Mumbai: Private sector lender ICICI Bank Ltd on Sunday said it will have a strong showing in car, home and corporate loans business in the current fiscal, but its relatively lower exposure to personal and other small-ticket loans could limit the overall balance sheet growth to below 20% in the year.
Stating that the last fiscal was bad, when its profit fell by about 10% and it also faced rumours of a run on the bank, ICICI Bank’s chief executive and managing director Chanda Kochhar said that bad times were behind it.
Anticipating a growth rate of 24-25% in focused business areas such as housing, corporate and car loans, Kochhar said that the overall growth in its balance sheet could, however, be below 20% in the current fiscal as the full impact of shift in focus areas would not be visible.
Confident about a robust growth cycle ahead for the bank, Kochhar said, “We clearly a see change of scenario. The pressures that were on us, specifically during October-November period, I think that period is behind us and we are seeing the confidence of depositors coming back.”
“Deposits are growing, new customers are opening accounts, existing customers are putting back their deposits,” she added.
Asked by when ICICI Bank would regain the position of largest retail lender from State Bank of India, Kochhar said: “I am not here really to run a race. I am here to stay on course that I have charted out in the beginning of the year.
“But, anyway, we have been a large lender and our book is very big. What we are looking at is how to optimize on the deposit structure and asset structure of our books first, rather than running a race... I’m absolutely okay with strategy that we are following,“ Kochhar added.