HDFC Bank sees loan growth picking up moving ahead
Private sector lender, HDFC Bank, expects its credit growth to pick up in the months ahead on the back of the economic revival, its Chairman, Jagdish Capoor said Wednesday.business Updated: Jun 30, 2010 21:04 IST
Private sector lender, HDFC Bank, expects its credit growth to pick up in the months ahead on the back of the economic revival, its Chairman, Jagdish Capoor said Wednesday.
"As we look ahead, we expect that fundamental robustness of the Indian financial system coupled with domestic drivers of growth would lead to steady improvement in the overall economic environment...we expect these factors to translate into greater momentum in credit growth," Capoor said at the bank's Annual General Meeting here Wednesday.
Tuesday, HDFC Bank's Executive Director, Paresh Sukthankar, had expressed confidence that the bank would achieve an above 20 per cent credit growth in the current financial year as demand is picking up both in the consumer and corporate segments. The bank expects to achieve a faster growth in its corporate loan-book as compared to that of consumer loans, Sukthankar had said.
According to Capoor, the GDP growth in the current fiscal is expected to be above 8 per cent as against an average world output growth of 3.9 per cent.
As part of its expansion plans, HDFC Bank plans to open 150-175 new branches in the current fiscal and an overseas branch in Hong Kong in the next few months.