HDFC Bank sees 19.2% rise in Q1 deposits, 13.1% growth in advances

HDFC Bank reported robust growth in deposits and advances during Q1FY24. The bank's deposits reached approximately Rs 19,130 billion, marking a significant increase of 19.2% compared to Rs 16,048 billion in the previous year. Additionally, it also represented a growth of 1.6% from the Q4FY23 figure of Rs 18,834 billion.

In terms of advances, HDFC Bank disclosed that it recorded around Rs 16,155 billion for the quarter ended June 30, reflecting a substantial growth of 15.8% compared to Rs 13,951 billion in the same period last year. Moreover, the advances grew marginally by 0.9% from the Q4FY23 figure of Rs 16,006 billion.

The merger between Housing Development Finance Corporation (HDFC) and HDFC Bank, India's largest mortgage lending firm, became effective on July 1. The decision to merge was announced by HDFC and HDFC Bank on April 4, 2022.

Overall, HDFC Bank's strong performance in Q1FY24, with notable increases in both deposits and advances, reflects its continued growth and expansion in the banking sector.

Content source: Media reports