HDFC Bank to announce base rate today
PRESS TRUST OF INDIA,
New Delhi, June 29: Private sector HDFC Bank Tuesday said it would announce its base rate tomorrow and that it did not expect any impact on its profitability or growth because of the change in the lending regime.
"I don't expect any major impact, either on our growth or profitability, because of the base rate coming in," HDFC Bank's Executive Director, Paresh Sukthankar, told reporters here.
However, there may be some rise in the rate offered on the short-end corporate loans who currently avail loans at much lower rates, he said.
While Sukthankar would not disclose the base rate of the bank, he said most banks are likely to peg it in the range of 6.5-8 per cent.
Asked about HDFC Bank's credit growth, Sukthankar said that it is likely to be above 20 per cent for the fiscal.
The bank has witnessed a healthy growth in its corporate and consumer loans portfolio so far this year with growth in corporate loans, however, out pacing that of consumer advances.
"Consumer loans in this fiscal are expected to grow faster than last fiscal but growth in corporate loans would be higher," he said.
As at March, the bank's loan-book comprised 55 per cent consumer loans while wholesale advances stood at 45 per cent, he said.
The bank also expects its asset quality to remain healthy throughout the fiscal on the back of the economic recovery.
The bank expects to add 150 more branches this fiscal and also plans to open a branch in Hong Kong over the next few months, he said.
The Hong Kong branch will focus on NRI-related business, he said.
On interest rates, Sukthankar said that given the expected rise in RBI policy rates, interest rates are showing an upward bias. Deposit rates will start rising in the period ahead, he added.
Lastupdate on : Tue, 29 Jun 2010 21:30:00 Makkah time
Lastupdate on : Tue, 29 Jun 2010 18:30:00 GMT
Lastupdate on : Wed, 30 Jun 2010 00:00:00 IST
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