New Delhi: Private lender HDFC Bank plans to open about 500 new branches this financial year as part of its steps to expand footprint.
The bank has been expanding branch network consistentlyand this year the bank intends to open about 500 branches,sources said.
About 60 per cent of new branches would be coming up in semi-urban and rural areas and the remaining in urban areas,sources said.
Last fiscal, the bank opened 506 branches leading the tally to 4,520 at the end of March 2016. Of 506 branches, 256 branches were opened in semi-urban and rural areas.
The country’s second largest private sector lender alsoplans to raise Rs 50,000 crore through bonds over one year tofund business growth.
For the fourth quarter, HDFC Bank reported a 20.2 percent jump in net profit at Rs 3,374.2 crore, helped by a healthy rise in core net interest income (NII).
The bank, which registered around 30 per cent profit growth for over a decade till 2013-14, posted a 20.4 percent growth in post-tax profit at Rs 12,296.2 crore for the fiscal.
For January-March, NII rose 24 per cent to Rs 7,453.3crore, while the non-interest income was up 11.8 per cent toRs 2,865.9 crore.
On the asset quality front, gross non-performing assets(NPAs) were flat at 0.94 per cent of gross advances.
Net non-performing assets were at 0.3 per cent of netadvances as on March 31, 2016. Total restructured loans wereat 0.1 per cent of gross advances at the end of 2016-17.
Provisions and contingencies for the quarter ended March were Rs 662.5 crore as against Rs 576.7 crore in the corresponding quarter of the last year.
HDFC Bank plans to open 500 branches this fiscal