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HDFC Bank Loan Growth 7%, Deposits Up 15.4% in Q2

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By Rediff Money Desk, New Delhi   Oct 04, 2024 16:39

HDFC Bank reports 7% loan growth and 15.4% deposit increase in Q2 FY24. The bank's average deposits reached Rs 23.53 lakh crore. Read more.
HDFC Bank Loan Growth 7%, Deposits Up 15.4% in Q2
Photograph: Kind courtesy TERumel/wikipedia.org/Creative Commons, background image Shailesh Andrade/Reuters
New Delhi, Oct 4 (PTI) Private sector HDFC Bank on Friday said the bank has registered a 7 per cent rise in loans to Rs 25.19 lakh crore in the second quarter of this fiscal.

The credit book was Rs 23.54 lakh crore as of September 30 last year.

During the quarter ended September 30, 2024, the Bank securitised/assigned loans of Rs 19,200 crore (year to date Rs 24,600 crore) as a strategic initiative, HDFC Bank said in a regulatory filing.

The Bank's average deposits were Rs 23.53 lakh crore for the September 2024 quarter, a growth of around 15.4 per cent against Rs 20.38 lakh crore for the September 2023 quarter, it said.

Liquidity coverage ratio (average) was around 127 per cent for the quarter, it added.

HDFC Bank MD and CEO Sashidhar Jagdishan in the annual report 2023-24 had said, "It is our endeavour to bring down the credit to deposit ratio to pre-merger levels and our focus would be to maintain adequate liquidity buffers, repayment of HDFC borrowings as and when they mature, including weighing any prepayment opportunities that may arise, and pursuing profitable sources of lending."

During this time of adjustment, the bank would grow its advances a little slower than the deposit growth, he had said.

"We will avoid pursuing growth which does not meet our risk-adjusted profitability thresholds, in line with the bank's philosophy," he had said.

In another filing, state-owned lender UCO Bank reported an 18.56 per cent rise in its loan growth at 1.98 lakh crore as compared to Rs 1.67 lakh crore in the same quarter a year ago.

At the same time, Kolkata-based UCO Bank posted a 10.84 per cent increase in deposits at Rs 2.99 lakh crore.
Source: PTI
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