Last Updated: January 04, 2023, 18:23 IST
Private sector lender HDFC Bank on Wednesday said it has recorded a 19.5 per cent increase in credit growth to Rs 15 lakh crore for the third quarter ended December 2022. The bank had outstanding credit at Rs 12.6 lakh crore at the end of December 31, 2021, HDFC Bank said in a regulatory filing.
On a sequential basis, the bank posted a 1.8 per cent growth over the September 2022 quarter’s figure of Rs 14.7 lakh crore.
As per the bank’s internal business classification, domestic retail loans grew by around 21.5 per cent over December 31, 2021 and around 5 per cent over September 30, 2022; commercial and rural banking loans grew by around 30 per cent over December 31, 2021 and around 5 per cent over September 30, 2022.
Corporate and other wholesale loans grew by around 20 per cent over December 31, 2021 but were lower by around 1 per cent compared to September 30, 2022, it said.
The bank’s deposits aggregated to approximately Rs 17.3 lakh crore as of December 31, 2022, a growth of around 19.9 per cent over Rs 14.4 lakh crore in the year-ago period.
With regard to Current Account Saving Account (CASA) deposits, it said they aggregated to approximately Rs 7.6 lakh crore as of December 31, 2022, a growth of around 12 per cent over the same period a year ago.
During the quarter ended December 31, 2022, the bank purchased loans worth Rs 8,892 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation (HDFC), its parent entity.
Last April, the country’s largest private lender HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.
The proposed entity will have a combined asset base of around 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 is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the entity.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)