This year, HDFC Bank anticipates credit growth of 17–18%: Srinivasan Vaidyanathan, CFO, HDFC Bank

24 Jul 2023 , 11:06 AM

As there is sufficient demand for credit, the largest private sector lender in the nation, HDFC Bank, anticipates loan growth of between 17 and 18% for the current fiscal year. The parent mortgage company HDFC Ltd. and its subsidiary HDFC Bank amalgamated on July 1, making it the second-largest lender behind the State Bank of India.

The bank’s total advances increased by 15.8% during the first quarter, reaching Rs 16.15 lakh crore.

‘Overall, we are optimistic that there is sufficient demand for lending. In a recent call with investors, Srinivasan Vaidyanathan, the CFO of HDFC Bank, said, ‘It is up to us to decide which one we want and what time we start to build in.

He continued, ‘If the price is not to our liking, we do not need it.’ The bank will be choosy in terms of credit and will not participate in some loans.

Keki Mistry, vice chairman of the newly combined HDFC Ltd, has become the most valuable independent director. Over Rs 27 lakh crore is the market capitalization of the listed companies, including HDFC Bank, where he serves as an independent director.

Mistry serves on the boards of, in addition to HDFC Bank, Tata Consultancy Services (TCS), HDF Life, Torrent Power, and Flipkart.

According to Vaidyanathan, the bank added 1,482 branches during the previous 12 months despite only adding 39 branches in the most recent quarter. There are currently 7,860 branches overall.

As he reported, the bank issued 1.5 million cards in the first quarter, bringing the total number of cards issued to 18.4 million.

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