Shares of HDFC Bank surged 2.6 percent on Wednesday, April 05, as the private lender reported strong growth in deposits and advances, outlining healthy loan growth for the quarter that ended March 31.
"Gross of transfers through inter-bank participation certificates and bills rediscounted, the Bank’s advances grew by around 21.3% over March 2022, and around 6.5% over December 2022," the bank reported through an official filing.
During Wednesday’s trade, the stock opened at a price of Rs. 1,618.60 per share, closely against the previous close of Rs. 1,610.55 per share, and surged further to touch an intraday high of Rs. 1,653.90. It was trading at ₹1,645.35 apiece, up by 2.16 percent, at 11:50 a.m. on the NSE.
The stock touched a 52-week high of Rs. 1,722.10 on April 04, 2022 and a 52-week low of Rs. 1,271.60 on June 17, 2022, indicating that at the current level, the stock is trading 29.3 percent above its 52-week low and only 4.4 percent below its 52-week high.
The stock has rallied over 1 percent in the last one month. Moreover, in the past six months, it has grown by almost 14.5 percent. The stock has yielded a return of nearly 72 percent in the last five years.
The bank's deposits aggregated to approximately ₹18.8 lakh crore as of March 31, 2023, a growth of around 20.8 percent over ₹15.5 lakh crore as of March 31, 2022, and a growth of around 8.7 percent over ₹17.3 lakh crore as of December 31, 2022.
Retail deposits increased by around ₹1,06 lakh crore during the quarter and grew by around 23.5 percent over March 31, 2022, and around 7.5 percent over December 31, 2022; wholesale deposits grew by around 10.0 percent over March 31, 2022, and by around 15.5 percent over December 31, 2022.
The private lender’s advances aggregated to approximately ₹16 lakh crore as of March 31, 2023, a growth of around 16.9 percent over ₹13.6 lakh crore as of March 31, 2022, and a growth of around 6.2 percent over ₹15 lakh crore as of December 31, 2022.
Its CASA deposits stood at ₹8.36 lakh crore as of March 2023, representing a growth of around 11% over the same period last year. The bank's CASA ratio was around 44% as of March 2023, compared with 48.2% as of March 2022 and 44.0% as of December 2022.
HDFC Bank caters to a range of banking services covering commercial and investment banking on the wholesale side and transactional/ branch banking on the retail side.
According to a MintGenie poll, 36 analysts on an average have a ‘STRONG BUY’ call on the stock.
