HDFC Bank MD Aditya Puri exercised Rs57 crore stock options in 2016-17
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New Delhi: HDFC Bank’s managing director Aditya Puri saw his remuneration rise marginally to Rs10 crore and exercised stock options worth over Rs57 crore during 2016-17. His remuneration was Rs9.73 crore in 2015-16.
Out of the total remuneration of Rs10.05 crore in the Financial Year 2017, gross salary accounted for little over Rs9.5 crore.
As per the bank’s annual report for 2016-17, stock options exercised by Puri was Rs57.42 crore. “This includes stock options granted and vested over several previous years, but exercised during the last financial year,” the report said. Puri had exercised stock options worth Rs21.8 crore in 2015-16.
The increase in remuneration as well as higher value of stock options followed HDFC Bank’s net profit increasing over 18% to Rs14,549.7 crore in the last fiscal. Return on average net worth was 18% while the basic earnings per share was Rs57.2 up from Rs48.8.
The bank had increased its customer base to 4.05 crore from 3.77 crore with focus on semi-urban and rural markets that accounted for more than 52% of its branches.
Referring to the macroeconomic and industry developments, the report said while the cash-squeeze in the third quarter of 2016-17 had an impact on private consumption, there has been a speedy recovery in consumer demand since then.
“Going forward, weakness in private investment cycle and asset quality strain in the banking sector could prevent a full-fledged recovery though some improvement in the growth rate is quite likely. Risks on the external front continue to loom on account of policy uncertainty in the US and a slew of impending elections in Europe,” the report said.
As per the HDFC Bank, the headline gross domestic product (GDP) growth is likely to increase to 7.5% in 2017-18 from 7.1% in 2016-17. The report also said that demonetisation and the advent of the next-generation of entrepreneurs has seen a steady shift towards digital transactions.