HDFC Bank records 21.5% loan growth in Q1

Deposits aggregated to about ₹16,05,000 crore as of June 30, a growth of about 19.3%

Deposits aggregated to about ₹16,05,000 crore as of June 30, a growth of about 19.3%

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

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

The bank’s advances grew by around 22.5% over June 30, 2021, HDFC Bank said in a regulatory filing.

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

During the quarter ended June 30, 2022, the bank purchased loans aggregating ₹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 $40 billion, creating a financial services titan.

The proposed entity will have a combined asset base of around ₹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% owned by public shareholders, and existing shareholders of HDFC will own 41% of the bank.

For all the latest Sports News Click Here 

Read original article here

Denial of responsibility! Technocharger is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Comments are closed.