HDFC Bank reports double-digit growth in deposits, advances in Q1 FY27
New Delhi, July 4 (IANS) HDFC Bank — India’s largest private lender — on Saturday reported double-digit growth in both deposits and advances for the quarter ended June 30 (Q1 FY27).
According to the bank’s latest business update, total deposits increased 14.7 per cent year-on-year to Rs 31.70 lakh crore as of June-end, the bank said in an exchange filing.
Time deposits increased more than 17 per cent from a year ago to Rs 21.45 lakh crore, while current account and savings account (CASA) deposits grew about 9 per cent year-on-year to Rs 10.25 lakh crore, it added.
On the asset side, the private sector lender’s gross advances rose 15.4 per cent year-on-year to Rs 30.61 lakh crore.
The bank’s total assets under management (AUM) stood at Rs 31.27 lakh crore at the end of the reporting quarter, up 12.4 per cent from the corresponding period last year, according to the bank.
The quarterly business update comes amid controversy related to the bank’s corporate governance.
Earlier this year, Atanu Chakraborty stepped down as part-time chairman, citing concerns over practices that he said were not aligned with his personal values and ethics.
Meanwhile, reports said HDFC Bank’s Governance, Nomination and Remuneration Committee (NRC) did not consider the reappointment of the bank’s chief executive officer (CEO) in a recent meeting.
In June, Chakraborty described the legal review of his resignation as caveated and superfluous, saying it focused largely on compliance issues instead of the broader concerns he had raised about certain business practices at the bank, according to NDTV Profit.
Following his resignation in March, Keki Mistry was appointed interim part-time chairman to ensure continuity until a permanent appointment was made.
Recently, the bank appointed former Finance Secretary Rajiv Kumar as its new part-time chairman for a period of three years.
Shares of HDFC Bank ended 1.77 per cent higher at Rs 2,001.50 apiece on the NSE on Friday. The banking stock has declined about 4 per cent over the last six months but has gained around 22 per cent in the past year.
–IANS
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