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Indicating the normalisation in economic activities, a number of private sector banks have posted strong growth in advances ahead of their first-quarter results, <a target="_blank" href="https://www.thehindubusinessline.com/money-and-banking/banks-report-strong-growth-in-advances/article65598136.ece">reported</a> Business Line.

The country’s largest private sector lender HDFC Bank reported a 21.5 per cent year-on-year (y-o-y) jump in advances to ₹13.95-lakh crore as on June 30, 2022, from ₹11.47-lakh crore a year ago.

On a sequential basis, it was a growth of 1.9 per cent in advances from ₹13.68-lakh crore as on March 31, 2022.

As per the bank’s internal business classification, retail loans grew by around 21.5 per cent over June 30, 2021, and around 5 per cent over March 31, 2022, HDFC Bank said in a stock exchange filing on Monday.

The bank’s commercial and rural banking loans grew by around 29 per cent over June 30, 2021, and corporate and other wholesale loans grew by around 15.5 per cent over June 30, 2021, and were at a level similar to that as of March 31, 2022.

HDFC Bank’s deposits increased 19.3 per cent to ₹16.05-lakh crore as on June 30, 2022, from ₹13.45-lakh crore a year ago. It was a growth of around 2.9 per cent over ₹15.59-lakh crore as of March 31, 2022.

Federal Bank also reported a 16.3 per cent growth in gross advances to ₹1,54,405 crore as on June 30, 2022, from ₹1,32,787 crore as of June 30,2021.

Bankers are hopeful of continued demand for credit despite the increase in interest rates and global uncertainty impacting business sentiment.

As economy recovers, private banks’ advances surge in Q1: Report

HDFC Bank’s gross advances rise 21.5 percent year-on-year to ₹13.95-lakh crore as on June 30

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