HDFC Bank’s IT expense 7% of total spending, says senior executive

HDFC Bank’s investment in information technology (IT) is around 7 per cent of its total spending, said the senior executive of India’s largest private sector lender on Tuesday.

HDFC Bank’s operating expenditure in the financial year 2023-24 (FY24) increased by 33 per cent to Rs 63,390 crore from Rs 47,600 crore last year. “Initially, the capex (capital expenditure) would be slightly higher and the opex (operating expenditure) would have been lower. And now, as systems get commissioned, opex starts going up and capex starts coming down.