India’s largest private sector lender HDFC Bank managing director and chief executive officer (CEO), Aditya Puri, said that to ride out the Covid-19 storm the HDFC Bank is well placed. Aditya Puri said that HDFC is looking ahead to invest in computing, technology, and artificial intelligence, he said in an annual report to the shareholders. By October 2020, Aditya Puri term as MD & CEO of the biggest private lender of India also ends, so the bank is also awaiting for Puri’s successor, which can only be done after RBI approval, said the bank in its annual report. “The bank has submitted its application to RBI with the names of the candidates in the order of preference, for RBI’s approval,” the annual report of the bank said.
HDFC has a strong balance sheet and healthy liquidity which makes HDFC Bank a very well place to face difficulty in COVID-19. “Our robust liability franchise continues to be the bedrock on which we will build our future,” Puri underlined.
In 2019-20 when the expenditure on consumption slowed down in the country what proved to be helpful for the bank was that HDFC maintained a balance between retail and wholesale segments, Aditya Puri said. “This strategy has stood us in good stead,” Puri said. But this year it is perhaps not more than 2019-20 when an overall slowdown in consumption in certain retail segments was countered by the help of wholesale banking, he further said.
For the quarter ended March 31, a 15.5% y-o-y rise in consolidated net profit at Rs 7,280.22 crore of the bank was also reported. An annual general meeting will also help by the largest private sector lender on July 18.