NEWS & ADVICE : CAR LOANS
ICICI Bank forecasts 15 % credit growth in 2010-11
By Vaibhav Aggarwal
Feb 24, 2010
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The largest private sector lender in the country, ICICI Bank has said that it expects its credit growth for the financial year 2010-11 to be somewhere around 15%. The bank has estimated this figure based on the fact that demand in key segments is showing a rising trend.

The economic slowdown had shown its effects on ICICI bank too as the credit growth of the bank showed a decline in the past year.

The bank had reported a growth trend in its home and auto loan segment back in January this year. It was further confirmed by ICICI Bank Managing Director and CEO Chanda Kochhar.

Ms. Kochhar also quoted that the bank has shown improvement in project financing segment also and that she expects the trend to pick up as the year unfolds.

While the Reserve Bank of India has forecasted a credit growth of 16% in the upcoming fiscal, ICICI's projection strengthens.

In contrary to the other contemporary banks like HDFC Bank and IDBI Bank which have hiked their deposit rates following a rise in the CRR, ICICI Bank deos not show any plans of increasing deposit rates, said Ms. Kochhar.

Deposit rates may not rise for the State Bank of India till May-June.

 


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