Private lender HDFC Bank plans to open about 500 new branches this financial year as part of its steps to expand footprint.
The bank has been expanding branch network consistently and this year the bank intends to open about 500 branches, sources said. About 60 per cent of new branches would be coming up in semi-urban and rural areas and the remaining in urban areas, sources said. Last fiscal, the bank opened 506 branches leading the tally to 4,520 at the end of March 2016. Of 506 branches, 256 branches were opened in semi-urban and rural areas. The country’s second largest private sector lender also plans to raise Rs 50,000 crore through bonds over one year to fund business growth. The bank, which registered around 30 per cent profit growth for over a decade till 2013-14, posted a 20.4 per cent growth in post-tax profit at Rs 12,296.2 crore for the fiscal.