Aditya Puri took home Rs 180 crore in FY20

MUMBAI: HDFC Bank chief Aditya Puri took home a total remuneration of Rs 18.9 crore as against Rs 13.7 crore last year. During the year, which was last full year as CEO, Puri also exercised options of Rs 161 crore. Puri, who has led HDFC Bank since its inception in 1994, will be stepping down in October this year as he turns 70.
During his term, the bank has grown from a one-branch operation in 1995 to become India’s largest private bank with a market cap of Rs 5.7 lakh crore.
Last year, the lender increased its profits by 25% to Rs 26,257, which is more than rest of the sector. According to the bank’s annual report, Puri’s fixed remuneration was Rs 15.9 crore, perquisites Rs 2.2 crore and other benefits Rs 79.8 lakh. Stock options exercised this year at Rs 161 crore were almost four times last year’s Rs 42 crore.
Puri owns nearly 78 lakh shares, which are currently worth Rs 804 crore. It may be recalled that he had sold part of his equity stake valued at Rs 156 crore from February 11-12. The stock options exercised during the year including those vested earlier but exercised during the previous fiscal.
In his address to the bank’s shareholders, Puri said that the bank is well placed to ride out the Covid-19 storm and the best of the bank is yet to come.
According to Puri, the bank is on a strong footing because of its strong balance sheet, high capital adequacy, reputation for delivery value and technology platform.
“HDFC Bank has always been strong, growing consistently through multiple economic cycles. We have capitalised on opportunities without giving in to greed. We are well-positioned with a strong balance sheet and healthy liquidity. Our robust liability franchise continues to be the bedrock on which we will build our future,” said Puri in his address to shareholders in the bank’s annual report, which was released on Wednesday.
Puri quoted S&P, which had said, “Overall, we believe HDFC Bank’s individual creditworthiness is significantly stronger than the average of the Indian banking sector, reflected in its SACP of BBB+.”
Puri highlighted six areas — reimagining the branch as a financial service marketplace, leveraging semi-urban and rural footprint, using payments business to leverage the bank’s offerings, providing omnichannel service, using virtual relationship managers and growing its subsidiaries.