According to Sri S. Sridhar, Chairman and Managing Director, Central Bank of India has seen a robust growth of over 23 per cent in its loan book during last fiscal despite a weak market demand but its bad loans rose slightly.
“Our loans grew by above 23 per cent in the last fiscal and we expect a growth of 25 per cent in both deposits and advances in the current fiscal,” the Central Bank of India Chairman & Managing Director, Mr S. Sridhar, told reporters here.
At the pre-policy consultation with the Reserve Bank recently, bankers had expressed confidence that they will achieve a 20-22 per cent credit growth in FY11.
Despite a weak market last year, PSU banks like Union Bank and Bank of Baroda had managed to clock over 20 per cent growth in loans in FY10 while the largest lender SBI had indicated that its full year loan growth is unlikely to cross 18 per cent.
According to the apex bank’s data, banks just managed to meet the 16 per cent credit growth target set by the Reserve Bank in 2009-10 through huge disbursals in recent months. Banks’ FY10 loan growth stood at 16.7 per cent.
Commenting on the rise in non-performing assets, Mr Sridhar said this is expected given the impact of global financial turmoil in the economy last year.
Commenting on the rise in non-performing assets, Mr Sridhar said this is expected given the impact of global financial turmoil in the economy last year.
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