HDFC Bank reports 24% growth in Q1 deposits, advances jump 53%

Strong growth: HDFC Bank has reported robust growth in its financial metrics for the first quarter ended June 30, 2024, with a notable increase in deposits and advances.

As of June 30, 2024, the bank's gross advances stood at approximately Rs 24.87 lakh crore, marking a substantial growth of 53 per cent compared to Rs 16.3 lakh crore reported a year ago.

Excluding the impact of the merger with erstwhile HDFC Limited in July 2023, the bank's gross advances grew by 14.9 per cent over the previous year's June 30 figures. Meanwhile, deposits surged by 24 per cent during the same period.

The bank's advances under management, after adjusting for inter-bank participation certificates, bills rediscounted, and securitisation/assignment, totalled Rs 25.75 lakh crore as of June 30, 2024, compared to Rs 17.05 lakh crore a year earlier and Rs 25.758 lakh crore as of March 31, 2024.

The bank's performance underlines strong growth across various loan segments and a substantial increase in deposits.

(This is a developing story)