HDFC Bank on Friday ruled out acquisitions or mergers at present but said it hopes to grow by 25-30 per cent in the next two-three years.

"We do not need acquisitions for attaining our growth target," HDFC Bank managing director Aditya Puri told reporters.

Even if the bank goes for M&A, it should match the scale, business strategy and philosophy, he said adding "there is no discussion with any bank at present and nobody has approached us".

Puri also ruled out a public offer or rights issue saying, "We do not need capital right now as our Capital Adequacy Ratio is more than 11 per cent, which is well above the nine per cent stipulated by the Reserve Bank of India."

HDFC Bank, which is listed on New York Stock Exchange, also expects its CAR to go up when the new international norm (Basel-II) comes up.

HDFC Bank has targeted 25-30 per cent growth in profits and business in the next 2-3 years, Puri said.

He said the retail portfolio would increase to 50 per cent of the total credit portfolio in the next 2-3 years. The retail portfolio was growing by 50 per cent at present, compared to the industry average of 30 per cent.

HDFC Bank posted net profits of Rs 387.6 crore (Rs 3.88 billion) during 2002-03.