Shares of the bank were up 1. 7% at Rs 1,673 crore. Monday was the first day of trading for the new shares issued to investors in the erstwhile HDFC following the merger with HDFC Bank. Following the listing of the new shares, the market cap of the merged HDFC Bank stood at Rs 12. 7 lakh crore, the third-most valuable entity after Relianceand TCS. The effective date of the merger is July 1, 2023 and the first results of the merged entity will be available only after Q2FY24.
Total deposits grew19. 2%, reaching Rs 19. 1 lakh crore. The bank‘s current and savings account (CASA) deposits grew by 10. 7%, with savings account deposits totalling Rs 5. 6 lakh crore and current account deposits amounting to Rs 2. 5 lakh crore. Fixed deposits of the bank stood at Rs 11 lakh crore.
“The big issue this quarter has been weak incremental deposit market share. According to our calculations, it has been sub 5%. While I won’t extrapolate a quarter where they were very focused on getting the merger done, still worth asking this question as deposit growth has been weaker than industry and they have lost market share,” said Suresh Ganapathy, research analyst with Macquarie Capital.
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