New Delhi: Private lender HDFC Bank plans to open about 500 new branches this financial year as part of its steps to expand footprint. The bank has been expanding branch network consistently and this year the bank intends to open about 500 branches, sources said. About 60 per cent of new branches would be coming up in semi-urban and rural areas and the remaining in urban areas, sources said. Last fiscal, the bank opened 506 branches leading the tally to 4,520 at the end of March. Of 506 branches, 256 branches were opened in semi-urban and rural areas.
The country’s second largest private sector lender also plans to raise Rs 50,000 crore through bonds over one year to fund business growth. For the fourth quarter, HDFC Bank reported a 20.2 per cent jump in net profit at Rs 3,374.2 crore, helped by a healthy rise in core net interest income (NII). The bank, which registered around 30 per cent profit growth for over a decade till 2013-14, posted a 20.4 per cent growth in post-tax profit at Rs 12,296.2 crore for the fiscal. For January-March, NII rose 24 per cent to Rs 7,453.3 crore, while the non-interest income was up 11.8 per cent to Rs 2,865.9 crore. On the asset quality front, gross non-performing assets (NPAs) were flat at 0.94 per cent of gross advances. Net non-performing assets were at 0.3 per cent of net advances as on March 31, 2016. Total restructured loans were at 0.1 per cent of gross advances at the end of 2016-17. Provisions and contingencies for the quarter ended March were Rs 662.5 crore as against Rs 576.7 crore in the corresponding quarter of the last year. PTI
For more news updates Follow and Like us on Facebook