HDFC Bank, the largest private sector lender in the country, anticipates a loan growth of 17-18% during the current fiscal year, given the strong demand for credit. Following the merger of its parent company HDFC Ltd with HDFC Bank on July 1, the bank has become the second-largest lender in India, after the State Bank of India. In the first quarter, the bank’s total advances increased by 15.8% to Rs 16.15 lakh crore.
The Chief Financial Officer (CFO) of HDFC Bank, Srinivasan Vaidyanathan, stated in a recent call with analysts that they are confident about the credit demand and will selectively choose loans to participate in. Vaidyanathan emphasized that the bank will only consider loans whose prices are favorable.
Meanwhile, Keki Mistry, the vice chairman of the newly merged entity HDFC Ltd., has become the most valued independent director, overseeing companies with a total market capitalization of over Rs 27 lakh crore, including HDFC Bank. Apart from HDFC Bank, Mistry serves on the boards of Tata Consultancy Services (TCS), HDF Life, Torrent Power, Flipkart, and others.
Mistry is followed by O P Bhatt, former chairman of SBI; Adil Zainulbhai, Chairman of the Capacity Building Commission; and K V Chowdary, former Central Vigilance Commissioner. In terms of branch expansion, Vaidyanathan mentioned that the bank added 39 branches in the quarter, bringing the total number of branches to 7,860 after adding 1,482 branches in the past 12 months.
Regarding cards, Vaidyanathan reported that the bank issued 1.5 million cards in the first quarter, bringing the total number of cards to 18.4 million. He also highlighted the impressive traffic the bank’s website receives, with an average of 109 million visits per month and over 89 million unique visitors in the quarter, indicating a year-on-year growth of 42%. The RBI had previously imposed restrictions on HDFC Bank’s digital business activities and credit card customer acquisition due to data center outages, but these restrictions were lifted in March 2022.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.