HDFC Bank Managing Director and CEO Sashidhar Jagdishan on Friday flagged funding as a risk for the lender, after the completion of the $40-billion amalgamation with Housing Development Finance Corporation (HDFC) on July 1.
“The risks of the merger are the funding part of it,” Jagdishan told shareholders of the largest private sector lender at its first post-merger annual general meeting. HDFC Bank Chairman Atanu Chakraborty, on the other hand, expressed confidence that the private sector lender would benefit from the low cost of funds that a bank traditionally enjoys.
The country’s biggest lender HDFC Bank on Monday reported a 30 per cent jump in its net profit for the quarter that ended on June 30 to Rs 11,952 crore.
The bank’s net revenue grew 26.9 per cent to Rs 32,829 crore in the quarter as compared to Rs 25,870 crore in the same quarter last year. The net interest income during the quarter jumped 21.1 per cent to Rs 23,599 crore from Rs 19,481 crore last year.
HDFC Bank – the country’s largest private sector lender –to implement interoperability between United Payment Interface and Central Bank Digital Currency, effective Thursday.
“HDFC Bank today announced the launch of UPI QR code interoperable with India's sovereign digital currency, Central Bank Digital Currency (CBDC). With this, HDFC Bank becomes one of the first banks in the country to complete the integration process,” the bank said in a statement.
Shares of Housing Development Finance Corporation (HDFC) and HDFC Bank gained up to 3 per cent on the BSE in Monday’s intra-day trade, extending their past three days' upward movement, after their respective Boards fixed July 13 as the record date for determining the shareholders of the Corporation who shall be issued and allotted the shares of HDFC Bank.
With the deal getting effective, HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. Every HDFC shareholder will get 42 shares of HDFC Bank for every 25 shares they hold. Besides, July 13 has been fixed for the continuation of warrants of HDFC Limited in the name of HDFC Bank.
Five of the top 10 most valued firms together lost Rs 86,447.12 crore in market valuation last week, with Infosys, Tata Consultancy Services and State Bank of India taking the biggest hit.
Last week, the BSE benchmark fell 462.8 points or 0.79 per cent.
While Reliance Industries Limited, Tata Consultancy Services (TCS), HDFC Bank, Infosys and State Bank of India suffered erosion from their valuation, ICICI Bank, Hindustan Unilever Limited, ITC, HDFC and Bharti Airtel posted gains.
India’s largest private bank HDFC Bank Ltd. is seeking to issue a million credit cards a month, a remarkable bounce-back for the lender after the country’s regulator banned it from taking on new card clients two years ago.
The bank wants to double the current pace of half a million new credit card issuances every month, according to Parag Rao, country head for payments business, consumer finance, digital banking and marketing.
Housing Development Corporation Limited (HDFC) and HDFC Bank rallied up to 10 per cent on the BSE in Monday’s intra-day trade after their respective boards approved the merger of HDFC into HDFC Bank.
As part of the deal, shareholders of HDFC Ltd will receive 42 shares of the bank for 25 shares held. Existing shareholders of HDFC Ltd will own 41 per cent of HDFC Bank. Shares held by the housing finance company in the lender will be extinguished, making HDFC Bank a full-fledged public company, reports suggest.
HDFC Bank announced on Tuesday that its total business in Karnataka has crossed Rs two trillion, making it the largest private sector bank in the state in terms of overall business volume.
The bank's total advances in the state stood at Rs 73,655.39 crore on September 30, 2021, which included loans to retail, corporate, MSME and Microfinance customers, the bank said in a press release. The lender enjoys a market share of nine per cent in total advances in the state.
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