HDFC Bank clocking retail loan growth from April-May

HDFC Bank on Wednesday said despite Covid-related challenges, it is confident of clocking “far better” business in this festive season compared to the previous year, with the lender witnessing month-on-month growth in all retail loan categories.

“We are very proud to say now we are back to pre-Covid level. People have now started to spend…We are seeing tremendous demands,” Aditya Puri, MD, told reporters at the launch of the second edition of the ‘Festive Treats’.

Parag Rao, country head – payment business, merchant acquiring services and marketing, said: “While some parts of the economy are probably going through a contraction, in the consumer economy for personal consumption, we have only seen growth happening post April and May. After that, all our retail categories have seen significant month-on-month growth. In September, across all our consumer categories, loan and payments, we were 80-90% close to the pre-Covid level, which is a very good sign.”

Last year, the bank had launched ‘Festive Treats’, where customers could avail themselves of special deals on various products – from loans to bank accounts. “Festive Treats Two is much bigger than Festive Treats One. This year, we have tied up with all the leading brands. Merchants are actively joining and we have something for them as well,” Puri said.

Rao said the inaugural session was a “huge success” for the bank, and it expects to do far better this festive season. “We had broken quite a few records in Festive Treats One in personal loan and two-wheeler loans. This year, we expect to grow even more…”