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HDFC Bank conducted a conference call on 19 October 2024 to discuss the financial results for the quarter ended September 2024. Sashidhar Jagdishan, MD&CEO of the bank addressed the call:
Highlights:
The banking system liquidity has been improving over the last 2 months. However, the deposit rates remain elevated and steady as the credit growth continues to outpace the deposit growth in the system. The customer preference remains toward the time deposits preferably to lock-in at higher interest rates.
The bank has recorded strong 15% average deposit growth driven by retail branches contributing 85% of the deposits.
The bank aims to reduce the credit-deposit ratio faster than earlier expectations. The bank had earlier planned to take the credit-deposit closer to the level where standalone bank used to operate in the mid-80s in 4-5 years. Now, the bank is planning to reduce the credit deposit ratio to that level in 2 to 3 years.
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