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ICICI sees 20 pc growth in credit during FY11

Private sector lender ICICI Bank today said it expects a credit growth rate of 20 per cent in the current fiscal.

business Updated: Jul 19, 2010 15:59 IST

Private sector lender ICICI Bank on Monday said it expects a credit growth rate of 20 per cent in the current fiscal.

"It (credit growth) would be 20 per cent," ICICI Bank CEO and Managing Director Chanda Kochhar said on the sidelines of an event organised by CII in New Delhi.

The outstanding loan of ICICI Bank at the end of March 2010 stood at Rs 1,81,206 crore. The bank, however, had witnessed a decline in credit offtake in the last fiscal from Rs 2,18,311 crore in the year-ago period, mainly due to the repayments from the retail loan portfolio and the loan portfolio of overseas branches, he had said in a statement.

During 2009-10, ICICI Bank had a consolidated net profit of Rs 4,670.29 crore, up 30.56 per cent over the same year-ago period.

Speaking about financial inclusion initiatives, Kochhar said the bank is planning to reach to about 85,000 to one lakh villages in the next three years.

The bank is aiming to tap about two crore customers through its financial inclusion initiatives. The country has over six lakh villages, of which only 5 per cent have got bank branches.

Asked about her reaction to the Takeover Code proposals mooted by panel of market regulator SEBI, she said, "I think we should watch how it gets implemented, but certain norms are good."

The SEBI Takeover Regulatory Advisory Committee on Monday suggested hiking open offer trigger to 25 per cent from the current 15 per cent and raising the offer size to 100 per cent of the equity in the target company.

First Published: Jul 19, 2010 15:55 IST