HDFC Bank Q2 update: Gross advances grow 7% YoY; CASA deposits rise 8% YoY

The lender said its advances under management (advances grossing up for inter-bank participation certificates, bills rediscounted, and securitisation/aassignment) were ₹26,335 billion as of September 30, 2024, a growth of around 8.0% over ₹ 24,374 billion as of September 30, 2023, and a growth of around 2.3% over ₹25,750 billion as of June 30, 2024. 

During the quarter, retail loans grew by around ₹338 billion; commercial & rural banking loans grew by around ₹380 billion; and corporate & other wholesale loans were lower by ₹133 billion over June 30, 2024. 

The bank’s gross advances aggregated to approximately ₹25,190 billion as of September 30, 2024, a growth of around 7.0% over ₹ 23,546 billion as of September 30, 2023. During the quarter ended September 30, 2024, the bank securitised / assigned loans of ₹192 billion (year to date ₹ 246 billion) as a strategic initiative. 

It further said its deposits were ₹25,000 billion during Q2, a growth of around 15.1% over ₹21,729 billion as of September 30, 2023, and a growth of around 5.1% over ₹23,791 billion as of June 30, 2024. 

HDFC Bank’s CASA deposits came in at ₹8,835 billion, up around 8.0% over ₹8,177 billion as of September 30, 2023, and a growth of around 2.3% over ₹8,636 billion as of June 30, 2024.

At 11:20 AM, shares of the lender were trading were trading 0.42% higher at ₹1,689.15 apiece on the BSE.

In a separate development, Morgan Stanley and Citigroup on Thursday bought shares of private sector lender HDFC Bank for over ₹755 crore through open market transactions.

According to the block deal data available on the BSE, New York-headquartered financial services companies Morgan Stanley and Citigroup, through their affiliates, purchased 43.75 lakh shares of the Mumbai-based bank.

The shares were picked up at an average price of ₹1,726.2 apiece, taking the combined transaction value to ₹755.29 crore.

These shares were sold by BNP Paribas' arm, BNP Paribas Financial Markets, through two separate block deals at the same price on the BSE.

Last week, Paris-based BNP Paribas offloaded shares of HDFC Bank for ₹543.27 crore.