Shares of this Bluechip Bank stock jumped more than 2 percent in Thursday’s trading session after providing key business updates for the quarter ended March 2024. In the past month, the Bank’s stock jumped nearly 7 percent for its holders.
With a market capitalization of Rs 11.53 lakh crores, the stocks of HDFC Bank Limited, recently merging with HDFC Limited, started their trading session on Thursday at Rs 1,505 and currently trade at Rs 1,518.60, gaining approximately 2.50 percent compared to the previous close of Rs 1,482.55 apiece. The Bank’s dividend yield stands close to 1 percent.
Such sharp stock price movements were observed today after the Bank, through a recent regulatory filing with the Bombay Stock Exchange (BSE), provided key business updates for the March 2024 quarter.
Firstly, the private-sector Bank reported gross advances aggregating to approximately Rs 25,080 bn, indicating a growth of a whopping 55.4 percent compared to the advances of Rs 16,142 bn as of March 2023.
The retail loans segment of the Bank reported a stellar performance with a growth of around 109 percent compared to March 2023 and around 4 percent on a sequential basis. Another segment, viz, loans under the commercial & rural banking segment grew by around 25 percent YoY and 4.2 percent compared to the December 2023 quarter.
Moreover, the Bank’s deposits aggregated to around Rs 23,800 bn representing a growth of around 26.4 percent compared to the numbers reported during March 2023 and around 8 percent compared to the deposit levels of Rs 1,660 bn during December 2023.
Focusing on other valuable ratios, the Bank’s CASA deposits aggregated to around Rs 9,090 bn as of March 2024, a growth of around 8.7 percent over Rs 8,360 bn as of March 2023 and around 8.8 percent over the CASA deposit numbers during December 2023.
Historically, the Bank has reported decent growth as far as the total income and bottom-line levels are concerned. The former grew from Rs 75,039 crores during Q2FY24 to Rs 78,008 crores during Q3FY24 and the latter from Rs 17,312 crores to Rs 17,718 crores.
Founded in 1994, HDFC Bank is the largest private-sector bank in India offering a wide range of services including private banking, deposits, insurance, mobile banking, card
services, etc. The Bank caters to various sectors including financial services, healthcare, e-commerce, infrastructure, and many more.
Written by Amit Madnani
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