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| BoB sees scope to raise up to Rs 4,000-cr this fiscal |
| Press Trust of India / Mumbai Sep 07, 2010, 22:01 IST |
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Public sector lender Bank of Baroda (BoB) says it has the scope to raise up to Rs 4,000-crore capital in the current fiscal.
"We have the scope to raise between Rs 3,000 crore and Rs 4,000 crore in the current fiscal. The funds would be raised as Tier-I and Tier-II capital," BoB's Chairman and Managing Director M D Mallya said today on the sidelines of a banking conference.
The lender said that it was targeting a 20-25 per cent deposit growth despite not doing well on this front in April-August and would maintain a 20 per cent credit growth in FY11.
"We did not achieve a good deposit growth during April-August in the current fiscal. But we expect to achieve a deposit growth of around 20-25 per cent in FY11," Mallya said, adding the bank has seen deposits growing by six to seven per cent in the current financial year so far.
"We expect to achieve the target of our deposit growth in the second-half of the current fiscal," he said.
Credit off-take generally picks up in the second-half of every fiscal after the onset of the festival season and BoB expects the same to continue this year as well, Mallya said.
The bank is eyeing an annual 20 per cent rise in credit, he said. In line with the trend among the banks, BoB also expects a higher lending to the infrastructure sector, which it expects to increase by 30 per cent in the current fiscal.
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