He said companies with a good strategy,
technology, capital, liquidity and a motivated team will emerge as winners
after the crisis.
HDFC Bank MD and CEO Aditya Puri has said Indian GDP will
recover "very fast" and pointed out that it is essential to get the
growth rate back to the pre-COVID levels.
The largest lender in the private sector will emerge from
the COVID-19 pandemic "way way stronger" than it ever was, Puri said
in an e-mail to the bank's employees earlier this month.
It can be noted that the
economy is widely expected to contract in FY21, with some analysts pegging the
GDP to decline by 5 per cent.
The entire first quarter
has been a washout due to the continuing lockdowns with only essential services
being allowed to operate.
Earlier on Thursday,
worries over growth led global agency Fitch to revise down its outlook on the
sovereign to "negative" while affirming the rating.
"The COVID crisis is a
health crisis which killed supply and over a period of time demand as well.
“However, I am confident in
the future of India and even brighter future of HDFC Bank.
“The GDP and the country
will recover very fast," Puri, the founder chief executive of the lender
who has been at the helm for 25 years, said.
The key factor, Puri said,
is for the economic growth rate to come back to the pre-COVID levels very
quickly.
He said companies with a
good strategy, technology, capital, liquidity and a motivated team will emerge
as winners after the crisis.
"I am confident that
we will emerge from COVID way way stronger in the market than we ever
were," he said.
The CEO also said the bank
is one of the few companies which has maintained bonuses, increments and salary
in these difficult times.
Puri, who is scheduled to
retire in October, said the bank has an excess liquidity of $2 billion, a high
capital adequacy of 17.5 per cent and trained manpower.
He further said the bank
will complete a technology transformation by September which will make dealings
with customers frictionless.
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