HDFC Bank recorded 21.5% loan growth in Q1

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HDFC Bank recorded 21.5% loan growth in Q1


Private sector HDFC Bank said on Monday that the bank registered a 21.5% increase in loans to Rs 13,95,000 crore in the first quarter of this fiscal year.

The loan book stood at Rs 11,47,700 crore as on June 30 last year.

Gross transfers through interbank participation certificates and discounted accounts, the bank’s advances grew by about 22.5 percent over June 30, 2021, HDFC Bank said in a regulatory filing.

The bank’s deposits stood at approximately Rs 16,05,000 crore as on June 30, 2022, a growth of about 19.3 percent over Rs 13,45,800 crore as on June 30, 2021, it added.

During the quarter ended June 30, 2022, the bank purchased loans totaling Rs 9,533 crore by way of direct transfer under the housing loan agreement with parent Housing Development Finance Corporation (HDFC) Ltd, it said.

On April 4, India’s largest private lender HDFC Bank agreed to take over the country’s largest mortgage lender in a deal valued at around USD 40 billion, creating a financial services titan.

The proposed entity will have a combined asset base of around Rs 18 lakh crore. The merger is expected to close by the second or third quarter of FY24, subject to regulatory approvals.

Once the deal takes effect, HDFC Bank will be 100 percent owned by public shareholders, with HDFC’s existing shareholders owning 41 percent of the bank.


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