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| StanChart sees credit growth at 13-15% over next year |
| Press Trust of India / Mumbai Oct 21, 2009, 14:55 IST |
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Standard Chartered Bank expects a steady 13-15 per cent growth in credit over the next one year, a top company official said today.
"We've seen a fairly steady credit growth, about 13 to 15 per cent. We see that continuing for another year," Standard Chartered, Chief Executive, India and South Asia, Neeraj Swaroop, told reporters here.
The UK-listed lender, however, felt that the industry may not be able to meet the 20 per cent credit growth target of the Reserve Bank (RBI).
"RBI's expectations for the industry is at about 20 per cent. (Taking an industry overview,) We should get closer to 20 per cent (credit growth). Even if it is not 20 per cent, my expectation is probably closer to 17-18 per cent," Swaroop said, without elaborating on the reasons.
He said the bank was expecting a "reasonably stable fee proportion" even though it has taken a hit on bank fee income, especially on the mutual funds front.
On the RBI's quarterly credit policy due next week, Swaroop said he expected the apex bank to maintain its current accomodative stance of low lending and borrowing rates.
"Our expectation at Standard Chartered, at this point, is that most likely there will be no change. We understand the challenges the Governor is faced with, but our expectation is that the rates will remain stable," Swaroop said.
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