HDFC Bank reports loan growth of 21.5% in the first quarter

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Private sector HDFC Bank said on Monday that the bank recorded a 21.5% increase in lending to Rs 13,95,000 crore in the first quarter of this financial year.

The credit book was Rs 11,47,700 crore as of June 30 last year.

Gross transfers via interbank participation certificates and rediscounted bills, the bank’s advances were up about 22.5% from June 30, 2021, HDFC Bank said in a regulatory filing.

The bank’s deposits stood at around Rs 16,05,000 crore as of June 30, 2022, a growth of around 19.3 percent from Rs 13,45,800 crore as of June 30, 2021, he added.

During the quarter ended June 30, 2022, the bank purchased loans totaling Rs 9,533 crore through the direct allotment route under the home loan agreement with parent company Housing Development Finance Corporation (HDFC) Ltd, he said.

On April 4, HDFC Bank, India’s largest private lender, agreed to take over the nation’s largest mortgage lender in a deal valued at around $40 billion, creating a financial services titan.

The proposed entity will have a combined asset base of approximately Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.

Once the deal becomes effective, HDFC Bank will be 100% owned by public shareholders, and existing HDFC shareholders will own 41% of the bank.

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