State Bank of India on Saturday said it is targetting a growth of 25 per cent in deposits and 22 per cent in advances in the current fiscal.
Mr A Krishna Kumar, Managing Director and Group Executive (National Banking), SBI, said mid corporate and retail sectors, which did not fare well in the last fiscal, are expected to contribute to the growth in advances.
“The preliminary figures (of SBI) indicated that as on March 12, we have roughly grown about 18 per cent in deposits and 15-16 per cent in credit.
In the current year 2012-13, we are targetting a growth of 25 per cent in deposits and 20 to 22 per cent growth in credit,” said Mr Krishna Kumar.
“We have more than 14,000 branches right now and we expect to open may be another 1,000 branches in the current year. A mixture of opening new branches and schemes for depositors and advances oriented schemes and the fact that the economy would look to be on the upswing help achieve this target,” he added.
“There was lot of sluggish growth in the mid corporate sector and also in the retail banking side. A little more focus on the mid corporate and retail segment will see this (22 per cent growth in advances) through,” he said.