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Private banks' deposit mobilisation picks up
April 05, 2024
|Financial Express Mumbai
Five out of seven banks’ deposits grow faster than credit offtake in Q4
IN A SORT of reversal in trend, many private sector banks' deposits have started growing faster than growth in advances.
According to provisional data released by top private sector banks, five of the seven lenders' deposit growth has outpaced credit growth sequentially in Q4FY24, barring AU Small Finance Bank (SFB) and South Indian Bank.
For instance, the country's largest private sector lender HDFC Bank on Thursday reported that its overall deposits stood at 23.80 trillion as on March 31, 2024, up 26% year-on-year and 7.5% quarter-on-quarter.
Low-cost current account and savings account (CASA) ratio improved as well, rising from 37.7% in Q3 FY24 to 38.2% in Q4FY24. Gross advances, meanwhile, rose 55% year-on-year and 2% sequentially to ₹25.08 trillion as on March 31.
Shares of the bank ended trading1,527.90 and 3.06% higher at apiece on the BSE, as concerns around the bank's ability to mobilise deposits dissipated.
هذه القصة من طبعة April 05, 2024 من Financial Express Mumbai.
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