Aditya Puri Sells 95% Of His Stake In HDFC Bank

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Aditya Puri Sells 95% Of His Stake In HDFC Bank

Aditya Puri, the Managing Director of HDFC Bank sold 95 per-cent of his stake. This 74,2 lakh shares sold was worth Rs. 84287 crores during July 21-23, as per stock exchange filings.

Aditya Puri is now left with 0.01 per-cent stake or 3.76 lakh shares. He has been managing director since 1994 and now with 3 years ahead of retirement he sold 95% of his stake.

HDFC Bank had last year in November set-up a six-member committee including Sanjiv Sachar, Sandeep Parekh, Keki Mistry, Shyamala Gopinath, Srikanth Nadhamuni and M.D. Ranganathan to identify his successor.

Among all the top bankers for the financial year 2019-2020, Puri was the most paid banker. From the previous year, his salary got hiked by 38 per-cent.

The bank had last week reported its Q1 FY20 results with a 19.6 per cent increase in net profit from Rs 5,568.16 crore in Q1 FY19 to Rs 6,658.62 crore in Q1 FY20.

Moreover, its net interest income increased 17.8 per cent to Rs 15,665.4 crore from Rs 13,294.3 crore for the year-ago period on the back of growth in advances of 20.9 per cent to Rs 10,03,299 crore and deposits of 24.6 per cent to Rs 11,89,387 crore. Its asset quality also improved slightly with gross NPAs standing at 1.36 per cent of gross advances as on June 30, 2020, in comparison to 1.40 per cent as on June 30, 2019. Net NPAs of the bank was 0.33 per cent of net advances as on June 30, 2020.

During the lockdown, HDFC Bank had enrolled 2.5 lakh, new customers. These customers added through the bank’s Instant Account App launched in late April, as reported by PTI.

While banks were allowed to operate, however, footfalls remained fewer that made digital channel opening new deposit accounts helpful. HDFC Bank had 5,326 branches and 14,996 ATMs/cash deposit and withdrawal machines (CDMs) in 2,825 cities as of June 30, 2020, up from 4,990 branches and 13,727 ATMs/CDMs in 2,764 cities and towns as of June 30, 2019.

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