The Reserve Bank of India (RBI) has banned the acquisition of new credit card business at HDFC Bank due to technical glitches and outages in the last 2 years, despite these restrictions, the bank’s business growth has been impressive. HDFC Bank said that in the March quarter, the bank recorded a 14% growth in advances, while the bank’s deposits grew by 16.3%.
By the end of March 2021, HDFC Bank’s advance has reached 11.32 lakh crore as compared to 9.94 lakh crore in the year-ago period. While retail loan growth was 7.5% year-on-year and domestic wholesale loan growth was 21%.
Market experts expect the bank’s results to be strong in Q4 of FY 2021-22. In view of this, brokerage firms have expected the stock of HDFC Bank to rise 26%. Let us tell you that HDFC Bank shares have been flat this year. The bank’s stock has gained only 2% since 1 January 2021.