Centurion Sets 100% Deposit Growth Target For 1997-98
After achieving an impressive 380 per cent growth in its deposit base in the last fiscal, Centurion Bank has set a moderate mobilisation target of 100 per cent for the current year ending March 1998.
The advances target has been fixed at Rs 1,800 crore, an increase of around 110 per cent.
Primarily, we intend to maintain our non-performing assets (NPA) at the current level of zero per cent. We are cautious in expanding our asset base as we do not want to dilute the quality of our assets to achieve rapid growth, Ashish Sen, managing director of the bank said.
Besides, we have to keep the resource cost at the minimum as the lending rate for quality borrowers are showing a decline, he added.
The problem assumes significance for Centurion as it avoids lending to corporates with an iota of doubtful antecedents.
Acknowledging that non-banking finance companies (NBFCs), financial institutions, etc crowding the retail market will make deposit dearer, he said the bank is also adding 10 more branches to its existing 20.
The thrust of the resource mobilisation programme will be on creating a retail base.