SBI aims 19-20 % credit growth

State Bank of India eyeing a credit growth of 19-20 percent in the current financial year.

SBI chairman, Pratip Chaudhari, noted that during the last fiscal, the public sector lender has reduced its credit growth target to 16-19 percent from an estimated projections of 19-22 percent at the beginning of the year.

Lowering of growth targets was mainly due to lack of demand from corporates owing to economic slowdown in general.

Net profit of the bank increased over 15 percent to Rs 3,263 crore in the quarter ending December.

Net Interest Income of the public sector lender rose by 27 percent to Rs 11,466 crore during this period.