Shares of HDFC Bank surged more than 3 per cent on Thursday morning. The stock reached an intraday high of Rs 1526.35 per share at 9.25 am.
This comes after the country's largest private lender said its gross advances at the end of the March quarter climbed 1.6 per cent to Rs 25.08 lakh crore from the December quarter.
The deposits of HDFC Bank in the March quarter jumped 7.5 per cent to Rs 23.8 lakh crore from the December quarter.
The Mumbai-based bank's aggregate low-cost Current Account Savings Account (CASA) deposits climbed 8.8 per cent sequentially to around Rs 9.09 lakh crore.
The heavy weightage financial stock pushed the markets high during the early trade, helping the benchmark indices Sensex and Nifty 50 reach record highs. Sensex leaped 0.73 per cent to 74,413.82 while Nifty 50 touched 22,592.10 as it surged 0.70 per cent.
HDFC Bank merged with its parent company HDFC Ltd on July 1. However, since the latter was a housing finance company, it did not have large customer deposits, thereby increasing the loan-to-deposit ratio in the merged entity.
Following this, HDFC Bank's gross loans grew 4.9 per cent while deposits increased by 1.9 per cent in the December quarter. The third quarter earning report in January resulted in HDFC Bank shares plummeting 10 per cent.
