RBI approves appointment of Kaizad Bharucha as Dy MD, Bhavesh Zaveri as ED of HDFC Bank

The Reserve Bank of India on Thursday approved the appointment of Kaizad Bharucha as the Deputy Managing Director, and Bhavesh Zaveri as the Executive Director of HDFC Bank for a tenure of the next three years, the company said.

Following the development, the shares of HDFC Bank jumped 0.67% to hit an intra-day high of ₹1,677.25 apiece on the Bombay Stock Exchange (BSE). During the session, the bank's share price opened higher at ₹1,670,55 as against the closing price of ₹1,665.95. The bank’s market capitalisation, during the session, stood at ₹9,31,844.94 crore, with as many as 1,38,246 shares exchanging hands on the BSE against the two-week average of 1.75 lakh shares. The bank hit a two-week high of ₹1,715.85 on April 17 this year, whereas a 52-week low of ₹1,271.75 on June 17 last year.

With 35 years of experience, Bharucha has been associated with HDFC Bank since 1995.  In his new role, Bharucha will be responsible for wholesale banking covering areas of corporate banking, PSUs, capital & commodities markets, financial institutions, custody, mutual funds, global capability centre & financial sponsors coverage, and banks coverage, the bank said.

Meanwhile, Zaveri, who joined HDFC Bank in 1998, is the Group Head- Operations, Cash Management & ATM Product of HDFC Bank. In his current role, he will be responsible for business and operations across the country and for creating and delivering a flawless operations execution capability across the diversified product suite of the bank to the corporate, MSME & retail verticals including for asset, liabilities and for transaction services of payments & cash management, trade finance and treasury, and ATM product, according to the bank.

In the January to March quarter, HDFC Bank reported around 20.6% year-on-year growth in its consolidated net profit at ₹12,594.5 crore for the January-March quarter of FY2022-23. The bank’s consolidated net revenue grew by 20.3% to ₹34,552.8 crore during the quarter under review, as against ₹28,733.9 crore in the year-ago quarter. The bank’s earnings per share for the quarter stood at ₹22.6 and the book value per share as of March 31, 2023, was ₹518.7. Its net interest income (interest earned less interest expended) for the quarter ended March 31, 2023, grew by 23.7% to ₹23,351.8 crore from ₹18,872.7 crore for the quarter ended March 31, 2022.

Last week, the bank said that it is planning to raise up to ₹50,000 crore over the period of the next twelve months through private placement mode, subject to board approval. The capital will be raised by issuing perpetual debt instruments (part of additional Tier I capital), Tier II capital bonds, and long-term bonds (financing of infrastructure and affordable housing).