HDFC Bank garners record ₹1.5 trillion deposits in a quarter

During the January-March quarter (Q4) of FY23, the country’s largest private sector lender mopped up over ₹1.5 trillion in deposits. This is a record for the bank, which saw its deposit base touch ₹18.88 trillion.

According to the bank’s disclosure to the exchanges, its deposits grew by 21 per cent year-on-year (YoY) in Q4, a multi-quarter high. Sequentially also, deposits saw a growth of 8.7 per cent. 
  
HDFC Bank’s deposit growth is much higher than the industry, which is growing around 10 per cent. 
  
However, the bank has fallen short of its yearly target of ₹4 trillion for deposits in a financial year. 

In FY23, the bank mopped up ₹3.24 trillion, up 45 per cent compared to last year (FY22). It had earlier garnered over ₹1 trillion in deposits in a quarter only once since 2015. 
In Q4 of FY22, deposit mobilisation by the bank was ₹1.13 trillion. 
  
“QoQ (quarter-on-quarter) deposit accretion was ₹1.5 trillion, taking the full-year deposit accretion to ₹3.2 trillion, which is encouraging in our view. As of March 2023, system deposit growth was 10.3 per cent. While we don’t have March 31, 2023, system deposit growth numbers considering that nine-month YTD (year-to-date) incremental market share was 19 per cent HDFC Bank could have ended FY23 with an incremental market share of 20 per cent in our view. This is very encouraging,” said Suresh Ganapathy, associate director, Macquarie Capital, in a note.