HDFC Bank records 21.5% loan growth in Q1

The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.Once the deal is effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank.

Private sector HDFC Bank on Monday said the bank has registered a 21.5 percent rise in loans to Rs 13,95,000 crore in the first quarter of this fiscal.

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

Gross transfers through inter-bank participation certificates and bills rediscounted, the bank's advances grew by around 22.5 percent over June 30, 2021, HDFC Bank said in a regulatory filing.

The bank's deposits aggregated to approximately Rs 16,05,000 crore as of June 30, 2022, a growth of around 19.3 percent over Rs 13,45,800 crore as of June 30, 2021, it added.

During the quarter ended June 30, 2022, the bank purchased loans aggregating Rs 9,533 crore through the direct assignment route under the home loan arrangement with parent Housing Development Finance Corporation (HDFC) Ltd, it said. On April 4, India's largest private lender HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.

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

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

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