HDFC Bank (NYSE:HDB) has reported significant growth in its financial performance for the quarter ending June 30, 2024.

The bank's gross advances soared to approximately ?24,870 billion, marking a 52.6% increase from ?16,300 billion in June 2023.

Even after adjusting for the effects of its July 2023 merger with HDFC Limited, gross advances still grew by 14.9%.

The bank also experienced a robust increase in deposits, which rose by 24.4% year-over-year to ?23,790 billion.

This includes a substantial growth in time deposits, which escalated by 37.7% year-over-year to ?15,155 billion, and CASA deposits, which grew by 6.2% to ?8,635 billion.

Additionally, the average deposits for the quarter showed a 25.2% increase compared to the same period last year, underscoring HDFC Bank's strong operational performance.

Overall, the bank maintained a healthy liquidity coverage ratio, averaging around 123% for the quarter, further highlighting its financial stability.