HDFC Bank reports 7.6% growth in Q3 advances

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HDFC Bank, India’s largest private sector lender, reported a 7.6 per cent year-on-year growth in its average advances under management to ₹26,27,600 crore for the December 2024 quarter.

The bank’s retail segment showed strong performance with a 10 per cent year-on-year growth, accompanied by a 11.5 per cent expansion in commercial and rural banking loans. However, corporate and wholesale loans contracted 10.3 per cent compared to December 2023. The period-end advances under management reached ₹26,84,000 crore, marking a 6.1 per cent increase from the previous year.

Deposits demonstrated robust growth, with average deposits rising 15.9 per cent y-o-y to ₹24,52,700 crore. Time deposits grew significantly by 21.5 per cent to ₹16,35,100 crore, while Current Account Savings Account (CASA) deposits showed a modest 6 per cent growth to ₹8,17,600 crore, reflecting customers’ preference for time deposits in the current interest rate environment.

During the quarter, the 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 per cent growth from the previous year.

The financial results for the quarter ending December 31, 2024, will undergo a limited review by the bank’s statutory auditors before final release.