India’s HDFC Bank gains 2 percent in shares, deposits surge

Indian bank, HDFC, had a two percent increase in its shares on Wednesday, as it reports growth in advances and deposits, according to Motilal Oswal Financial Services’s not to clients.

HDFC’s advances had a 17 percent on-year increase in March and deposits increased by 21 percent.

“Deposit growth surged sharply after witnessing a softer 3QFY23 with the bank garnering $ 18.3 billion of deposits during the quarter, significantly more than what the bank raised in the last two quarters together,” Motilal Oswal’s note added.

HDFC’s retail loans had an on-year increase by 21 percent and an on-quarter increase by five percent, while commercial and rural banking loans inclined by 30 percent on-year and 9.5 percent on-quarter.