a focus deepening on strengthening customer relations and tech advancements.
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