CEO of Hdfc Bank: CEO of Hdfc Bk tells investors that profits will follow in the transition era | Mumbai News

Mumbai: HDFC Bank CEO Sashidhar Jagdishan has urged investors to be patient during the bank’s transition. He compared it to the construction of Mumbai’s coastal road and promised that benefits would come from the transition phase. During a call with investors after the bank’s results, Jagdishan said the bank’s aim was to ensure the sustainability of its deposit franchise. However, he added that instead of using prices to gain market share, the bank would move slowly when faced with irrational prices, as in the fourth quarter. He also said that average deposits per branch had increased from Rs 260 crore to Rs 270 crore after adjusting for the HDFC merger. “Do not reject this franchise, we are going through a transition period. It’s like the coastal road… when it was built we had all kinds of problems with it. But now that it is operational, people are excited,” Jagdishan told analysts. However, he did not talk about the new digital initiatives, including the new mobile banking app that the bank had planned to launch the quarter before. HDFC Bank faced criticism from investors as the bank’s market value remained below Rs 12-lakh-crore, compared to Rs 12.6-lakh-crore in July 2023 when the merged entity’s shares first started trading. On Saturday, HDFC Bank announced a net profit of Rs 16,511 crore – up 37% from last year’s pre-merger profits, but down 0.8% from the previous quarter. The bank made extraordinary profits from the sale of HDFC Credila, but transferred the profits to a variable provision.

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