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Private sector lender HDFC Bank has hiked its marginal cost of funds based lending rate (MCLR) by 5 basis points (bps) on six-month and three-year tenure to 9.45 per cent and 9.50 per cent, respectively, making loans costlier for borrowers of the bank. The lender has left MCLR on other tenures unchanged, in the range of 9.10 per cent-9.50 per cent.
Separately, the lender informed exchanges that its board today approved sale of 100 per cent stake in HDFC Edu to Vama Sundari Investments (Delhi) Pvt Ltd for ₹192 crore. The Bank would divest 91 per cent stake in HDFC Edu on or before October 31, 2024, and the remaining stake would be divested no later than June 30, 2025.
The bank’s overall deposits grew at more than twice the pace of credit growth in Q2. Its gross advances were up 7 per cent year-on-year (y-o-y) and 1 per cent quarter-on-quarter at ₹25.19 trillion as of September 30,whereas deposits surged by 15 per cent y-o-y and 5 per cent q-o-q to ₹25 trillion during the same period.
Shares of HDFC Bank ended trading 2.2 per cent lower at ₹1,169.65 apiece on the BSE today.
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