HDFC Bank expects 17-18% credit growth this year

HDFC Bank, India’s biggest private sector lender, expects 17-18% loan growth during the current financial year as there is enough credit demand. During the first quarter, the total advances of the bank rose by 15.8% to 16.15 lakh crore.

“On an overall basis, we are confident that there is enough credit demand. It is for us to see which one we want and what time we start to build in,” PTI reported quoting HDFC Bank Chief Financial Officer (CFO) Srinivasan Vaidyanathan as saying.

The bank will be selective in terms of credit and will not participate in certain loans, Vaidyanathan said adding “if the price is not to our liking, we do not need it.”

On the distribution front, Vaidyanathan said, the bank has added 39 branches in first quarter and now the total number of branches stands at 7,860 across the country. 1,482 branches were added over the last 12 months, he added.

With regard to cards, he said, the bank has issued 1.5 million cards in the first quarter and the total card stands at 18.4 million.

“Our website continues to receive enormous traffic. We received on an average 109 million visits per month with over 89 million unique visitors over the quarter at an year-on-year growth of 42%,” the HDFC Bank CFO said.

Meanwhile, HDFC Ltd vice chairman Keki Mistry has become the most valued independent director. And the market capitalisation of the listed companies including HDFC Bank on which he is an independent director is over 27 lakh crore.

Apart from HDFC Bank, Mistry is also on the boards of Tata Consultancy Services (TCS), HDF Life, Torrent Power and Flipkart, among others.

He is followed by former SBI chairman O P Bhatt; Chairman, Capacity Building Commission, Adil Zainulbhai; and former Central Vigilance Commissioner K V Chowdary.

The RBI in December 2020 had asked HDFC Bank to stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after repeated outages at its data centre which impacted operations. It was subsequently lifted in March 2022.

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Updated: 23 Jul 2023, 05:40 PM IST

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