The reverse merger of HDFC with its subsidiary HDFC Bank effective Saturday has increased the total business of the merged entity to over Rs 41 lakh crore, closer to the country's biggest lender SBI.
The total business (deposit and advances) of State Bank of India (SBI) stood at Rs 70.30 lakh crore at the end of March 31, 2023.
However, the combined profit is higher at Rs 60,000 crore as compared to Rs 50,232 crore recorded by SBI in FY23.
Post-merger, HDFC Bank became the fourth most valued lender in the world, and narrowed the gap by asset size with state-owned SBI to be the second largest Indian bank.
The total business of the merged entity stood at Rs 41 lakh crore at the end of March 2023. With the merger, the networth of the entity would be over Rs 4.14 lakh crore.
Following the merger, the capital of HDFC Bank increased to Rs 1,190.61 crore with the power to increase or reduce the share capital.
HDFC Investments and HDFC Holdings have been amalgamated with and into HDFC ..
