HDFC Bank shares gain 2% as advances, deposits surge

HDFC Bank’s advances rose 17 percent YoY in the March quarter while deposits gained 21 percent.

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Shares of HDFC Bank edged up about 2 percent on April 5 as the lender reported a robust business growth with both advances and deposits growing at a rapid pace.

Advances surged 17 percent on-year in the March quarter, while deposits gained 21 percent. The bank’s advances aggregated to around Rs 16 lakh crore as of March 31, 2023 and deposits stood at Rs 18.83 lakh crore.

“Deposit growth surged sharply after witnessing a softer 3QFY23 with the bank garnering Rs 1.5 trillion of deposits during the quarter, significantly more than what the bank raised in the last two quarters together,” said Motilal Oswal Financial Services in a note to clients.

At 9:24am, shares of HDFC Bank were trading at Rs 1634.3, up 1.5 percent, on the BSE.

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The brokerage firm also noted that the retail and commercial loans continue to drive overall loan growth while corporate loans too saw a healthy trend.

The lender’s domestic retail loans grew by around 21 percent on-year and around 5 percent on-quarter, commercial and rural banking loans increased about 30 percent on-year and 9.5 percent on-quarter, while corporate and other wholesale loans were up by 12.5 percent YoY and 4.5 percent QoQ.

“While we expect margins to remain stable, continued momentum in Retail and Commercial Banking will be supportive of fee income,” the brokerage firm said maintaining its ‘buy’ rating on the banking company’s stock with a target price of Rs 1,610.

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