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Why HDFC Bank shares are rising today after Q4 gross advances, deposits grow
HDFC Bank share price: At 9:20 am, HDFC Bank shares were trading 2.82% higher at ₹1,524.35 apiece on the BSE.
HDFC Bank share price today: The share price of HDFC Bank gained almost 3% today (April 4) after the bank reported 55.4% year-on-year (YoY) growth in gross advances to ₹25.08 lakh crore as of March 31, 2024, from ₹16.14 lakh crore as of March 31, 2023.
Read more: HDFC Bank Q4 update: Gross advances up 1.6%, deposits rise 26%
Advances of the largest private sector bank in India grew 1.6% from ₹24.69 lakh crore in December 2023. The bank’s advances grew by around 53.8% over March 31, 2023 and around 1.9% over December 31, 2023, HDFC Bank said in a filing.
HDFC Bank share price today
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At 9:20 am, HDFC Bank shares were trading 2.82% higher at ₹1,524.35 apiece on the BSE. The lender commanded a total market capitalization of close to ₹11.75 lakh crore. The stock settled at ₹1482.55 on April 3, rising marginally for the session.
HDFC Bank Q4 update: Gross advances up 1.6%, deposits rise 26%
The lender’s domestic retail loans grew by almost 108.9% year-on-year (YoY) and around 3.7% quarter-on-quarter (QoQ). Meanwhile, commercial and rural banking loans grew by around 24.6% YoY and 4.2% QoQ, it said.
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The bank also noted in its filing that CASA ratio stood at around 38.2% as of March 31, 2024, as compared to 44.4% as of March 31, 2023 and 37.7% as of December 31, 2023. As of March 31, 2024, HDFC Bank’s deposits aggregated to ₹23.80 lakh crore- up 26.4% over ₹18.83 lakh crore reported at the end of corresponding quarter. On quarterly basis, the growth was around 7.5%, the lender noted.
