New Delhi, April 4 (IANS) – The American Depositary Receipt (ADR) of HDFC Bank surged by more than 6 per cent following the announcement of its fourth-quarter business performance. The ADR listed on the New York Stock Exchange is currently trading at $60.09, up by 6.54 per cent, while the stock was up by over 3 per cent on the BSE.
HDFC Bank’s gross advances stood at approximately Rs 25,080 billion as of March 31, 2024, reflecting a significant growth of 55.4 per cent compared to the previous year. The bank’s advances also saw a growth of around 1.6 per cent (Rs 387 billion) over the figure as of December 31, 2023.
When accounting for transfers through inter-bank participation certificates and bills rediscounted, the bank’s advances recorded a growth of around 53.8 per cent over the previous year, with an additional 1.9 per cent increase (Rs 472 billion) compared to the end of December 2023.
According to HDFC Bank’s internal business classification, domestic retail loans witnessed a growth of approximately 108.9 per cent from March 31, 2023, and around 3.7 per cent (Rs 437 billion) from December 31, 2023. Furthermore, the bank’s commercial and rural banking loans also grew significantly by around 24.6 per cent over March 31, 2023, and around 4.2 per cent (Rs 323 billion) over December 31, 2023.
Investors and analysts are closely monitoring HDFC Bank’s performance as it continues to demonstrate strong growth in its business operations, both domestically and internationally. The bank’s robust financials have contributed to its positive momentum in the stock market, with ADR trading on the NYSE reflecting the market’s confidence in its future prospects.
