ET Awards 2018 for Company of the Year: HDFC Bank
HDFC Bank has grown steadily to become the country’s second-largest private sector bank, after ICICI Bank, based on total income and the largest when it comes to interest earned in a year.
By ET Bureau | Updated:
HDFC Bank awarded ET 'Company of the Year'
A homegrown champion, a global benchmark
Over the past decade, even as India’s biggest banks have become burdened with rising non-performing assets (NPAs), HDFC Bank has been a beacon of stability with consistent loan growth, continuous innovation and solid asset quality.
HDFC Bank has grown steadily to become the country’s second-largest private sector bank, after ICICI Bank, based on total income and the largest when it comes to interest earned in a year. It is also the most valued bank with a market capitalisation of Rs 5.5 lakh crore.
In addition, HDFC Bank leads the pack of top five private sector banks in terms of operating ratios such as net interest margin (NIM), return on assets (RoA) and low NPAs. Gross NPAs were at 1.30% of advances on March 30, among the lowest in the industry with provision coverage of 70%.
Established in 1994, the bank had 4,787 branches and 12,635 automated teller machines (ATMs) across India in March. Besides, it has a presence in most of India’s villages through the business correspondent network. It has close to 90,000 employees catering to a customer base of 45 million.
Jury members said HDFC Bank’s selection as company of the year was a tribute to its status as a global benchmark in banking. “Even though the bank was in the running for the third time in this category, the jury had little hesitation in awarding it yet again. The agility of the bank despite its large size is remarkable, the jury observed, citing the digital revolution as one example of how fast it moved. It has become a global benchmark for successful banking,” jury members said.
HDFC Bank managing director Aditya Puri said he accepted the honour on behalf of his colleagues, without whom the bank’s success would not have been possible. He thanked all customers and stakeholders who have reposed their faith in the bank.
“We view this as an added responsibility towards them,” he said. “We assure them that we will continue to meet their needs related to money in the most convenient manner through the widest product range and use of technology. We also remain committed to the highest standards of corporate governance to all our stakeholders.”
Company of the Year Contenders:
Over the past decade, even as India’s biggest banks have become burdened with rising non-performing assets (NPAs), HDFC Bank has been a beacon of stability with consistent loan growth, continuous innovation and solid asset quality.
HDFC Bank has grown steadily to become the country’s second-largest private sector bank, after ICICI Bank, based on total income and the largest when it comes to interest earned in a year. It is also the most valued bank with a market capitalisation of Rs 5.5 lakh crore.
In addition, HDFC Bank leads the pack of top five private sector banks in terms of operating ratios such as net interest margin (NIM), return on assets (RoA) and low NPAs. Gross NPAs were at 1.30% of advances on March 30, among the lowest in the industry with provision coverage of 70%.
Established in 1994, the bank had 4,787 branches and 12,635 automated teller machines (ATMs) across India in March. Besides, it has a presence in most of India’s villages through the business correspondent network. It has close to 90,000 employees catering to a customer base of 45 million.
With India's top policymakers and industry doyens under one roof, the ET Awards 2018 function was a star-studded affair.
ADVERTISEMENT
Jury members said HDFC Bank’s selection as company of the year was a tribute to its status as a global benchmark in banking. “Even though the bank was in the running for the third time in this category, the jury had little hesitation in awarding it yet again. The agility of the bank despite its large size is remarkable, the jury observed, citing the digital revolution as one example of how fast it moved. It has become a global benchmark for successful banking,” jury members said.
HDFC Bank managing director Aditya Puri said he accepted the honour on behalf of his colleagues, without whom the bank’s success would not have been possible. He thanked all customers and stakeholders who have reposed their faith in the bank.
“We view this as an added responsibility towards them,” he said. “We assure them that we will continue to meet their needs related to money in the most convenient manner through the widest product range and use of technology. We also remain committed to the highest standards of corporate governance to all our stakeholders.”
Company of the Year Contenders:
ADVERTISEMENT
- Ashok Leyland
- Bajaj Finance
- HDFC Bank
- JSW Steel
- M&M
- Motherson Sumi Systems
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
