by NR INDRAN / INT

HDFC Bank, the second largest private bank in the country, has now gone beyond the shores of mainland India and made its debut in Andaman Nicobar archipelago with its first branch in Port Blair on September 2. The branch will not only cater to the 4-lakh strong local population and the residents of the 37 inhabited islands, it is also set to benefit tourists thronging the tropical islands from other parts of the country as well as abroad with world-class services and products.

The branch was inaugurated by Chief Staff Officer of the Andaman & Nicobar Command, Commodore Sandeep Pradhan, the Head of Logistics, Administration & Personnel.

Port Blair, the capital of the archipelago in the Bay of Bengal, is the gateway to some of the most beautiful virgin beaches and underwater marine life in the world, thus attracting a steady tourist flow round the year. The islands are also crucial to the defence forces and it is from here that the Indian Navy keeps an eye on the choppy waters of the Bay of Bengal and the Indian Ocean. HDFC Bank will strive to provide best in class services to these sectors and give a boost to the local economy. The debut of the branch saw an overwhelming response from the local population.

Speaking from Mumbai, Navin Puri, Country Head, Branch Banking, HDFC Bank, said: “As a leading bank of the country, we will continue to conquer new frontiers and take banking to every nook and corner of the country. Opening a branch in Port Blair is the first step towards what we believe will be a long and mutually beneficial partnership.”

Promoted in 1995 by Housing Development Finance Corporation (HDFC), India’s leading housing finance company, HDFC Bank is one of India’s premier banks providing a wide range of financial products and services to its 21 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.

The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 16 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.

As of June 30, 2011, the Bank had a distribution network with 2,111 branches and 5,998 ATMs in 1,111 cities.

For the quarter ended June 30, 2011, the Bank’s total income was INR 70.98 billion (`7,098.0 crore) as against INR 54.11 billion (`5,411.0 crore) for the quarter ended June 30, 2010. Net revenues (net interest income plus other income) were INR 39.68 billion (`3,968.0 crore) for the quarter ended June 30, 2011, as against INR 33.92 billion (`3,392.0 crore) for the corresponding quarter of the previous year. Net Profit for the quarter ended June 30, 2011 was INR 10.85 billion (`1,085.0 crore), up by 33.7% over the corresponding quarter ended June 30, 2010.

The Bank’s total balance sheet size increased by 22.6% to INR 2859.42 billion (`285,942 crore) as of June 30, 2011. Total deposits were INR 2111.51 billion (`211,151 crore) as of June 30, 2011.

Total income for the year ended March 31, 2011 were INR 242.63 billion (`24263.4 crore).

Leading Indian and international publications have recognized the bank for its performance and quality.

You can contact the Author at [email protected]