HDFC Bank reports robust Q4 business updates; stock gains ~3%

4 Apr 2024 , 01:17 PM

HDFC Bank shares surged as much as 3% in afternoon trade on April 4, a day after the country’s largest private lender provided a positive business report for the quarter ended March 31, 2024. The stock was the top Nifty gainer and the reason for Bank Nifty’s new high in early trade.

HDFC Bank’s gross advances totaled ₹25.08 Lakh Crore, up 55.4% from the previous year, the institution reported in a regulatory filing on April 3.

At around 12.53 PM, HDFC Bank was trading 2.78% higher at ₹1,523.50 per piece, against the previous close of ₹1,482.30 on NSE. The counter touched an intraday high of ₹1,526.35, so far.

Domestic retail loans at HDFC Bank increased 108.90% year-on-year, while commercial and rural banking loans increased by 24.60%. Corporate and other wholesale loans increased 4.1% year-on-year.

Deposits totaled ₹23.8 lakh crore, an increase of around 26.4% year-on-year. Retail deposits increased by 27.8%, while wholesale deposits increased by 19.4% year-on-year.

The report also revealed that retail CASA increased by approximately 8.8% over March 31, 2023 and 6.3% over December 31, 2023, with the CASA ratio standing at approximately 38.2% as of March 31, 2024, compared to 44.4% in the same quarter previous year.

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