HDFC Bank was established in Mumbai, Maharashtra, India, in 1994 as a subsidiary of Housing Development Finance Corporation. Manmohan Singh, the Union Finance Minister at the time, opened the company’s first head office and full service branch at Sandoz House, Worli. On Tuesday, private bank HDFC announced that lending increased by 23.5% to reach 14.80 trillion rupees in the second quarter of this financial year. Private bank HDFC said on Tuesday that loans increased by 23.5% in the second quarter of this financial year to reach Rs 14.80 lakh crore.
As of September 30 last year, the passbook credit stood at Rs 11.98 lakh crore. According to HDFC Bank’s regulatory filing, the bank’s advances increased by approximately 25.8% between September 30, 2021, and to that date, gross transfers made through interbank participation notes and bills increased been expected. He added that as of September 30, 2022, the bank’s deposits totaled around Rs 16.73 lakh crore, almost 19% higher than as of September 30, 2021, Rs 14.06 crore.
The bank purchased loans totaling Rs 9,145 crore through direct assignment during the quarter ending September 30, 2022, under the home loan agreement it had with its parent company, Housing Development Finance Corporation Limited. For every 25 shares held, each HDFC shareholder will receive 42 HDFC Bank shares. According to the BSE’s observation letter, the company is advised to disclose details of any action taken by Sebi or any other regulator against any of the entities, including its directors/promoters and promoter group. , in the petition to be filed before NCLT.
In a deal valued at around $40 billion, India’s largest private lender, HDFC Bank, has agreed to acquire the nation’s largest mortgage lender, creating a financial services titan. The proposed entity will have around Rs 18 lakh crore in total assets. Subject to regulatory approval, the merger is expected to be completed by the second or third quarter of FY24. Public shareholders will own 100% of HDFC Bank when the agreement becomes effective, and current shareholders of HDFC will own 41% of the bank. Yes Bank said in a separate filing that loan growth for the quarter increased by 11.6% to Rs 1,92,809 crore from Rs 1,72,839 crore in September 2021. As of September 30, 2022, deposits from the bank totaled 2,00,020 rupees. crore, an increase of approximately 13.2% from Rs 1,76,672 crore as of September 30, 2021.
In the first quarter of FY23, advances to India’s largest private lender, HDFC Bank, increased 21.5% year-on-year (YoY) to Rs 13.95 trillion. As of June 30, 2021, advances totaled Rs 11.48 trillion. The lender informed exchanges that the bank’s lending increased sequentially by 1.9% from 13.69 trillion rupees on March 31. HDFC Bank’s deposits rose 19.3% year-on-year to 16.05 trillion rupees on June 30 from 13.46 trillion rupees a year earlier.
As of March 31, the bank’s deposits had increased by 2.9% on a quarterly basis to reach 15.59 trillion rupees. “HDFC Bank’s QoQ (quarter-on-quarter) growth was slightly weaker, despite the lending industry generally experiencing a weak first quarter. According to research analyst Prabhudas Lilladher Gaurav Jani, this led to lower of the LDR (deposit rate loan), which can have a negative impact on the NIM (net interest margin)
The stock exchanges have given their thumbs up to the proposed merger of HDFC and its banking subsidiary, HDFC Bank, the biggest deal in Indian business history.
Both exchanges have endorsed HDFC and HDFC Bank. According to a filing, HDFC Bank received observation letters stating “no adverse observation” from BSE Limited and “no objection” from the National Stock Exchange of India Limited, both dated July 2, 2022. It said: “The program remains subject to various legal and regulatory approvals, including approvals from the Reserve Bank of India, the Competition Commission of India, the National Company Law Tribunal and the respective shareholders and creditors of the companies involved in the program, as required.
Other regulatory approvals include the National Company Law Tribunal. Earlier, on April 4, India’s largest private lender, HDFC Bank, agreed to acquire the nation’s largest mortgage lender in a deal valued at around $40 billion, establishing a financial services titan. The proposed entity will have around Rs 18 lakh crore in total assets. Subject to regulatory approval, the merger is expected to be completed by the second or third quarter of FY24. Public shareholders will own 100% of HDFC Bank when the agreement becomes effective, and current shareholders of HDFC will hold 41% of the bank.
