First private sector bank to open branch in Mangaliya Sadak near Indore
HDFC Bank, India’s second largest private sector bank, inaugurated its landmark 2000th branch at Mangaliya Sadak in Madhya Pradesh. Mr. Bharat Shah, Group Head, HDFC Bank inaugurated the branch.
Mangaliya Sadak is a village near Indore, and is a rich agricultural zone in the district.
The new branch will offer its customers world-class banking services under one roof ranging from basic services such as Savings Account, Fixed Deposits, Current Account, Mutual Funds, Insurance, Kisan Gold Card, Two-wheeler loan, Auto loan, Commercial Vehicles loan to sophisticated direct access banking channels such as ATM, PhoneBanking, NetBanking and International Credit and Debit Cards.
At the inauguration, Mr. Bharat Shah, Group Head, HDFC Bank said, “It's no coincidence that we are opening our 2000th branch in Mangaliya Sadak. It's the result of a clear management vision, a resolve to be the bank of choice for millions of Indians residing in the hinterland, 16 years of hard work and commitment, together with the faith our customers reposed in us. This is a milestone all of us are extremely proud of. We dedicate it to our customers and all those who believed in us throughout.”
Mr. Navin Puri, Country Head, Branch Banking, HDFC Bank, from Mumbai said: “I am delighted to announce that we have opened our 2000th branch at Mangaliya Sadak, near Indore. Mangaliya Sadak is a rural branch and our presence in this little village further reiterates our commitment to make banking services accessible to the under-banked and rural areas in India. This indeed is a proud moment for all of us. We thank all our customers without whose support and continued faith in us we wouldn't have got to this major milestone."
About HDFC BANK
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 21 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.
The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 16 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.
As of March 31, 2011, the Bank had a distribution network with 1,986 branches and 5,471 ATMs in 996 cities.
For the quarter ended March 31, 2011, the Bank’s total income was INR 67.24 billion (Rs 6,724.3 crore) as against INR 50.04 billion (Rs 5003.9 crore) for the quarter ended March 31, 2010. Net revenues (net interest income plus other income) were INR 40.95 billion (Rs 4,095.2 crore) for the quarter ended March 31, 2011, an increase of 24.0% over INR 33.02 billion (Rs 3,302.1 crore) for the corresponding quarter of the previous year. Net Profit for the quarter ended March 31, 2011 was INR 11.15 billion (Rs 1114.7 crore), up by 33.2% over the corresponding quarter ended March 31, 2010.
The Bank’s total balance sheet size increased by 24.7% to INR 2773.53 billion (Rs 277,353 crore) as of March 31, 2011. Total deposits were INR 2085.86 billion (Rs 208,586 crore), up by 24.6% over March 31, 2010.
Total income for the year ended March 31, 2011 were INR 242.63 billion (Rs 24263.4 crore).
Leading Indian and international publications have recognized the bank for its performance and quality.
For more information please log on to: www.hdfcbank.com
