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Corporation Bank sees 22% loan growth in FY10

Published on Fri, Nov 06, 2009 at 09:34   |  Updated at Fri, Nov 06, 2009 at 11:23  |  Source : Reuters
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State-run Corporation Bank sees loans growing 22% and net interest margin marginally up at 2.4-2.5% at the end of 2009/10, its top official said on Thursday.
"So far credit growth is seen in infrastructure, sugar, steel and cement sectors. A number of loan proposals are coming from steel, roads, ports and pharmaceuticals sector, with power sector showing maximum loan demand," J.M. Garg, chairman and managing director, said at an analyst meet.
Infrastructure sector currently makes up 12% of the bank's loan portfolio, while retail comprises 18%.
Repricing of deposits and increasing focus of the bank to push for higher share of low-interest bearing current and savings account to 30 percent in FY10, from 23% now, would help margins rise from 2.3% levels, Garg said.
The bank is also expecting non-interest income from core business to be at Rs 6.5 billion in FY10, up from Rs 4.3 billion a year ago with introduction of new business areas like supply chain management, loan syndication and increasing focus on government tax collection, he added.
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