HDFC Bank Shares Gain On Higher Deposits, Advances In Q2
HDFC Bank's deposits rose 19% year-on-year to Rs 16.73 lakh crore in the quarter ended September.
Shares of HDFC Bank Ltd. gained after India’s largest private lender reported a rise in advances and deposits in the second quarter.
Deposits rose 19% year-on-year to Rs 16.73 lakh crore in the quarter ended September, according to the bank's quarterly business update released on the bourses Tuesday.
Retail deposits were up 20.5% year-on-year and 5.5% sequentially.
Wholesale deposits increased 12.5% over the year earlier.
Advances rose 23.5% year-on-year to Rs 14.8 lakh crore.
CASA deposits aggregated to Rs 7.59 lakh crore, up 15.4% YoY.
CASA ratio was at 45% compared with 46.8% as on Sept. 30, 2021.
During the September quarter, HDFC Bank purchased loans aggregating Rs 9,145 crore through direct assignment route under the home loan arrangement with HDFC Ltd.
Shares of HDFC Bank rose as much as 2.82%, in line with the gains on Friday, the best since Aug. 30.
The trading volume was 0.9 times the 30-day average, when markets closed on Tuesday . Of the 45 analysts tracking the company, 40 maintain a ‘buy’ and five suggest a ‘hold’, according to Bloomberg data. The average of the 12-month target price implies an upside of 24.6%.