Retail loans to grow by upto 50%: Andhra Bank
Retail loans to grow by upto 50%: Andhra Bank
Andhra Bank, Public sector lender, today said its retail loan-book would grow by around 45-50 % this fiscal on the back of a healthy demand from the home and gold segments.
In FY 10, the bank saw its retail loan-book grow by 48 %.
"Overall, there is a pick-up in demand for retail loans. Clearly, consumer confidence has come back and we expect to sustain the growth momentum in the current fiscal as well," Andhra Bank's General Manager, Anjaneya Prasad, told reporters here.
In FY 10, the lender disbursed around Rs 54,000 Cr of which Rs 8,900 Cr comprised retail advances. Out of this, home loans comprised Rs 3,480 Cr, education loans 1,647 Cr, non-agriculture gold loan Rs 1,382 Cr and personal loans Rs 971 Cr, Prasad said.
With gold demand expected to be strong in the months ahead, the lender aims to grow its gold loans to Rs 3,000 Cr from the present Rs 1,400 Cr.
"Despite increasing gold prices, consumers in the country will continue to drive market growth and we want to grab the opportunity," he said.
Andhra Bank is providing gold loans at less interest (around 14 %) as compared to other banks which are charging more, he said, adding "we have already started a campaign to attract customers."
The bank presently has a branch network of 1,700 pan-India with gold loan facilities available in 1,100 branches.
With gold demand expected to be strong in the months ahead, the lender aims to grow its gold loans to Rs 3,000 Cr from the present Rs 1,400 Cr.
"Despite increasing gold prices, consumers in the country will continue to drive market growth and we want to grab the opportunity," he said.
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