HDFC Bank has considerably raised its percentage of deposits in FY23. Deposits at the largest private bank in the nation climbed by 20.8% from the end of March 2022 to Rs 18.8 lakh crore.
With this increase, HDFC Bank has a share of nearly 10% of the country’s deposits. The bank’s advances grew 16.9% in FY23 to Rs 16 lakh crore as compared to Rs 13.7 lakh crore as of end-March 2022.
“For a bank of HDFC Bank’s size to finish the year with a 21% deposit growth is no mean achievement when system deposit growth as of March 10 was hovering around 10.3%,” said Suresh Ganapathy of Macquarie Capital. HDFC Bank has added nearly Rs 1.5 lakh crore of deposits between January and March 2023.