ICICI Bank sees 18% credit growth in 2010-11

The lender attributes positive growth to its healthy current accounts and savings accounts deposits level.

Country's largest private lender ICICI Bank has said that its credit will grow at a hefty 18 per cent this fiscal, contrary to a meagre 1.8 per cent expansion in the first half, largely on account of buoyant corporate and retail businesses.

"Last quarter (July-September) was the first quarter after nine quarters that the decline in retail business was arrested...our domestic corporate sector business has grown at an annualised rate of 30 per cent in the last quarter. So that growth would sustain," ICICI Bank CEO Chanda Kochhar said.

It may be recalled that ICICI Bank had posted a 19 per cent growth in net profit to Rs 1,236.27 crore ($271.3 million) during the second quarter. In the same period a year ago, it had witnessed a flat growth at Rs 1,040.13 crore ($228.31 million).

"From here, what will happen is that our retail business will start growing...international growing at single digit and corporate sector growing at much healthier rate. I still expect that for the year as a whole we should end with 18 per cent growth rate," Kochhar said.

View the full story in The Economic Times.