HDFC Bank’s provisional September-quarter update puts annual deposit growth at 18.8 per cent, ahead of the 16.3 per cent increase in gross advances. Time deposits expanded faster than current and savings accounts. The Indian lender also disclosed foreign-currency funding under a central-bank swap facility. The update describes business volumes before the quarter’s final earnings and limited auditor review.
HDFC Bank, the Indian lender, reported annual deposit growth of 18.8 per cent in its provisional September-end business update. Gross advances grew 16.3 per cent. The figures describe the scale of deposits and lending before the quarter’s final earnings announcement.[1], [2]
Time deposits at period-end rose 22.8 per cent from a year earlier, while current and savings account deposits grew 10.8 per cent. Average time deposits over the quarter increased 19.7 per cent; average current and savings balances rose 10.7 per cent. Total quarterly average deposits increased 16.8 per cent.[1]
The bank separates those quarter-average balances from the position at September 30. Managed advances averaged 14 per cent above the corresponding quarter a year earlier. Their period-end annual growth was 15.3 per cent. The second-quarter results are subject to a limited review by statutory auditors.[1]
HDFC participated in the Reserve Bank of India’s foreign-currency deposit swap facility and mobilised deposits equivalent to 11.5 billion dollars. Loans against those deposits amounted to 5.7 billion dollars. Standby letters of credit totalled 3.1 billion dollars. These funding figures accompany the provisional lending and deposit comparisons.[1]
