INDIA'S BEST BANKS New Private Sector Banks: Rank 1/HDFC Bank

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Hemang Palan
Posted online: Wednesday, April 09, 2008 at 03:18 hrs
Updated On: Wednesday, April 09, 2008 at 03:42 hrs

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Amalgamation envisages a share exchange ratio of one share of HDFC Bank for twenty-nine shares of the Centurion Bank of Punjab. This deal is the largest merger in the private sector banking space in India.

The combined entity now has a nationwide network of 1,148 branches, a strong deposit base of around Rs 1,20,000 crore, and net advances of around Rs 85,000 crore. Rana Talwar, the then chairman of Centurion Bank of Punjab, found a treasure in HDFC Bank, after taking his bank to an attractive buy level. “Centurion Bank of

Punjab had set benchmarks for growth. The bank has a large nationwide network, a valuable franchise, 7,500 talented employees, and strong leadership positions in the marketplace. I believe that the merger will create a world class bank in quality and scale and will set the stage to compete with banks both locally and globally.”

HDFC Bank has registered a 45.23% rise in its net profit at Rs 429.36 crore for the quarter ended December 31, 2007, as against a Rs 295.64-crore profit earned during the corresponding period last year. The total income earned during the quarter was Rs 3,405.79 crore, net interest income was Rs 1,437.60 crore, and the net interest margin of the bank remained at 4.3%. As on December 31, 2007, the net non-performing assets ratio of the bank was 0.4% and the capital adequacy ratio was 13.8%. With savings account deposits of Rs 24,961 crore and current account deposits of Rs 25,602 crore, HDFC Bank’s CASA mix remained at around 50.9% of the total deposits as on December 31, 2007....

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