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.

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 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.

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.

HDFC Bank had earlier indicated that it would grow its advances at a slower pace than its deposits as it seeks to bring down its elevated loan-to-deposit ratio (LDR) to pre-merger levels