HDFC Bank plans to increase branches to 13,000 in next 3-5 years, says CFO

At the end of the October-December quarter of the financial year (FY) 2023-24, the bank had a total of 8091 branches

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HDFC Bank aims to have a total of 13,000 plus branches in the next three-five years, said Srinivasan Vaidyanathan, Chief Financial Officer at the country’s largest private sector lender.

“We have added 908 branches in the last twelve months and 146 branches in the last quarter," Vaidyanathan said at the bank's post-results press conference on January 16. "Last year, we added 1,481 branches. And we want to have a total of 13,000 plus branches in the next 3-5 years.”

At the end of the October-December quarter of the financial year (FY) 2023-24, HDFC Bank had a total of 8,091 branches.

Also read: HDFC Bank Q3 Results: Net profit jumps 33.5% to Rs 16,372 crore; asset quality stable

Additionally, Vaidyanathan highlighted that branch and network reach is important for growing granular deposits. “The important aspect for our granular deposit growth is the reach. And we are expanding our reach to get the customers there,” he added.

Q3 performance

HDFC Bank on January 16 reported a net profit of Rs 16,372 crore for the October-December quarter of 2023-24, which marks a 33.5 percent jump from Rs 12,259 crore clocked a year ago.

The net profit, at Rs 16,372 crore, is almost in line with the market estimates of Rs 16,427 crore. The net interest income (NII) of Rs 28,470 crore, which increased by 23.9 percent as compared to Rs 22,990 crore reported in the corresponding quarter of the previous fiscal. The NII, at Rs 28,470 crore, is lower as against the market estimates of Rs 29,554 crore.

The bank's gross non-performing assets (NPA) stood at 1.26 percent, up from 1.23 percent last year. On the other hand, net NPA for the quarter stood at 0.31 percent compared to 0.33 percent last year.

In the October-December FY24 quarter, total deposits of the bank jumped by 27.7 percent to Rs 28.47 lakh crore versus Rs 22.29 lakh crore in the corresponding quarter last year. Current account and savings account deposits grew by 9.5 percent with savings account deposits at Rs 5.79 lakh crore and current account deposits at Rs 2.58 lakh crore.

The lender's total advances jumped 62.4 percent to Rs 24.69 lakh crore. Domestic retail loans of the bank grew by 111 percent, commercial and rural loans of the bank grew by 31.4 percent and corporate and wholesale loans (excluding non-individual loans of eHDFC Ltd. of approximately Rs 98,900 crore) grew by 11.2 percent.