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Ramesh Sharma

Credit card tie-up: Mr Pralay Mondal (left), Country Head, Retail Assets & Credit Cards, HDFC Bank, and Mr Nitin Gupta, General Manager, South Asia, MasterCard Worldwide, at a press conference in the Capital on Thursday. –

Our Bureau

New Delhi, Sept. 13 HDFC Bank expects its overall advances to grow by over 30 per cent this fiscal, much higher than the anticipated credit growth of about 20-25 per cent for the banking industry in the period.

An important driver of this growth is likely to be retail advances, which are expected to grow by 30-40 per cent this fiscal, according to Mr Pralay Mondal, Country Head, Retail Assets and Credit Cards.

“Although there has been some de-growth in retail asset side for the industry, we will continue to grow at the same rate or better than last fiscal,” he told reporters after the launch of HDFC Bank World MasterCard credit card targeted at the “absolutely super premium” Indian customers.

He also said that the bank, subject to regulatory nod, would continue to follow an aggressive bank branch expansion strategy even during the current fiscal. In fiscal 2006-07, HDFC Bank’s branch network grew 40 per cent to touch 758 branches across the country.

HDFC Bank expects its net interest margin to remain in the range of 3.9-4.2 per cent during the remaining quarters of the current fiscal. In the past 14 quarters, except for an exception in March, HDFC bank has maintained this margin in the 3.9-4.2 per cent range, Mr Mondal said.

Meanwhile, the HDFC Bank World MasterCard credit card, which will be made available by invitation only, would have a credit limit of Rs 3 lakh upwards. This card has been designed to meet the financial, lifestyle and travel needs of premium end self-employed businessmen, entrepreneurs and professionals, officials said.

More Stories on : Credit Market | Credit Cards & Debit Cards | Private Banks | HDFC Bank Ltd

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