Hdfc Bank Net Npas Dip To Rs 37 Cr

A total of Rs 61.67 crore was added to the non-performing assets of HDFC Bank as a result of the merger between Times Bank and HDFC Bank last year.

However, owning to provisioning made, net NPAs have dropped to Rs 36.97 crore as on March 31, 2000, comprising 0.77 per cent of total customer assets. This was indicated in the banks annual report for the fiscal year 1999-2000.

The bank has also granted a three year extension to managing director Aditya Puri with effect from September 30 last year. This follows completion of five year tenure at HDFC Bank since September 30, 1994.

 

Meanwhile, the bank has also granted forty five lakh equity options with a face value of Rs 4.5 crore under a first tranche of an equity stock option scheme. This follows an approval by shareholders in January 2000 to issue stock options to employees.

According to the annual report , of the first tranche of stock options, 660,000 options have been granted to the directors subject to RBI approval.

Twelve members of the senior management team have been granted a total of nine lakh options.

The options will vest over three years - 30 per cent in January 2001, 30 per cent in January 2002 and 40 per cent in January 2003. The exercise price of the options in the first tranche is Rs 131.33.

The bank has decided to charge the entire compensation expense of the options within the year of grant rather than amortise it over 36 months. As a result the net profit for the year would be lowered by Rs 12.47 crore.

According to the annual report, the banks' lending to the sensitive sectors was a total of Rs 855.78 crore. Of this lending to the capital market sector was Rs 673.94 crore, while lending to the real estate and commodity sectors was 31.93 crore and 149.91 crore, respectively. The bank would be holding its annual general meeting on May 19 in Mumbai to receive shareholder approval on bank's balance sheet.