HDFC Bank announced its Q2 performance update on Wednesday, its first since the merger, reporting double-digit growth in gross advances, deposits, and home loan disbursals from the prior year period.
Housing Development Finance Corporation Limited (HDFC) merged with HDFC Bank on 1 July, making it India’s largest public sector lender and one of the world’s biggest banks with assets totaling close to ₹25 trillion (about $300 billion).
HDFC Bank reported 57.7% growth in its gross advances as of 30 September 2023, increasing from ₹14,933 billion in the prior year period. Bank’s collective deposits were at ₹21,730 billion in Q2, up 29.9% from ₹16,734 billion in the comparable period last year.
The bank’s domestic retail loans rose by 115.5% year on year, commercial and rural banking loans went by 29.5%, and corporate and other wholesale loans also witnessed growth of 8% from Q2, 2022, HDFC Bank mentioned in its regulatory filing on 4 October.
Post its merger with parent company HDFC Ltd, the bank reported the highest ever home loan disbursals of ₹480 billion, reporting 14% growth over Q1,2023 and a 10.5% increase over the quarter that ended September 2022.
Non-individual loans of the erstwhile HDFC Limited are estimated to be ₹1,025 billion as of 30 September. As per the data submitted by HDFC Bank on the exchanges, the combined entity’s pro
-forma merged advances grew to approximately ₹23,545 billion from ₹22,444 billion by 4.9% or ₹1,101 billion in the quarter that ended on 30 September from the earlier quarter that ended on 30 June 2023.
HDFC Limited amalgamated with and into HDFC Bank on 1 July, reported a 5.03% rise in its deposits to ₹21,730 billion from ₹20,638 billion in the quarter that ended on 30 June 2023.HDFC, the parent firm, was established in 1977 as India’s first specialized mortgage company before it diversified into insurance, asset management, and other financial services businesses. HDFC Bank has a customer base of 85 million, apart from the 4 million it gained from its parent firm.
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