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Monday, Jan 03, 2005

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HDFC Bank to open 3 more branches in AP

Our Bureau

Visakhapatnam , Jan. 2

HDFC Bank is planning to open three more branches in the Stateat Kakinada, Nellore and the RTC Crossroads in Hyderabad, before the end of the financial year, Mr C.S. Gopinath, Regional Business Manager, said on Friday after inaugurating the second branch here.

Mr Gopinath, who is also in-charge of Tamil Nadu operations, said three more branches would be set up in that State before the end of the financial year.

On the whole, he said, the bank had 425 branches and over a thousand ATMs across 190 cities and towns. He said the bank was concentrating on increasing the branch network. "At the beginning of the financial year, we had 312 branches and it is our target to set up 150 more during the year. We are confident of achieving it,'' he said.

He said the advances of the bank, which already has 24 branches in Andhra Pradesh, amounted to Rs 1,000 crore and deposits Rs 1,500 crore. "Our focus is on retail lending and we are setting up branches in semi-urban areas and rural areas as well,'' he said.

He said the bank's scrip would be listed on the New York Stock Exchange during this month and this would enable it to access roughly Rs 1,400 crore. Its capital adequacy ratio would further improve. Its net non-performing assets (NPAs) were only 0.25, one of the lowest in the industry.

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