HDFC Bank's Q4 deposits up 7.5%, Macquarie report says 'fantastic outcome'

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Key Points

The largest private lender, HDFC Bank, gave a solid push to deposit mobilisation in the fourth quarter of FY24, resulting in 7.5% growth or Rs 1.6 lakh crore in the last quarter alone, according to disclosures made by the bank to the exchange...

Its total advances rose 55% while aggregate deposits were up 26% on a year-on-year basis, but the share of low-cost deposits fell to 38% from 44% a year ago, the bank stated...

A report by Macquarie released soon after HDFC Bank disclosed the numbers to the exchange said, "For a large bank like HDFC Bank to deliver 7.5% QoQ deposit growth, Rs 1.7 trillion deposit mobilisation in a single quarter, and even improve CASA growth CASA growth was higher than overall deposit growth All a fantastic outcome."..

The share of the current and savings account, which constitutes low-cost deposits and is referred to as CASA, fell due to the bank's merger with the parent housing finance company HDFC, which was effective July 1, 2023...

In the fourth quarter alone, it mobilised Rs 1.6 lakh crore in deposits; of this, the share of retail deposits was Rs 1.28 lakh crore, while wholesale deposits were Rs 38,000 crore...

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