HDFC Bank to continue opening branches at same speed in FY24 as last year

CFO says branch, customer acquisition key to deposit mobilisation; Merger with HDFC likely to be effective in July

After opening close to 1,500 branches in 2022-23, HDFC Bank, the country’s largest private sector lender, will continue expanding its branch network at the same speed in the current financial year. The lender says branch expansion is crucial for deposit mobilisation.

As of March 31, 2023, HDFC Bank had 7,821 branches, up from 6,342 a year ago. The lender has added 2,850 branches since March 2019.

“For FY24, we expect to continue adding branches at the speed at which we have done over the last 15-18 months,” the bank’s chief financial officer (CFO) Srinivasan Vaidyanathan told analysts during the post