HDFC Bank shares were in focus on April 4 as the bank stock opened at an over two-month high and continued to trade above the ₹1,500 mark. This is the first time since January 17 that the stock has risen past this level.
HDFC Bank shares traded over 2% higher at ₹1,512.55 on BSE at 10 am. The stock has gone up about 5.6% in the past month, however, so far in 2024 (year-to-date), it has erased more than 10% of investors’ wealth. This compared to a 2% rise in benchmark Sensex during the four-month period.
The uptrend in the stock of India’s largest private lender comes on a day it reported its quarterly business update that points towards robust growth in deposits in terms of value.
Its deposits aggregated to approximately ₹ 23,800 billion as of March 31, 2024, a growth of around 26.4% over ₹ 18,834 billion as of March 31, 2023 and a growth of around 7.5% (₹ 1,660 billion) over ₹ 22,140 billion as of December 31, 2023.
HDFC Bank saw retail deposits grow by around 27.8% over March 31, 2023 and around 6.9% (₹ 1,280 billion) over December 31, 2023 whereas wholesale deposits grew by around 19.4% over March 31, 2023 and around 10.9% (₹ 380 billion) over December 31, 2023.
In fact, there has been massive growth in its retail loans. According to its internal business classification, domestic retail loans grew by around 108.9% over March 31, 2023 and around 3.7% (₹ 437 billion) over December 31, 2023.
Commercial and rural banking loans, on the other hand, grew by around 24.6% over March 31, 2023 and around 4.2% (₹ 323 billion) over December 31, 2023; corporate & other wholesale loans (excluding non-individual loans of the erstwhile HDFC Limited) grew by around 4.1% over March 31, 2023 and were lower by around 2.2% (₹ 98 billion) over December 31, 2023.
HDFC Bank’s gross advances aggregated to approximately ₹ 25,080 billion as of March 31, 2024, a growth of around 55.4% over ₹ 16,142 billion as of March 31, 2023 and a growth of around 1.6% (₹ 387 billion) over ₹ 24,693 billion as of December 31, 2023, the firm said in an exchange filing.
Meanwhile, the lender’s current account saving account (CASA) ratio has improved 38.2% versus 37.74% in the previous quarter. Its CASA deposits aggregated to approximately ₹ 9,090 billion as of March 31, 2024, a growth of around 8.7% over ₹ 8,360 billion as of March 31, 2023 and around 8.8% (₹ 734 billion) over ₹ 8,356 billion as of December 31, 2023.
Retail CASA grew by around 8.8% over March 31, 2023 and grew by around 6.3% (₹ 479 billion) over December 31, 2023.
