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Last Updated : Sep 22, 2015 06:27 PM IST | Source: CNBC-TV18

See 12-14% credit growth in H2FY16: State Bank of Mysore

The bank has cumulatively reduced base rate by 35 basis points since April, says Sharad Sharma, MD, State Bank of Mysore.

State Bank of Mysore (SBM), an associate of SBI, cut the minimum lending rate by 0.10 percent to 9.90 percent effective Tuesday.

The bank has cumulatively reduced base rate by 35 basis points or 0.35 percent since April, says Sharad Sharma, MD, State Bank of Mysore.

Sharma expects credit growth of 12-14 percent in the second half this year with retail market strengthening due to festivities.

On non-performing loans (NPL), he says it has risen 4.2 percent, adding that there was no loan restructured under RBI’s 5/25 scheme this quarter.

Below is the transcript of Sharad Sharma's interview with Anuj Singhal and Ekta Batra on CNBC-TV18.

Ekta: Can you now tell us what your cost of funds are currently at and how much have your cumulative lending rate cuts been in 2015?

A: 2015 May we reduced the base rate from 10.25 percent to 10 percent and now by 10 bps so cumulatively April onwards we have reduced it by 35 bps and that is more or less in line with our reduction in the cost of fund because though the Reserve Bank of India (RBI) has reduced their rates by higher margin, we see our depositors moving into the higher bracket and the sense is that the interest rates are going to go down. So from the short-term maturities, they are coming up on the longer one.

Anuj: So this move would be margin neutral?

A: It would be margin neutral and we will review the position again after the credit policy comes out on September 29.

Ekta: How much more of space do you have to pass on lending rate cuts because out of this 35 bps incrementally, the RBI doesn’t cut rates further on in 2015, how much more headroom do you have to pass on for the lending rate cuts as of now?

A: Till now this year I have not seen much of credit growth but going on into the second half year, if the credit growth moves up then my capacity to review the rates will improve.

Anuj: What kind of credit growth do you envisage going forward?

A: I think my guess is as good as mine.

Anuj: Any ballpark number?

A: We are looking at anywhere between 12 percent and 14 percent in the second half.

Ekta: In terms of credit growth how is corporate versus retail doing at this point?

A: We are not seeing much of corporate. Why I am saying 12 percent is that the retail thing will come up, we have a strong market here. So the festival season coming up so maybe -- we see some softening of rates from the builders not but maybe in the terms which they are offering.

So housing loans, car loans and other things, in retail, we see more of growth and being optimistic to see some growth happens on the corporate side.

Ekta: Have you seen that incremental competition already seep in from the likes of HDFC Bank, which is now the lowest in the industry?

A: The two big players as far as the retail is concerned is HDFC and my parent bank State Bank of India (SBI). So that competition is there but we are holding our own.

Ekta: Give us a quick word in terms of the gross non-performing loans (NPLs), how are you placed at this point in time and are they going to worsen from maybe 4 percent mark that you recorded in the previous quarter, how would they possibly look and the trajectory?

A: June - we had negative growth in terms of credits. So the NPA percentage though not in absolute terms but in percentage terms it inched up to about 4.1-4.2. I see it at around the level of 4.25.

Ekta: Any 5:25 which has been done in this quarter that you can talk about?

A: This quarter nothing has been concluded per se.
First Published on Sep 22, 2015 12:05 pm
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