HDFC Bank, India’s largest private-sector lender, witnessed a notable increase in deposits by Rs 1.66 trillion in the January-March period, marking a 7.5% growth over the previous quarter. This growth, addressing investor concerns regarding a high credit-deposit ratio, led to a 3.06% surge in the bank’s stock. On a year-on-year basis, deposits grew by 26.4% to Rs 23.8 trillion. Additionally, the bank reported a 55.4% year-on-year increase in gross advances, driven by retail and commercial banking. The merger with HDFC in July 2023 impacted Q4FY24 figures, making comparisons with the previous year challenging. Moreover, other financial institutions like Bandhan Bank and small finance banks also witnessed significant growth in advances and deposits during the same period.
HDFC Bank Reports Strong Deposit Growth in Q4FY24
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