Business

HDFC Bank Q1 Update: Merged entity’s advances grow 13% YoY to Rs 22,45,000 crore

By Dan Neff

HDFC Bank on Wednesday said its advances have aggregated to approximately Rs 16,15,500 crore as of June 30, 2023, rising 15.8% year-on-year (YoY) over Rs 1,395,100 crore reported in the corresponding quarter of FY23 and around 0.9% over Rs 16,00,600 crore reported for the three months ended March 31, 2023.

This is the first Q1 update by India’s largest private lender post its merger with HDFC.

Gross of transfers through inter-bank participation certificates and bills rediscounted, the bank’s advances grew by around 20.2% over June 30, 2022, and around 1.9% over March 31, 2023, it informed in an exchange filing.

The deposits jumped 19.2% YoY for the said quarter to Rs 19,13,000 crore versus Rs 16,04,800 crore in Q1FY23. They are up 1.6% QoQ, the filing added. The deposits stood at Rs 18,83,400 crore in the quarter ended March 31, 2023.

The retail deposits increased by around Rs 38,000 crore during the quarter under review and grew by around 21.5% YoY and around 2.5% QoQ. The wholesale deposits grew by around 9% YoY and were lower by around 2.5% QoQ.

The Bank’s CASA deposits aggregated to approximately Rs 8,13,000 crore as of June 30, 2023, up 10.7% YoY while they declined by 2.7% QoQ. The retail CASA grew by 11% in Q1FY24 over Q1FY23 but fell by 2% QoQ. The Bank’s CASA ratio stood at around 42.5% in the said quarter compared to 45.8% in Q1FY23 and 44.4% in Q4FY23.

During the quarter ended June 30, 2023, the bank purchased loans aggregating Rs 11,632 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation Limited.

Merged Entity Q1 Update

The company also gave information about the merged balance sheet of HDFC Bank and HDFC on a proforma basis.

Key Takeaways

  1. The merged entity’s gross advances aggregated to approximately Rs 22,45,000 crore in the June quarter, up 13.1% YoY and 0.7% QoQ.
  2. The merged entity’s gross advances, excluding wholesale advances of HDFC, aggregated to approximately Rs 21,36,500 crore in Q1FY24, up 15.3% YoY and 1.3% QoQ.
  3. The merged entity’s deposits aggregated to approximately Rs 20,63,500 crore in Q1FY24, up 16.2% YoY and 1.2% QoQ.
  4. The merged entity’s average LCR for the quarter ended June 30, 2023, was around 120% on a proforma basis.

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Dan Neff