HDFC Bank, India’s largest private sector lender, recently reported a 7.6% year-on-year growth in its average advances under management for the December 2024 quarter. The bank’s retail segment saw a strong performance with a 10% year-on-year growth, while commercial and rural banking loans expanded by 11.5%. However, corporate and wholesale loans contracted by 10.3% compared to the previous year.
The bank’s period-end advances under management reached ₹26,84,000 crore, marking a 6.1% increase from the previous year. Deposits also showed robust growth, with average deposits rising by 15.9% year-on-year to ₹24,52,700 crore. Time deposits in particular grew significantly by 21.5% to ₹16,35,100 crore, while Current Account Savings Account (CASA) deposits had a more modest 6% growth to ₹8,17,600 crore.
During the quarter, HDFC Bank continued its strategic initiative of loan securitisation, selling loans worth ₹21,600 crore, with the year-to-date figure reaching ₹46,300 crore. The bank’s period-end gross advances stood at ₹25,42,500 crore as of December 31, 2024, showing a 3% growth from the previous year.
Overall, HDFC Bank’s financial results for the quarter ending December 31, 2024, are set to undergo a limited review by the bank’s statutory auditors before final release.
This growth and performance demonstrate HDFC Bank’s ongoing success and strategic initiatives in managing its advances and deposits, as well as its focus on different segments within the banking sector. Investors and analysts will be closely watching to see how the bank continues to navigate the evolving financial landscape in the coming quarters.
