HDFC Bank’s ADR jumps over 6 pc post business performance update

HDFC Bank’s ADR jumped by more than 6 per cent on Thursday after the private lender announced its business performance for the fourth quarter.

HDFC Bank ADR listed on the New York Stock Exchange is trading at $60.09, up 6.54 per cent. Its stock was up by more than 3 per cent on Thursday on the BSE.

The bank’s gross advances aggregated to approximately Rs 25,080 billion as of March 31, 2024, a growth of 55.4 per cent over Rs 16,142 billion as of March 31, 2023, and a growth of around 1.6 per cent (Rs 387 billion) over Rs 24,693 billion as of December 31, 2023.

Grossing up for transfers through inter-bank participation certificates and bills rediscounted, the bank’s advances grew by around 53.8 per cent over March 31, 2023, and around 1.9 per cent (Rs 472 billion) over December 31, 2023.

As per the bank’s internal business classification, domestic retail loans grew by around 108.9 per cent over March 31, 2023, and around 3.7 per cent (Rs 437 billion) over December 31, 2023; its commercial and rural banking loans grew by around 24.6 per cent over March 31, 2023, and around 4.2 per cent (Rs 323 billion) over December 31, 2023.