HDFC Bank, India’s largest private lender, announced double-digit growth in deposits and advances for the quarter ending June 30 (Q1 FY27). The bank’s total deposits surged by 14.7% year-on-year to Rs 31.70 lakh crore as of June-end, with time deposits increasing by over 17% to Rs 21.45 lakh crore. Additionally, current account and savings account (CASA) deposits saw a 9% year-on-year growth to Rs 10.25 lakh crore.
On the asset side, the bank’s gross advances climbed by 15.4% year-on-year to Rs 30.61 lakh crore. HDFC Bank’s total assets under management (AUM) reached Rs 31.27 lakh crore by the end of the reporting quarter, marking a 12.4% increase from the same period last year.
Amidst concerns regarding corporate governance, the bank witnessed changes in its leadership. Atanu Chakraborty resigned as part-time chairman earlier this year, citing misaligned practices with his values. The Governance, Nomination, and Remuneration Committee (NRC) reportedly did not discuss the reappointment of the bank’s CEO in a recent meeting. Following Chakraborty’s resignation, Keki Mistry assumed the role of interim part-time chairman until a permanent appointment was made. Recently, Rajiv Kumar, former Finance Secretary, was appointed as the new part-time chairman for a three-year term.
HDFC Bank’s stock closed 1.77% higher at Rs 2,001.50 per share on the NSE on Friday. While the banking stock has declined by about 4% in the last six months, it has shown a 22% gain over the past year.
