Page 24 - Hdfc Bank

HDFC launches life insurance, asset management services from GIFT IFSC

HDFC Group on Thursday announced the launch of its life insurance and asset management services at International Financial Services Centre (IFSC) in Gujarat's GIFT City. HDFC International Life and Re has been set up by HDFC Life, while HDFC AMC International (IFSC) Ltd has been established by HDFC Asset Management Company to offer services to Non-Resident Indians (NRIs) and the global Indian diaspora. While the new unit under brand name HDFC Life International will offer US dollar-denominated life as well as health insurance solutions, HDFC AMC International would provide fund management and advisory solutions as part of its offshore hub, the group said in a statement. "We look forward to further contributing to the India growth story and to make world-class foreign currency denominated insurance solutions available for NRIs and global Indians through HDFC Life International and; Indian investment solutions available to global investors and global investment solutions available to

HDFC Bank merger helped boost credit offtake to 19.7%: Care Ratings

The merger of HDFC with HDFC Bank has pushed credit offtake by an incremental 500 basis points to 19.7 per cent for the fortnight to July 28, excluding which the system-wide lending growth was only 14.7 per cent on-year, according to a report. The largest pure-play mortgage lender HDFC merged with its own banking subsidiary on July 1 in a record USD 40 billion all stocks merger, creating a banking behemoth with a balance sheet of over Rs 23 lakh crore. Credit offtake continued to show robust growth, increasing by 19.7 per cent on-year to reach Rs 148 lakh crore for the fortnight to July 28. This was primarily driven by the impact of the HDFC-HDFC Bank merger as well as growth in personal loans and loans to NBFCs, Care Ratings said in the report. If the merger impact is excluded, credit grew at a lower 14.7 per cent on-year for the fortnight, it noted. Deposits too witnessed healthy growth, increasing by 12.9 per cent for the fortnight, including the merger impact. Growth has not b

Mcap of 7 of top 10 firms falls by Rs 74,603 cr, HDFC Bank biggest laggard

The combined market valuation of seven of the top 10 valued firms declined by Rs 74,603.06 crore last week, with HDFC Bank emerging as the biggest laggard. The BSE benchmark declined 398.6 points or 0.60 per cent last week. ICICI Bank, Hindustan Unilever, Infosys and ITC saw erosion in their market valuation while Reliance Industries, Tata Consultancy Services (TCS) and State Bank of India added to their market valuation. The valuation of HDFC Bank declined by Rs 25,011 crore to Rs 12,22,392.26 crore. ICICI Bank's market valuation eroded by Rs 12,781 crore to Rs 6,66,512.90 crore and that of Bharti Airtel fell by Rs 11,096.48 crore to Rs 4,86,812.08 crore. The valuation of Hindustan Unilever tanked Rs 10,396.94 crore to Rs 5,87,902.98 crore and that of ITC skidded by Rs 7,726.3 crore to Rs 5,59,159.71 crore. The market capitalisation (mcap) of Bajaj Finance declined by Rs 4,935.21 crore to Rs 4,27,996.97 crore and that of Infosys dipped Rs 2,656.13 crore to Rs 5,69,406.39 ...

Top headlines: EV sales could rise 1 mn in 5 yrs, Kharif sowing over

Business Standard brings you the top headlines at this hour

HDFC Bank chief Jagdishan flags funding risk in first post-merger AGM

HDFC Bank Chairman Atanu Chakraborty, on the other hand, expressed confidence that the private sector lender would benefit from the low cost of funds that a bank traditionally enjoys

HDFC Bank CEO flags funding risk; says net interest margins to be hit

HDFC Bank chief Sashidhar Jagdishan on Friday flagged funding as a risk for the lender after the successful USD 40 billion amalgamation with its parent. "As you know, the risks of the merger is the funding part of it," Jagdishan told shareholders of the largest private sector lender at its maiden annual general meeting after the merger came into effect from July 1. It can be noted that the bank has not been fully successful in getting all the forbearance it had sought from the Reserve Bank of India (RBI) on the liabilities front. The RBI refused to provide any exemptions on Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements on the deposits that come from HDFC, which was a deposit-taking entity. Additionally, questions were raised about the likely impact on HDFC Bank with respect to the RBI's move to put an incremental CRR of 10 per cent on deposit accretions in all the scheduled commercial banks after May. Jagdishan exuded confidence that the bank will be abl

Car loan review: Know about rates, processing fees by over 15 lenders

Our table tells you what the market has to offer in terms of monthly installments

HDFC Bank's Jagdishan highest-paid bank CEO in FY23, gets Rs 10.55 crore

The details were made public in disclosures made in annual reports

Irdai allows insurers to treat HDFC investment as one under infra sector

Irdai has provided an exemption allowing insurers not to comply with the single investee equity

Credit cards in force hit new high in June; spends decline over May

HDFC Bank maintained its leadership position with 18.35 million cards, followed by SBI Card at 17.34 million, ICICI Bank at 14.8 million, and Axis Bank at 12.5 million

TCS reclaims title of 2nd most valued firm by mcap; HDFC Bank 3rd place

Largest IT services company Tata Consultancy Services (TCS) jumped to the second spot in the list of most valued firms by market valuation, overtaking HDFC Bank. At the close of trade on Monday, TCS commanded a market capitalisation (mcap) of Rs 12,51,798.07 crore which was Rs 6,049.69 crore more than HDFC Bank's Rs 12,45,748.38 crore valuation on the BSE. Shares of TCS jumped 1.96 per cent to settle at Rs 3,421.10 apiece on the BSE. During the day, it climbed 2.10 per cent to Rs 3,426. However, HDFC Bank ended flat at Rs 1,651.10 per share, marginally up by 0.38 per cent. On July 20, HDFC Bank became the second most valuable company by market capitalisation, overtaking IT behemoth Tata Consultancy Services. HDFC, the parent of HDFC Bank, merged into the lender on July 1. The USD 40 billion merger, the largest such deal in the Indian corporate history, was driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity. Re

M-cap of 7 of top-10 valued firms falls by Rs 77,434.98 cr, ITC takes hit

The combined market valuation of seven of the top-10 most valued firms fell by Rs 77,434.98 crore last week, with ITC and HDFC Bank taking the biggest hit, in-line with a muted trend in equities. Last week, the BSE benchmark fell by 524.06 points or 0.78 per cent. While Reliance Industries, HDFC Bank, Tata Consultancy Services (TCS), ICICI Bank, Hindustan Unilever, ITC and Bajaj Finance Limited were the main laggards in the top-10 pack, Infosys, State Bank of India and Bharti Airtel made gains in their market capitalisation (mcap). The valuation of ITC fell by Rs 26,192.05 crore to Rs 5,83,732.19 crore. HDFC Bank's mcap declined by Rs 22,747.89 crore to Rs 12,40,322.63 crore and that of Bajaj Finance plunged Rs 12,127.47 crore to Rs 4,47,298.52 crore. The market valuation of Reliance Industries tumbled Rs 5,818.43 crore to Rs 17,10,076.74 crore and that of TCS went lower by Rs 5,214.15 crore to Rs 12,27,739.80 crore. Hindustan Unilever's valuation eroded by Rs 4,417.23 crore to R

HDFC Bank overtakes SBI in CRISIL's corporate banking ranking for 2023

For middle market corporates, HDFC Bank again topped the list of 2023 Leaders among local banks, and joined ICICI Bank as the year's joint Greenwich Quality Leaders

No slowdown in affordable housing space: PNB Housing Finance MD & CEO

In the short, medium, and long term, the demand is quite robust in the affordable housing segment, which is big and accounts for 32-35 per cent of the share in the mortgage industry

Private sector lender HDFC Bank expects 17-18% credit growth this year

Country's biggest private sector lender HDFC Bank expects 17-18 per cent loan growth during the current financial year as there is enough credit demand. Effective July 1, the parent mortgage firm HDFC Ltd merged with its subsidiary HDFC Bank making it the second biggest lender after State Bank of India. During the first quarter, the total advances of the bank rose by 15.8 per cent to Rs 16.15 lakh crore. "On an overall basis, we are confident that there is enough credit demand. It is for us to see which one we want and what time we start to build in," HDFC Bank Chief Financial Officer (CFO) Srinivasan Vaidyanathan said in a recent call with analysts. The bank will be selective in terms of credit and will not participate in certain loans, he said, adding, "if the price is not to our liking, we do not need it." Meanwhile, vice chairman of now merged entity HDFC Ltd Keki Mistry has become the most valued independent director. The market capitalisation of the listed companies includin

M-cap of 5 of top-10 valued firms at Rs 4.23 trn with major share from HDFC

Five of the top-10 most valued firms together added Rs 4,23,014.4 crore in market valuation last week, with major contributions coming in from HDFC Bank, which recently completed the merger with its mortgage financier parent HDFC. HDFC Bank on Thursday became the second most valuable company by market capitalisation, overtaking IT behemoth Tata Consultancy Services. Last week, the 30-share BSE Sensex jumped 623.36 points or 0.94 per cent. While HDFC Bank, ICICI Bank, ITC, State Bank of India and Bajaj Finance were the gainers, Reliance, Tata Consultancy Services (TCS), Hindustan Unilever, Infosys and Bharti Airtel suffered erosion from their market valuation last week. HDFC Bank's market valuation jumped Rs 3,43,107.78 crore to reach Rs 12,63,070.52 crore. The market capitalisation (mcap) of State Bank of India zoomed Rs 27,220.07 crore to Rs 5,48,819.01 crore, and that of ICICI Bank jumped Rs 24,575.78 crore to Rs 6,97,413.50 crore. ITC added Rs 21,972.81 crore, taking its valua

HDFC Life Q1 profit rises 15% to Rs 415 crore; total premium up 16%

HDFC Life on Friday reported 15 per cent increase in net profit at Rs 415 crore for first quarter of the current fiscal year. The company had reported Rs 361 crore profit in April-June 2022-23. The total premium rose 16 per cent to Rs 11,673 crore during the quarter as compared with Rs 10,050 crore in the year-ago period, HDFC Life said in a statement. During the latest quarter, the first-year premium collection rose 19 per cent to Rs 5,869 crore from Rs 4,949 crore in the same period a year ago. The company's solvency stands at 200 per cent as compared to 178 per cent in the same quarter a year ago. The board has recommended a dividend of Rs 1.90 per share aggregating to a payout of Rs 408 crore subject to approval by the shareholders. Indian Embedded Value of the company witnessed 29 per cent increase to Rs 41,843 crore at the end June 2023.

HDFC Bank becomes 2nd most valuable company, TCS falls to 3rd place

HDFC Bank on Thursday became the second most valuable company by market capitalisation, overtaking IT behemoth Tata Consultancy Services. At the close of trade, HDFC Bank, which recently completed the merger of its mortgage financier parent HDFC into itself, commanded a market capitalisation (mcap) of Rs 12,72,718.60 crore, which was Rs 5,826.95 crore more than TCS' Rs 12,66,891.65 crore valuation on the BSE. Shares of HDFC Bank ended at Rs 1,688.50 apiece, up 0.22 per cent on the BSE. During the day, it climbed 0.36 per cent to Rs 1,690.95. However, shares of TCS dipped 0.25 per cent to end at Rs 3,462.35 each. During the day, it fell 1 per cent to Rs 3,436. HDFC, the parent of HDFC Bank, merged into the lender on July 1. The USD 40 billion merger, the largest such deal in the Indian corporate history, was driven by a changing regulatory landscape, which limited the advantages for HDFC continuing as a non-bank lending entity. Reliance Industries is the country's most valued firm

HDFC Bank CEO Jagdishan took 62% pay hike at Rs 10.55 crore in FY23

Deputy MD Kaizad Bharucha's remuneration surged 41% to Rs 10.03 cr

HDFC Bank can now take mega exposures to infra projects: CEO Jagdishan

Post merger, Jagdishan aims to double business every 4 years