HDFC Bank quarterly results: India's largest private lender HDFC Bank shared its robust financial results ahead of the market opening today, reporting a significant surge in gross advances for the March quarter. This positive update, coupled with impressive growth in deposits, propelled the Indian benchmarks Nifty 50 and Sensex to record highs.

According to HDFC Bank's announcement, its gross advances at the end of the March quarter witnessed a remarkable increase of 55.4 per cent year-on-year (YoY), reaching Rs 25.08 lakh crore. This surge marks a significant rise from the previous financial year's figures and a sequential growth of 1.6 per cent over the December quarter, showcasing the bank's strong performance and market resilience.

The bank's deposits also experienced substantial growth, rising by 26.4 per cent to Rs 23.8 lakh crore from the previous year. Retail deposits surged by 27.8 per cent over the previous year, indicating strong consumer confidence and trust in the bank's stability.

Furthermore, HDFC Bank's Current Account Savings Account (CASA) deposits reached approximately Rs 9.09 lakh crore, reflecting a growth of 8.7 per cent over the previous year. The bank's CASA ratio stood at around 38.2 per cent, underscoring its robust liquidity position and efficient fund management.

The figures reported by HDFC Bank for the period ended March 31, 2024, include the operations of erstwhile HDFC Limited, which amalgamated with and into HDFC Bank on July 1, 2023. Therefore, these figures may not be directly comparable with those of the corresponding period of the previous year, as per the bank's statement.

The shares of HDFC Bank surged 2.97 per cent to an intraday high of Rs 1,526.35 apiece on the National Stock Exchange on Thursday, April 4, 2024.