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Eyes On Tamil Nadu: ICICI Bank Has Big Plans To Up Retail Loan Portfolio In The State During 2018-19 Financial Year
Photo credit: DIRK WAEM/AFP/GettyImages
In a bid to grow its retail loan portfolio in Tamil Nadu, ICICI Bank, a private sector bank, has made aggressive plans to grow by over 40 per cent to Rs 13,000 crore during the current financial year, said a top official on Wednesday (November 28), reports The Economic Times.
Anup Bagchi, Executive Director, ICICI, said that the bank has also set a target to grow consumer loans by 50 per cent in the financial year 2018-19 to Rs 5,000 crore.
"There is a big opportunity for us to grow the loan book by 40 per cent (in Tamil Nadu). We are targeting to disburse Rs 13,000 crore in FY19," he said.
The company's home loan disbursement was likely to grow by nearly 40 per cent to Rs 3,700 crore, agri-related loans by 30 per cent to Rs 4,300 crore during the current financial year, he added.
The bank will also focus on the affordable housing segment and expand its presence in tier III and tier II cities such as Karur, Hosur and Thanjavur as it is a crucial driver for home loan portfolios.
"We plan to increase our home loan portfolio to Rs 3,700 crore in FY19. To drive this growth, we have adopted a multi-pronged strategy - expanding presence in tier II and III markets, focusing on affordable housing and credit processing centres," he said.
The bank has an extensive retail network of branches across Tamil Nadu. "Over 60 per cent of our branches are located in the semi-urban and rural areas," he said.
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