Mumbai: HDFC Bank announced a 19.5% increase in credit growth to Rs 15 lakh crore for the third quarter ended December 2022.
According to a regulatory filing, HDFC Bank had Rs 12.6 lakh crore in outstanding credit as of December 31, 2021. The bank increased its revenue by 1.8% over the previous quarter’s figure of Rs 14.7 lakh crore.
Domestic retail loans increased by around 21.5% between December 31, 2021 and September 30, 2022, according to the bank’s internal business classification, while commercial and rural banking loans increased by around 30% between December 31, 2021 and September 30, 2022.
Corporate and other wholesale loans increased by about 20% from December 31, 2021 to September 30, 2022, according to the report.
As of December 31, 2022, the bank’s deposits totaled approximately Rs 17.3 lakh crore, representing a 19.9% increase over the previous year.
It stated that Current Account Saving Account deposits totaled approximately Rs 7.6 lakh crore as of December 31, 2022, a 12% increase over the same period last year.
During the quarter ended December 31, 2022, the bank purchased loans worth Rs 8,892 crore via direct assignment under the home loan arrangement with its parent entity, Housing Development Finance Corporation. Last April, HDFC Bank, agreed to buy the largest domestic mortgage lender in a $40 billion deal, creating a financial services titan. The proposed entity will have a total asset base of approximately Rs 18 lakh crore.
Subject to regulatory approvals, the merger is expected to be completed in the second or third quarter of FY24. After the transaction is completed, HDFC Bank will be 100% owned by public shareholders, with existing HDFC shareholders owning 41% of the entity.