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HDFC Bank Expects A Growth In Credit Of 17-18% In 2023-2024

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HDFC Bank Expects A Growth In Credit Of 17-18% In 2023-2024

(CTN News) – As a result of the strong credit demand, HDFC Bank Ltd., one of the country’s major private lenders, expects 17 to 18% loan growth during the current financial year.

Upon the merger of the parent company, Housing Development Finance Corp., with its subsidiary, HDFC Bank, effective July 1, the combined firm became the second biggest lender in India after the State Bank of India.

In its first quarter earnings report, the bank reported a growth in the bank’s total advances by 15.8% to Rs 16.15 lakh crore, up from Rs 16.04 lakh crore in its last quarter’s earnings report.

“In general, we are confident that there is a sufficient amount of demand for credit.

It is up to us to choose what type of demand we want to see and at what point we will begin building our capacity,” HDFC Bank Chief Financial Officer Srinivasan Vaidyanathan said in a recent conference call with analysts.

In terms of credit, the bank will be selective and will not participate in any loans if the price is not to our liking, he said, saying, “If the price is not to our liking, then we will not be a part of it.”.

Meanwhile, Keki Mistry, vice chairman of HDFC Bank, which has recently been merged into one of its rivals, has grown to become one of HDFC’s most valuable independent directors as a result of the merger.

There is a market cap of over Rs 27 lakh crore for the listed companies, including HDFC Bank, on which he serves as a director, which is a considerable amount when it comes to the market capitalisation of the listed companies.

In addition to serving on the boards of HDFC Bank, Mistry also serves on the boards of Tata Consultancy Services Ltd. (TCS), HDFC Life, Torrent Power Ltd., and Flipkart, amongst others.

Besides him, former SBI Chairman O P Bhatt, Chairperson of the Capacity Building Commission Adil Zainulbhai, as well as former Central Vigilance Commissioner K V Chowdary are also listed as members.

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