Paresh Sukthankar, Executive Director, HDFC Bank has done his Masters in Management Studies (MMS) from Jamnalal Bajaj Institute (Mumbai) and the Advanced Management Program (AMP) from the Harvard Business School. Mr. Sukthankar has been with the Bank since its inception in 1994. Mr. Sukthankar has overall approval, supervision and control responsibilities for the Bank's Credit and Risk Management function - covering the corporate and retail credit portfolios as well as the treasury activities. Mr. Sukthankar also has supervisory responsibility for the Finance and Human Resources functions and leads various strategic initiatives of the Bank. Prior to joining the Bank, Mr. Sukthankar worked in Citibank for around 9 years, in various departments including corporate banking, risk management, financial control and credit administration. He has been a member of various committees formed by Reserve Bank of India and Indian Banks' Association.
HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 25 million* customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments. The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 17 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.
Yash Ved of IIFL provides the highlights of a media interaction where Paresh Sukthankar says “We continue to invest in technologies, in terms of new channels including social Media”
Brief us about the tie up with Jet Airways?
HDFC Bank’s partnership with Jet Airways will further enhance customer experience and provide them with a product that is exclusive and superior. HDFC Bank’s first airline co-branded card comes after much thought and research to ensure it symbolizes a product of the highest quality and great customer value.
The JetPrivilege-HDFC Bank Credit Card with its World, Platinum and Titanium variants will be offered on the MasterCard network platform allowing customers access to benefits across the world. JetPrivilege–HDFC Bank World Credit Card, being the premium variant, will entitle the cardholders to enjoy a wide bouquet of lifestyle benefits, including 6 JPMiles for every Rs. 150 spent and another 10,000 JPMiles within the first 90 days.
Brief us about your Financials?
For the quarter ended June 30, 2012, the Bank’s total income was Rs 95.369 bn as against Rs70.98 bn) for the quarter ended June 30, 2011.
Net revenues (net interest income plus other income) were Rs 50.135 for the quarter ended June 30, 2012, as against Rs 39.68 bn for the corresponding quarter of the previous year. Net Profit for the quarter ended June 30, 2012, was Rs 14.174bn, up by 30.6% over the corresponding quarter ended June 30, 2011.
The Bank’s total balance sheet size increased by 25.9% to Rs 3,600.01 bn as of June 30, 2012. Total deposits were Rs 2,575.31 bn as of June 30, 2012.
Total income for the year ended March 31, 2012, was Rs325.3004 bn.
Are you planning to increase number of branches?
As of June 30, 2012, the Bank had a distribution network with 2,564 branches and 9,709 ATMs in 1,416 localities.
What is your strategy going forward?
Our strategy is to move from standalone HDFC Bank brand in terms of cards to explore relationship with important alliances. We do see an opportunity to cater to niche segments and to add superior value to these segments.
We are in the credit cards business over the last several years, and we deal with very simple foundations; the foundation of simple value products which bring value to the consumer, superior products, superior service and superior operation processes, tools and technology to bring better infrastructure to the customer.
What are your plans going forward?
We continue to invest in technologies, in terms of new channels, including Social Media.