SBI expects 20% credit growth in current fiscal

State Bank of India (SBI) Friday said it expects to clock 20 per cent growth in credit and 16 per cent expansion in deposits in the current financial year.

“New corporate demand (for credit) is low but retail demand is very strong. Credit growth would be 20 per cent and deposit growth 16 per cent (in FY14). We are refinancing for good corporate accounts as our rates are cheaper compared to others,” SBI chairman Pratip Chaudhuri said.

Chaudhuri was speaking to reporters on the sidelines of an award function organised by Institute for Development & Research in Banking Technology (IDRBT) here.

On net interest margin, a key profit indicator for lenders, Chaudhuri said, “NIM is comfortable up to March and we think we will be doing well. Outlook (for NIM) that we have given at 3.6 per cent.”

The liquidity position in the financial system is good, the head of India’s largest lender said.

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