HDFC Bank advances grow 21 pc to Rs 9.93 lakh crore

Private sector lender HDFC Bank has said its advances aggregated to Rs 9.93 lakh crore as of March 31, marking a growth of about 21 per cent as compared to Rs 8.19 lakh crore a year ago and Rs 9.36 lakh crore on December 31, 2019.

The bank's deposits aggregated to Rs 11.46 lakh crore, clocking a growth of 24 per cent as compared to Rs 9.23 lakh crore as of March 31, 2019 and Rs 10.67 lakh crore on December 31, 2019.

The CASA (current account saving account) ratio stood at 42 per cent as of March 31 as compared to 42.4 per cent a year ago and 39.5 per cent on December 31 last year, the bank said in a statement.

During the quarter ended March 31, the bank purchased loans aggregating Rs 5,479 crore through direct assignment route under home loan arrangement with Housing Development Finance Corporation (HDFC) Ltd.

Private banking and financial stocks have been under pressure with investors expecting a deterioration in their asset qualities due to a host of factors, including the disruption in economic activity from coronavirus outbreak.

On Friday, HDFC Bank closed 1.95 per cent lower on BSE Ltd at Rs 813.50 per share.

Moody's Investors Service has said the rapid and widening spread of COVID-19 deteriorating global economic outlook, falling oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets.

The Indian financial system has been one of the sectors affected by the shock, especially given the already weakening operating environment, it said.