SBH targets 20% biz growth in FY17

SBH targets 20% biz growth in FY17
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Public sector State Bank of Hyderabad (SBH) is targeting 20 per cent business growth during 2016-17 as the city-based bank gears up to celebrate its platinum jubilee year from April 3.   

Hyderabad: Public sector State Bank of Hyderabad (SBH) is targeting 20 per cent business growth during 2016-17 as the city-based bank gears up to celebrate its platinum jubilee year from April 3.

The premier bank, a subsidiary of State Bank of India, is looking to end the current fiscal (FY16) ending on Thursday with a total business of Rs 2.55 lakh crore, comprising deposits of Rs 1.36-1.38 lakh crore and advances of Rs 1.14-1.16 lakh crore, according to Santanu Mukherjee, Managing Director, SBH.

"To commemorate the platinum jubilee, we have come out with platinum jubilee deposit which is 75 weeks (525 days) at 7.95 per cent interest, slightly above the other deposit rates, and 8.45 per cent for senior citizens", Mukherjee said.

Credit growth in 2015-16 is expected to be a little muted and around 10 per cent on the back of poor demand of large value credit, but on retail side, it could be about 18 per cent, he added.

"We have shed a good amount of bulk deposits (high cost deposits). We have shed around Rs 10,000 crore during this year," Mukherjee said.In his opinion, stress in the banking sector would continue in 2016-17, at least in the first half for sure, and it's going to be a challenging year. (With PTI inputs)

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