HDFC Bank’s deposit growth for the second quarter of the financial year (Q2 FY25) has outpaced its credit growth on a sequential basis.
HDFC Bank Representational image (Photo:IANS)
HDFC Bank’s deposit growth for the second quarter of the financial year (Q2 FY25) has outpaced its credit growth on a sequential basis. According to an exchange filing on Friday, the bank reported a 5.1% growth in deposits compared to Q1FY25, while its advances during the same period rose by 1.3%.
Year-on-year (Y-o-Y), HDFC Bank’s deposit growth in Q2 FY25 outpaced its credit growth. Its deposit base stood at Rs 25 trillion, up 15.1% Y-o-Y from the corresponding period a year ago, while its gross advances stood at Rs 25.19 trillion, up 7% year-on-year. In Q2 FY25, the bank also securitised Rs 19,200 crore of loans as a strategic initiative to lower its high LDR.
The bank’s current account savings account deposits stood at Rs 8.83 trillion in Q2 FY25, up around 8% compared to Q2FY24. Such deposits are up 2.3% compared to Q1 FY25. The time deposits stood at Rs 16.16 trillion in Q2 FY25, 19.3% higher than the same period last year, and 6.7% higher than the previous quarter, reflecting customer preference for time deposits during this stage of the rate cycle.
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In its filing, the bank said that its advances under management stood at Rs 26.33 trillion in Q2 FY25, up 8% Y-o-Y and 2.3 per cent sequentially. HDFC’s retail loans grew by around Rs 33,800 crore in the quarter; commercial and rural banking loans grew by around Rs 38,000 crore; and corporate and other wholesale loans were lower by Rs 13,300 crore compared to Q1 FY25.
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