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State Bank Of India
BSE: 500112 | NSE: SBIN
Large Cap | Bank - Public
1042.30
14.00 (1.36%) SBI reduces credit offtake target to 18%
Date: 21-09-2010With lending rates gradually moving up post frequent hikes in key rates by the Reserve Bank of India (RBI), the banks are reviewing their earlier credit off take targets for the current fiscal. State Bank of India (SBI), in its mid-term review has revised its credit growth target to 18% from 21%, downward by almost 3% during the fiscal.
Earlier, SBI had expected most of the growth in its loan book coming from the retail space including home loans and auto loans rates, which are set to rise as the banks are getting ready to hike their lending rates after RBI raised key rates to curb double digit inflation.
SBI is looking at achieving a NIM of 3.25% by the end of the fiscal. The net interest margin (NIM) is likely to be above 3% as compared to existing 3.18%. crackcrack