Indian Bank forsees 25% biz growth this fiscal
By Joseph Samson
Sep 27, 2010
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Public sector lender, Indian Bank has aimed at attaining total business of Rs 1.85 lakh crore in this financial year, said a top official of the bank.

"We are targeting a total business of Rs.1.85 lakh crore in the current fiscal (2010-11), which is about 25 per cent higher than last fiscal's (2009-10). The credit growth would be 24 per cent to Rs 16,000 crore," Indian Bank Chairman and Managing Director T M Bhasin said.

The bank expects that its net interest margin (NIM) would be maintained at 3.5% this fiscal. The NIM of the bank was 3.71% last fiscal.

Bhasin said that the bank is also striving to lower the level of its gross non performing assets to 1% from 1.4%.

He said that there would be an upward revision of base rate. The current base rate of the bank is at 8%. "We will take a call on base rate revision on October 1."

He said that the bank currently harbors no plans of merging the housing finance business with itself.


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