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SBI to target 25% loan growth, 22% deposit growth, FY '08

SBI to target 25% loan growth, 22% deposit growth this financial year

Apnaloan.com Research Bureau

05 Sep 2007

The State bank of India (SBI) is targeting a loan growth of about 25 per cent and deposit growth of about 22 per cent in 2007-08.

Reports say that the top and the middle-level management members will have a closed-doors five-day meeting from September 5 to chalk out a strategy for the rising business competition from foreign banks after 2009, when the sector is opened fully to global majors.  
 
Reports also say that lack of adequate capital is a hurdle in the expansion plans. The bank needs to raise Rs. 140 billion in the current financial year, 2007-08, including an equity issue.

The bank plans to raise Rs 896 billion capital in the next five years. SBI merged its unlisted subsidiary State Bank of Saurashtra with itself and is planning to merge other associate banks as well.

SBI aims to regain its lost market share by 25 basis points every quarter that is 1 per cent in a year. SBI's market share currently is 15 per cent. The bank's stocks have risen by 9.6 per cent, while the Bank Nifty has gained 4.3% since June 2007.