BoB expects loan growth at 22% in FY10

State-run Bank of Bardoa today said that it expects its loan portfolio to grow by 22 per cent in 2009-10 and felt there will be no major impact on its business due to weak monsoon.     

"We are looking at a credit growth of around 22 per cent in FY10. For the industry, the growth is likely to be around 20 per cent," Bank of Baroda Chairman and Managing Director M D Mallya told reporters here. 

Another leading public-sector lender, Union Bank of India said last week that it may fail to achieve the targeted credit growth of 25 per cent in this fiscal on account of difficult market conditions.     

 

Its loan growth, in the current fiscal, is likely to be in the range of 20-22 per cent, Union Bank CMD M V Nair had said.     

Credit growth in the banking industry is expected to pick up post September in the busy season when a revival in the economy is expected, Mallya said.     

On interest rates, Mallya said they are likely to remain stable in the near term.