ICICI Bank Overtakes HDFC In Home Loans

Mumbai, May 27 | Updated: May 28 2004, 05:30am hrs
ICICI Bank Ltd has overtaken HDFC, a major player in home loan market, for the fiscal 2003-04 by registering disbursements of Rs 13,278 crore as against Rs 12,697 crore recorded by the latter. The disbursals of ICICI Bank, which has grown aggressively in a time span of five years, rose from Rs 8,659.4 crore in fy-03 to Rs 13,278 crore in fy-04.

The bank at present has a market share of about 27 per cent of the total market of Rs 5,00,000 crore approximately, banking industry sources said.

ICICI Bank home loans Rajiv Sabharwal told PTI here on Thursday, We will continue to try and provide competitive rates, along with innovative add-on services. We will also increase our presence even beyond the 400 plus locations where we are currently present.

According the HDFCs annual performance, the disbursals of the entity in fy-04 grew by 28 per cent at Rs 12,697 crore (Rs 9,951 crore in fy-03).

HDFC chairman Deepak Parekh has in the past gone on record that the housing finance company was not looking at a market share growth but would focus on growing profitably.

PTI