Lending has begun to show positive signs of pickup, according to Mr. P Nanda Kumaran, Managing Director of State Bank of Travancore,"I think this trend will continue into the rest of the financial year", Mr. Kumaran added in an interview.
Mr. Kumaran quoting the figures said that the lending was not muted during the festival season. He said, "There was substantial growth in retail credit growth from 18.62 per cent in August to 27.03 per cent in November this year."
Mr. Nanda Kumaran put the growth post November is Rs 2877 crore. Growth in some sector might not show the kind of recovery expected, he said, "But we hope these sectors would turn around as we go forward into the last quarter."
In the case of infrastructure, the growth has been uncertain due to thee the gloomy economic condition. "But as a bank, if I can bring down the interest rates and make those projects take off faster, then that is an area that I should work on," Mr. Nanda Kumaran said.
The growth on the deposit side has been 18 per cent on the year-to-year basis. Overall, SBT has been doing well in terms of business growth, profitability and profits.