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Yes Securities Report
Loan to Deposit Ratio - Management stated that it is in the bank’s interest to bring down the loan to deposit ratio "faster than anticipated":
HDFC Bank Ltd. would be growing advances slower than deposits. However, it was not clarified what the differential would be. Management stated that there is no prescription that the bank is adhering to as far as the LDR is concerned. They reiterated that the focus is on profitable growth.
Balance sheet growth – A differential in the advances and deposits growth is already playing out as we speak:
Excluding the impact of the merger, the underlying gross advances growth was 14.9% YoY compared with deposits growth of 16.5% YoY. Management highlighted that there has been an organic rise of 50-60 bps per year in deposits market share for the bank over the past four years. Further, HDFC Bank’s distribution share is 6%, the implication being that its market share is 1.8x of its distribution share.
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