Hdfc Bank Hires Record Numbers In Q4; Branch Expansion Picks Up Pace Too
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Mumbai: The country’s largest private sector lender HDFC Bank added a record 21,486 employees during the fiscal year, taking the overall staff strength to 1.41 lakh. During the fourth quarter alone, the bank added 7,167 employees, the highest in any quarter.
In comparison, the bank added 3,122 employees during fiscal year 2021 and 18,910 employees during fiscal year 2020.
Separately, the bank also added 734 branches and 2,043 ATMs during the last fiscal year, taking the overall branch network to 6,342 and ATM network to 18,130. In Q4 alone the bank added 563 branches.
“The bank added two new branches a day during FY22. The bank is looking to open another 150 branches in a short period,” said Srinivasan Vaidyanathan, chief financial officer, HDFC Bank during the analyst call.
HDFC Bank’s net profit rose 22.8% year-on-year to ₹10,055.2 crore for the quarter ending March 2022 (Q4FY22) period. The bank had posted a net profit of ₹8,186.51 crore in the March quarter of last year, while the bottom line stood at ₹10,342.20 crore in the third quarter of FY22.
The bank’s wholesale book grew faster than retail loan book during the fiscal year. The wholesale book grew by 17.4% year on year and 11% sequentially. In comparison, the retail book grew 15.2% year on year and 5% sequentially.
The bank also saw a change in asset mix with wholesale loan book now constituting 55% and retail loan book constituting 45%.
“Our asset mix has shifted from unsecured to higher rated after the pandemic. Now, things have reversed from pre-pandemic. All through pandemic, retail loan growth has been going down and wholesale loans was picking up,‘ said Vaidyanathan.
This change in asset mix has led to the bank reporting a dip in net interests margins to 4% during Q4FY22 from 4.1% in the previous quarters.
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