HDFC Bank records loan growth of 17 pc at end of March 2023

New Delhi: Private sector lender HDFC Bank on Monday said it has recorded a 16.9 per cent increase in credit growth at Rs 16 lakh crore at the end of the March quarter.

The bank had an outstanding credit at Rs.13.6 lakh crore at the end of March 31, 2022, HDFC Bank said in a regulatory filing.

On a sequential basis, the bank posted a 6.2 per cent growth compared to the amount of Rs.15.06 lakh crore at the end of 2022 December quarter.

As per the bank's internal business classification, domestic retail loans grew around 21 per cent compared to the end of March 2022 and about 5 per cent compared to the end of December 2022.

Commercial and rural banking loans grew around 30 per cent over March 31, 2022 and about 9.5 per cent compared to December 31, 2022.

Corporate and other wholesale loans rose around 12.5 per cent over March 31, 2022 and around 4.5 per cent over December 31, 2022, it said.

The bank's deposits aggregated to approximately Rs 18.83 lakh crore as of March 31, 2023, a growth of around 20.8 per cent over Rs 15.59 lakh crore in the year-ago period.

During the quarter ended March 2023, the bank purchased loans aggregating Rs 9,340 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation Limited, the filing said.

Last April, HDFC Bank agreed to take over HDFC in a deal valued at about USD 40 billion.

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.