New Delhi [India], April 21 : HDFC Bank has announced plans to raise Rs 60,000 crore through various debt instruments.
The decision was approved during the Board of Directors meeting on Saturday, where key approvals were granted for the annual renewal of the issuance.
The Bank's board approved the "annual renewal of issuance of Long-Term Bonds (Financing of Infrastructure and Affordable Housing), Perpetual Debt Instruments (part of Additional Tier I capital) and Tier II Capital Bonds up to total amount of Rs. 60,000 crore over the period of next twelve months through private placement mode."
This fund raising is, however, subject to the approval of the shareholders of the Bank and any other regulatory approvals as may be applicable.
HDFC Bank reported a net profit of Rs 16,511 crore for the January-March quarter of 2023-24, with a 0.84 per cent jump compared to Rs 16,373 crore clocked in the previous quarter.
The bank's year-on-year financial results cannot be compared due to the merger with the parent entity HDFC Ltd during the just-concluded financial year.
According to a report by S&P Global Market Intelligence, three Indian lenders made it to the list of top 50 banks by assets in the Asia-Pacific region in 2023, up from two in 2022. These Indian banks are the State Bank of India, HDFC Bank, and ICICI Bank.
According to the financial information and analytics firm, Indian banks have been among the best-performing lenders among peers in Asia. Improvement in financial metrics, coupled with high credit growth in a robust economic environment, has boosted banks' assets in recent years. HDFC Bank's assets jumped 51.3 per cent to USD 466.35 billion after the merger, propelling the bank up 13 places to 33 in the top 50 ranking.
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