HDFC Bank expects 17-18% credit growth this year
Business | Jul 23, 2023, 02:58 PM ISTEffective July 1, the parent mortgage firm HDFC Ltd merged with its subsidiary HDFC Bank making it the second biggest lender after State Bank of India.
Effective July 1, the parent mortgage firm HDFC Ltd merged with its subsidiary HDFC Bank making it the second biggest lender after State Bank of India.
HDFC Bank began the day one after the merger with a rebranding exercise, wherein it is putting up its colours at all the over 500 branches and offices of HDFC Ltd.
The upcoming merger will also not affect customers availing fixed deposits (FDs) and customers will not have to pay interests after their FD matures. Furthermore, customers can also avail the facility to withdraw money after their FDs reach maturity.
HDFC bank Q2 net jump: On a standalone basis, the largest private sector lender's net profit rose by over 20.1 per cent to Rs 10,605.78 crore as against Rs 8,834.31 crore in the year-ago period and Rs 9,196 crore in the preceding June quarter.
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The core net interest income grew 14.5 percent to Rs 19,481.4 crore from the year-ago quarter's Rs 17,009 crore on the back of a 22.5 percent growth in advances.
The merger proposal of HDFC and HDFC Bank remains subject to various statutory and regulatory approvals.
The merger of HDFC and HDFC Bank is expected to be completed by the second or third quarter of FY24.
HDFC Bank increased its Marginal Cost of funding based on the Lending Rate by 0.35 per cent from June 7, as per the new rate structure published on its website.
On the merger and acquisition front, there were 45 deals worth USD 42.73 billion, which was a 676 per cent jump in the activity by values.
Halting its five-day fall, the BSE Sensex jumped 574.35 points or 1.02 per cent to finish at 57,037.50. During the day, the index rallied 753.36 points or 1.33 per cent to 57,216.51.
A rise in inflation, as well as a fresh spike in global crude oil prices, seemed to have dented investors' sentiment.
The HDFC-HDFC Bank merger is expected to be completed by the second or third quarter of FY24.
Digital 2.0 programme of the bank is designed to provide products to its customers for frictionless financial experience. It will help customers to move from a single transaction to a complete financial solution journey such as loan disbursement, payments and investment.
The bank has not provided any statement of transactions and cash memo which is actually signed by the bank customer or any document which proves that the credit card was requested or used.
A Memorandum of Understanding (MoU) was signed between IPPB and HDFC Ltd on Monday for a strategic alliance.
Total consolidated income during the quarter under review rose to Rs 41,436.36 crore from Rs 38,438.47 crore in July-September 2020, HDFC Bank said in a statement.
HDFC Bank said that after the expansion, the bank's reach will increase to a third of the villages in the country.
According to HDFC Bank's e-mail, some of its services will not be available for a period of 18 hours.
With the lifting of the nine-month-long ban on HDFC Bank with respect to selling new credit cards, its shares climbed 1.61 per cent to Rs 1,539.10 apiece after opening at Rs 1,550.
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