The country's largest public sector bank State Bank of India (SBI) is targeting a credit growth of 15 percent in the current financial year, chairman Dinesh Khara said on August 4 in a post-earning's call.
"We are looking at a credit growth of 14 to 15 percent in FY24. Our credit growth will be broad-based in retail, agriculture, small and medium-sized enterprises and the corporate sector," Khara said.
The chairman said the bank has a corporate sector lending plan in place to lend Rs 3.5 lakh crore to the sector. "Out of the Rs 3.5 lakh crore credit plan, we have for the corporate sector, we have completed a lending of around Rs 1 lakh crore in the April-June FY24 quarter," Khara said.
The bank's reported a 13.90 percent credit growth in the April-June period, with domestic advances growing at 15.08 percent.
Also read: State Bank of India Q1 Results: Net profit grows 178% to Rs 16,884 crore, asset quality improves
Retail personal advances grew to Rs 12.04 lakh crore from Rs 10.34 lakh crore. Lending to agriculture grew to 2.64 lakh crore from Rs 2.29 lakh crore.
Corporate sector lending grew to Rs 9.82 lakh crore from Rs 8.74 lakh crore last year. Lending to small and medium sized enterprises (SME) grew to Rs 3.69 lakh crore from Rs 3.12 lakh crore.
The bank reported a higher-than-expected 178 percent rise in net profit for the June quarter at Rs 16,884 crore from the year-ago period. Analysts had expected a 147 percent year-on-year increase at Rs 15,009.
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