HDFC Bank records 21.5% loan growth in Q1

HDFC Bank Records 21.5% Loan Growth In Q1 – TipsOnFinance 

HDFC Bank said on Monday that the bank recorded an 21.5 percent increase in loan volume up to Rs13.95 lakh crore for fiscal year 2019-20 that is the first quarter.

On June 30, this year the credit book was in the range of 11.47 billion Rupees. HDFC Bank’s advances grew to around 22.5 billion Rupees in that time according to an official document.

At the end of June 2022, the institution’s funds totaled 16.3 billion rupees. That’s an increase of more than 19,700 dollars at the time of June 30, 2021.

The network of home loans, during the final quarter, which ended on the 30th of June, 2022 totaled around 9,533 crore through the sale of loans that were re-assigned direct from parent company Housing Development Finance Corporation (HDFC) Ltd.

HDFC Bank agreed to purchase India’s largest private mortgage lender HDFC Bank Credit Ltd for $40 billion on April 4th making the lender an unprofitable financial services giant.

The new entity is expected to be able to combine assets of approximately 18 lakh crore. The merger is expected be completed within the second or the fourth quarter of FY24 subject to regulatory approval.

When the deal becomes effective, HDFC Bank will be 100 percent owned by public shareholders as well as existing shareholders of HDFC will hold 41% of the bank.

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