India's biggest private lender HDFC Bank on Friday said that the sequential rise in deposits outpaced loan growth in the fiscal second quarter. The Mumbai-based bank's gross advances, or loans sanctioned and disbursed,

Retail loans grew by around Rs 33,800 crore while commercial and rural banking loans grew by around Rs 38,000 crore from a quarter earlier, HDFC Bank said

HDFC Bank's total advances under management, which include loans securitised or sold, stood at ₹26.34 lakh crore by the end of September 2024.

The country's biggest private bank said gross advances, or loans sanctioned and disbursed, rose 1.3% sequentially to 25.19 billion rupees ($300 million) in the quarter ended Sept. 30 following a 0.8% decline in the previous quarter. Deposits rose 5.1% from the previous quarter to 25 billion rupees, following no growth in April-June.

The bank’s time deposits were Rs 16.17 lakh crore as of September 30, as compared to Rs 15.16 lakh crore as on June 30, and Rs 13.55 lakh crore in September 30, 2023. The time deposit of the bank registered a growth of around 19.3 percent on a yearly basis and 6.7 percent on a quarterly basis.

The private lender said its gross advances grew 7 per cent for the September quarter, while deposits were up 15.1 year-on-year (YoY) for the same period.

HDFC Bank reported a 15% year-on-year rise in deposits to Rs 25 lakh crore for the quarter ending September 2024. Advances under management increased by 8%, reaching Rs 26.33 lakh crore. Gross advances grew by 7% to Rs 25.

The bank's gross advances, or loans sanctioned and disbursed, rose by 1.3% to Rs 25.19 lakh crore in the quarter ending September, following a slight 0.8% decline in the previous quarter.