HDFC Bank's Aditya Puri exercises Rs 57-crore stock options in FY17

NEW DELHI: HDFC Bank's Managing Director Aditya Puri saw his remuneration rise marginally to Rs 10 crore and exercised stock options worth over Rs 57 crore during the last fiscal.

His remuneration was Rs 9.73 crore in 2015-16.

Out of the total remuneration of Rs 10.05 crore in the last financial year, gross salary accounted for little over Rs 9.5 crore.

As per the bank's annual report for 2016-17, stock options exercised by Puri was Rs 57.42 crore.

"This includes stock options granted and vested over several previous years, but exercised during the last financial year," it said.

Puri had exercised stock options worth Rs 21.8 crore in 2015-16.

The increase in remuneration as well as higher value of stock options followed HDFC Bank's net profit increasing over 18 per cent to Rs 14,549.7 crore in the last fiscal.

Return on Average Net Worth was 18 per cent while the Basic Earnings Per Share was Rs 57.2 up from Rs 48.8.

The bank had increased its customer base to 4.05 crore from 3.77 crore with focus on semi-urban and rural markets that accounted for more than 52 per cent of its branches.

Referring to the macroeconomic and industry developments, the report said while the cash-squeeze in the third quarter of 2016-17 had an impact on private consumption, there has been a speedy recovery in consumer demand since then.

"Going forward, weakness in private investment cycle and asset quality strain in the banking sector could prevent a full-fledged recovery though some improvement in the growth rate is quite likely.

"Risks on the external front continue to loom on account of policy uncertainty in the US and a slew of impending elections in Europe," the report said.

As per the HDFC Bank, the headline GDP growth is likely to increase to 7.5 per cent in 2017-18 from 7.1 per cent in 2016-17.

The report also said that demonetisation and the advent of the next-generation of entrepreneurs has seen a steady shift towards digital transactions.

HDFC Bank