HDFC Bank spurts after positive business update

The bank's advances grew at 20% while deposits rose 25% in Q3 ended December 2019 on YoY basis

HDFC Bank announced business update for Q3 December 2019 after market hours yesterday.

The bank reported a 20% growth in advances to Rs 9,34,000 crore in Q3 ended December 2019 against Rs 78,10,000 crore Q3 ended December 2018. The bank's advances were Rs 89,70,000 crore as at September 2019 quarter.

The Bank's deposits aggregated to approximately Rs 10,67,500 crore in Q3 ended December 2019, up around 25% as compared to Rs 8,52,500 crore as of Q3 ended December 2018.

The bank reported a CASA ratio at 39.5% in December 2019 as against 40.7% on December 2018 and 39.3% on September 2019.

During the quarter ended 31 December 2019, the Bank purchased loans aggregating Rs 4258 crore through the direct assignment route under the home loan arrangement with Housing Development Finance Corporation.

Shares of HDFC Bank were trading 2.29% higher at Rs 1269.60. The stock trades below its 20 days simple moving average placed at 1271.99. This level will act as resistance in near term.

HDFC Bank is a leading private sector bank incorporated in August 1994

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