Impressive performance from HDFC Bank as branch expansion takes shape
View(s):Housing Development Finance Corporation Bank of Sri Lanka (HDFC Bank) has recorded a massive Rs. 310.6 million profit before tax in 1H 2014, up 240 per cent against Rs. 91.4 million in the corresponding period in 2013, and is now preparing to roll out a omprehensive growth plan this year including expanding branches.
In a statement, the bank said a Strategic Planning process was developed in the latter part of 2013 to be executed in 2014. “Therefore the bank is now armed with a comprehensive and detailed strategy and action plan for the next three years to expedite the growth. Since the bank has now ventured into various product diversifications, whilst maintaining housing as core business, expansion of branches in outstation regions has also become a priority in the Strategic Plan,” it said.
Profit after tax was Rs. 185.1 million against Rs. 50.5 million. Interest income grew to Rs.2 1 billion from Rs. 1.7 billion, the bank’s CEO/GM Nimal Mamaduwa.
The bank’s loan portfolio stood at Rs. 21.5 billion in 1H against Rs. 19.7 billion as at 31st December 2013 while the deposit portfolio rose to Rs. 22.3 billion from Rs. 18.9 billion.