Daijiworld Media Network - New Delhi

New Delhi, Jul 4: HDFC Bank, India's largest private-sector lender, reported healthy business growth for the quarter ended June 30 (Q1 FY27), registering double-digit increases in both deposits and advances.

According to the bank's quarterly business update filed with the stock exchanges, total deposits rose 14.7 per cent year-on-year to Rs 31.70 lakh crore as of June 30.

The bank's time deposits grew more than 17 per cent from a year earlier to Rs 21.45 lakh crore, while current account and savings account (CASA) deposits increased around 9 per cent year-on-year to Rs 10.25 lakh crore.

On the lending front, gross advances climbed 15.4 per cent year-on-year to Rs 30.61 lakh crore, reflecting sustained credit growth during the quarter.

The bank also reported that its assets under management (AUM) stood at Rs 31.27 lakh crore at the end of the June quarter, marking a 12.4 per cent increase compared with the same period last year.

The strong operational performance comes at a time when HDFC Bank has been facing scrutiny over corporate governance issues.

Earlier this year, former part-time chairman Atanu Chakraborty resigned from his position, stating that certain practices within the bank were inconsistent with his personal values and ethical standards.

Subsequent media reports indicated that the bank's Governance, Nomination and Remuneration Committee (NRC) did not take up the reappointment of the bank's Chief Executive Officer during a recent meeting.

In June, Chakraborty reportedly said that the legal review of his resignation focused primarily on procedural compliance and did not adequately address the broader governance concerns he had raised regarding certain business practices.

Following his resignation in March, Keki Mistry was appointed interim part-time chairman to ensure continuity until a permanent appointment was made.

More recently, the bank named former Finance Secretary Rajiv Kumar as its new part-time chairman for a three-year term.

On the market front, HDFC Bank shares closed 1.77 per cent higher at Rs 2,001.50 on the National Stock Exchange of India on Friday. The stock has declined by around 4 per cent over the past six months but remains about 22 per cent higher compared with its level a year ago.