HDFC Bank reports loan growth of 21.5% in the first quarter

Deposits totaled around ₹16,05,000 crore as of June 30, a growth of around 19.3%

Deposits totaled around ₹16,05,000 crore as of June 30, a growth of around 19.3%

Private sector bank HDFC said on Monday that the bank recorded a 21.5% increase in lending to ₹13,95,000 crore in the first quarter of this financial year.

The credit book was ₹11,47,700 crore as of June 30 last year.

The bank’s advances were up about 22.5% from June 30, 2021, HDFC Bank said in a regulatory filing.

The bank’s deposits stood at around ₹16,05,000 crore as of June 30, 2022, a growth of around 19.3% from ₹13,45,800 crore as of June 30, 2021, it added.

During the quarter ended June 30, 2022, the bank purchased loans totaling ₹9,533 crore through the direct allotment route under the home loan agreement with parent company Housing Development Finance Corporation (HDFC) Ltd ., did he declare.

On April 4, India’s largest private lender, HDFC Bank, agreed to take over the nation’s largest mortgage lender in a deal valued at around $40 billion, creating a financial services titan.

The proposed entity will have a combined asset base of approximately ₹18,000,000. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.

Once the deal becomes effective, HDFC Bank will be 100% owned by public shareholders, and existing HDFC shareholders will own 41% of the bank.

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