- Thursday, May 02, 2024
HDFC Bank took over housing finance major HDFC last week
By: Pramod Thomas
INDIA’s HDFC Bank on Wednesday (5) said its merged loan book with Housing Development Finance Corporation stood at about Rs 22.45 trillion (£216 billion) as at the end of the June quarter.
HDFC Bank merged with HDFC on July 1 in a £31.5bn merger, the largest in India’s corporate history, entering the coveted list of the world’s top 10 banks by market capitalisation.
HDFC Bank said its loan book rose 13.1 per cent in the June quarter from a year ago on a proforma basis, though some numbers may not be directly comparable with those of the previous year.
The merged entity’s deposits aggregated to about Rs 20.64tn (£198bn) as of June end, up 16.2 per cent from a year ago.
The combined entity’s liquidity coverage ratio, a measure of how much cash-like assets the bank has, was around 120 per cent on a proforma basis for the quarter ended June 30, HDFC Bank said in an exchange filing.
The bank’s standalone gross advances rose about 15.8 per cent to Rs16.16tn (£155bn) as of June end, while deposits rose 19.2 per cent to Rs 19.13tn (£184bn).
Last week, HDFC Bank took over housing finance major HDFC, its parent, to become one of the world’s most valuable banks, throwing a challenge to the dominance of American and Chinese lenders.
The merger also created a lender placed fourth in equity market capitalization, trailing only JPMorgan Chase & Co., Industrial and Commercial Bank of China Ltd. and Bank of America Corp., as per data shown by Bloomberg.
(Reuters)
