by NR INDRAN / INT

Keeping in mind customers’ need for instant solutions to their financial needs, HDFC Bank has launched Personal Loan Swift, a product that’s processed in 24 hours*.

Using cutting-edge imaging solution technology, HDFC Bank, the leader in personal loans, will now set the pace in this product category and ensure that loan processing will start the moment a customer steps into a branch in the morning and be complete in 24 hours*. Swift will soon be available to all customers who hold salary accounts with the Bank in 25 select branches across the country.

Speaking on the occasion, Sai Giridhar, Senior Vice President & Business Manager, Unsecured Loans, HDFC Bank, said: “In today’s world, the frenetic pace of life leaves people with very little time. Hence, customers want financial solutions in the least possible time. We are confident that Personal Loan Swift will be able to meet such requirement.”

Swift was unveiled at the HITEC City branch in Hyderabad today by Sai Giridhar, Senior Vice President & Business Manager, Unsecured Loans, HDFC Bank, and C.S. Gopinath, Executive Vice President, Regional Head, AP and Chennai, HDFC Bank.

* The loan will be decisioned in 24 working hours once documents are complete.

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.

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