Chanda Kochhar: Retail, corporates to drive domestic growth

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Feb 01 2013, 02:17 IST

ICICI Bank reported a 30% y-o-y growth in profit for the December quarter. In a conference call, Chanda Kochhar, MD and CEO, said the bank would grow its book faster than the sector and that additions to restructured assets in the current financial year will be lower than last year. Excerpts:

Where is your credit growth coming from and how will it change?

We have the capability to grow a little faster than the industry average. Industry is currently growing at 16% and our domestic advances are growing at 20% and I see this continuing for the next few quarters. We expect to see about 20% growth in the domestic business and I think this will be equally divided between the retail and the corporate business. Our corporate business is already growing at about 20%, retail business growth has reached 17% now and we expect that to reach 20% as well. In the overseas business growth will be calibrated as per the market. That is why you have seen that our overall growth has been 16%.

Have you seen a pick up in demand from corporates to finance new projects?

No, the growth is mainly on account of working capital or disbursement for the existing projects. We have not really seen a pick up in demand from new projects as yet. As of now there is demand for working capital and from projects that are reaching commercial operations where companies refinance the debt since implementation risks are over. There is also some substitution

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