PTI, Apr 5 2012. 7:00 PM IST, Mumbai:
During the last fiscal, the public sector lender had reduced its credit growth target to 16-19% from an estimated projections of 19-22% at the beginning of the year. Lowering of growth targets was mainly due to lack of demand from corporates owing to economic slowdown in general.
Country’s largest lender State Bank of India (SBI) on Thursday said it is aiming to post a credit growth of 19-20% in the current financial year. “The target (for credit growth) is 19-20% (this fiscal), which was 18-20% (last fiscal),” SBI chairman, Pratip Chaudhuri said.
Meantime, the loans by banks increased by over 17% to Rs. 47.6 lakh crore as on 23 March, against Rs. 40.6 lakh crore reported in the same period last year.
Referring to concern regarding bad asset, Chaudhuri said things are improving in the NPA (non-performing asset) front. “Initial response has been encouraging. The NPA situation seems under control. We seem to be winning the war against NPA,” he said.
The gross non-performing asset (NPA) ratio stood at 4.61% during third quarter (Q3) as against 4.19% in the previous quarter (Q2). Similarly, the net NPA ratio grew to 2.22% during Q3 against 2.04% reported in the previous quarter.
Net profit of the bank increased over 15% to Rs. 3,263 crore in the quarter ended December. Net Interest Income (NII) of the public sector lender rose by 27% to Rs. 11,466 crore during this period.
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