July 6, 2020 / 5:26 AM / a month ago

RPT-BUZZ-India's HDFC Bank rises on strong growth in loans, deposits

(Repeats to widen distribution with no changes to text) ** Shares of India’s biggest private-sector lender rise as much as 3.36% to 1,110 rupees

** Stock biggest percentage gainer on the blue-chip NSE Nifty index in early trading

** Bank reports here 21% growth in loans to 100.45 bln rupees ($1.35 bln) as of June 30

** Deposits as of June 30 also surge 25% to 118.95 bln rupees

** Bank’s credit delivery mechanism helped it report strong numbers despite a tough environment driven by the COVID-19 pandemic, Macquarie analysts say in a note

** Repayments and pre-payments during this period could have been low, which may have resulted in higher outstanding loan growth numbers - Macquarie

** Stock has fallen over 15% so far this year, as of last close ($1 = 74.6340 Indian rupees) (Reporting by Derek Francis in Bengaluru)

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