HFDC Bank well placed to ride out Covid storm: Aditya Puri

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Published: June 25, 2020 3:30 AM

The annual report also mentioned that bank is awaiting the Reserve Bank of India’s (RBI) approval for the appointment of Puri’s successor.

“The bank has submitted its application to RBI with the names of the candidates in the order of preference, for RBI’s approval,” the report said. Puri’s term as MD & CEO of HDFC Bank ends by October 2020.“The bank has submitted its application to RBI with the names of the candidates in the order of preference, for RBI’s approval,” the report said. Puri’s term as MD & CEO of HDFC Bank ends by October 2020.

Aditya Puri, managing director and chief executive officer (CEO) of the largest private sector lender HDFC Bank, said that the bank is well placed to ride out the Covid-19 storm. In a message to shareholders in the annual report, he said that the bank will invest ahead in technology, computing and artificial intelligence. The annual report also mentioned that bank is awaiting the Reserve Bank of India’s (RBI) approval for the appointment of Puri’s successor. “The bank has submitted its application to RBI with the names of the candidates in the order of preference, for RBI’s approval,” the report said. Puri’s term as MD & CEO of HDFC Bank ends by October 2020.

Puri also mentioned that the private lender is well positioned with a strong balance sheet and healthy liquidity. “Our robust liability franchise continues to be the bedrock on which we will build our future,” he underlined.

Puri said that the bank has managed to maintain a balance between retail and wholesale segments that proved helpful in 2019-20, when consumption expenditure slowed down. “This strategy has stood us in good stead,” he said. Perhaps not more so than in 2019-20, when wholesale banking has helped counter the downturn in certain retail segments as a result of an overall slowdown in consumption, he further said.

HDFC Bank had earlier reported a 15.5% year-on-year rise in consolidated net profit at Rs 7,280.22 crore for the quarter ended March 31.The private sector lender will hold its annual general meeting on July 18.

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