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| ICICI aims for 15-20% growth in SME biz |
| BS Reporter / Mumbai Aug 20, 2009, 00:47 IST |
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The country’s largest private lender, ICICI Bank, is aiming to increase revenues from its small and medium enterprise (SME) business segment by 15-20 per cent in the current financial year, according to a senior executive.
The sectors that will drive this are infrastructure, pharmaceuticals, education and information technology, according to Sanjeev Mantri, general manager for SME banking at ICICI Bank.
“We expect 25 per cent growth in revenues from the pharmaceutical sector and 20-25 per cent growth from infrastructure,” said Mantri. According to him, ICICI Bank’s current share in the SME space is 10-15 per cent.
Export-led SMEs in auto ancillaries, gems and jewellery and textiles sectors have been the most impacted by the deterioration in external environment. With banks wary of lending to these sectors, they have been strapped for cash. However, according to Mantra, the situation has improved noticeably from about nine months ago. He added that while growth in export-led sectors was still constrained, there were signs that the situation was improving.
The bank’s SME loan book has marginally increased to Rs 7,924 crore in the quarter ended June 30, 2009, from Rs 7,845 crore in the June 2008 quarter. While refusing to share growth targets, Mantri said the bank would continue to grow its SME book.
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