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Well-capitalised,more fund raising depends on growth:HDFC Bank

hdfc bank

hdfc bankMumbai:  HDFC Bank, country’s second largest private sector lender, said it is not in a hurry to raise fresh capital and additional fund requirements depend on the evolving growth and regulatory environments.

The bank last month got a board approval to raise up to Rs 10,000 crore in fresh equity capital, which was taken up at the AGM here today for shareholders nod.

“We don’t need the capital at this point in time. But, if more guidelines come in on the Basel III front and if we see a change in the overall growth rate we could look at it…but let me emphasise very clearly that this is an enabling resolution,” bank’s Managing Director Aditya Puri told reporters here after the AGM.

Puri said in FY15, the bank is planning to open 300-400 ATMs and branches each.

“We are going to open 300-400 branches this year and the capex is expected to be 600 crore,” he said.

As of March 2014, the bank’s total branches stood at 3,062, while ATMs count reached 11,256. Last fiscal it opened 341 new branches and 513 ATMs in FY’14.

He said the bank’s staff attrition level is at 15-17 per cent at present.

“It is about 15-17 per cent and that attrition is under lower level and I think that is now acceptable…this will be there,” he said.

In FY’14 the bank’s net profit stood at Rs 12,772 crore, up 31 per cent from FY’13, while the balance sheet rose to Rs 4,91,600 crore from Rs 4,00,332 crore.

To a query about status on the Foreign Investment Promotion Board’s (FIPB) approval for increasing foreign holding in the bank, Puri said the discussions are still on. PTI

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