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SBI to target 25% loan growth, 22% deposit growth this FY
Wednesday,5th September 2007
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The State bank of India (SBI) is targeting a loan
growth of about 25 per cent and deposit growth of about 22 per cent in
2007-08. Reports say that the top and the middle-level management members will have a closed-doors five-day meeting from September 5 to chalk out a strategy for the rising business competition from foreign banks after 2009, when the sector is opened fully to global majors. Reports also say that lack of adequate capital is a hurdle in the expansion plans. The bank needs to raise Rs. 140 billion in the current financial year, 2007-08, including an equity issue. The bank plans to raise Rs 896 billion capital in the next five years. SBI merged its unlisted subsidiary – State Bank of Saurashtra – with itself and is planning to merge other associate banks as well. SBI aims to regain its lost market share by 25 basis points every quarter that is 1 per cent in a year. SBI’s market share currently is 15 per cent. The bank’s stocks have risen by 9.6 per cent, while the Bank Nifty has gained 4.3% since June 2007. |
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