HDFC Bank Plans to Open 500 New Branches: The Private Bank to open their new branches nearly about 500 in this financial year. As per the source, the bank has been expanding their branches consistently and now, in this fiscal; they intend to open 500 new mini branches in semi-urban and rural areas.
HDFC Bank’s 500 New Branches
According to the sources, the bank plans to open their 60 percent of new branches in semi-urban and rural areas. Where the remaining 40 percent of HDFC new branches would be coming up in urban areas.
Look Back: In the last financial year, the bank opened their 506 HDFC new branches leading their tally to 4,520 branches at the end of 2015 – 2016 Financial Year (March 2016). Out of 506 branches, they have opened 256 new branches 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. Their Core Net interest income was hiked in a healthy way on the fourth quarter, HDFC Bank reported a 20.2% jump in net profit at Rs 3,374.2 crore.
Till 2013 – 2014, the bank registered around Thirty percentage on profit growth, posted a 20.4% growth in post-tax profit at Rs 12,296.2 crore for the fiscal.
While considered on this Three Month from January to March, the Bank Net interest income rose Twenty Four Percent to Rs 7,453.3 crore, and the non-interest income was up 11.8 percent to Rs 2,865.9 crore. On the asset quality front, gross non-performing assets (NPAs) were flat at 0.94% of gross advances.
On March 31, 2016: Their net non-performing assets were at 0.3% of net advances. Total restructured loans were at 0.1% of gross advances at the end of the financial year 2016 – 2017.
When to compare the last year, the Provisions and contingencies for the quarter ended March were Rs 662.5 crore as against the corresponding quarter of last year is Rs 576.7 crore.