HDFC Bank Q3 Updates: Deposit Accretion Slows

Private lender HDFC Bank Ltd. added Rs 41,100 crore worth of deposits in October-December, a markedly lower number than the Rs 1.1 lakh crore it added in the second quarter.

As of Dec. 31, outstanding deposits were at Rs 22.14 lakh crore, compared with Rs 21.73 lakh crore as of Sept. 30, showing a 1.9% growth, according to its quarterly update. Retail deposits increased by around Rs 53,000 crore during the quarter, growing 2.9% sequentially. Wholesale deposits recorded a contraction of 3.4% quarter-on-quarter.

Figures are provisional and are subject to limited review by statutory auditors of the bank. HDFC Bank is set to announce its third-quarter results on Jan. 16.

The numbers are not comparable on a year-on-year basis after Housing Development Finance Corp. merged with HDFC Bank with effect from July 1, 2023.

The bank’s current account savings account ratio marginally improved on a sequential basis. CASA ratio stood at around 37.7% as of Dec. 31 compared with 44% last year and 37.6% as of Sept. 30.

Gross advances aggregated to Rs 24.7 lakh crore in the third quarter, up 4.9% quarter-on-quarter. Retail loans rose 3%, while wholesale loans were up 2%. The wholesale lending portfolio excluded the non-individual builder loans from erstwhile HDFC.

HDFC Bank's commercial and rural banking loans were up 6.5% on a sequential basis.