India's largest lender the State Bank of India ( SBI ) expanded its domestic loans by 21% year-on-year to approximately Rs 9.17 lakh crore surpassing the 16% mark as projected by the Reserve Bank of India for the entire industry. Deposits too grew around 15% y-o-y to about Rs 11.30 lakh crore. However, these figures are provisional.
"The majority of loan growth took place between February and March this year. It came from large corporates across sectors," Pratip Chaudhuri, Chairman SBI told reporters here in Mumbai.
"Retail credit too has grown well. Home loans grew 30% y-o-y while auto loans rose 25% y-o-y. Currently, we have excess liquidity to the tune of Rs 35,000-40,000 crore. Loan recoveries too have been good," he said.
Recently, SBI came out with publice notice publishing photos of some willful defaulters. This has yielded some results for the lender. Especially students (who borrowed but did not repay), according to Chaudhuri rushed to the bank to repay their dues after such campaign. The social stigma may have prompted them to do so.
The bank has successfully mopped up USD one billion (or around Rs 5,415 crore) through international bond sales offering an interest rate of 3.25%. Those bonds are of five years tenure and listed in Singapore Stock Exchange.
"This is a standalone overseas fund raising programme. The proceeds will be used by our overseas offices to expand business. Besides, we earlier planned an MTM fund raising plan for USD 10 billion of which, we already utilized USD 3 billion," said Hemant Contractor, MD SBI.
On RBI policy...
Buoyed up with the latest inflation data (at 5.96%), SBI boss suggested a 100 basis points cut in the cash reserve ratio or the portion of deposits banks keep with the RBI. Repo rate cut, according to Chaudhuri will not have much impact on their borrowing cost.
"I am encouraged by the latest WPI inflation figure to recommend 100 bps cut in CRR. After holding our asset liability committee meeting last week, we did not find it necessary to cut rate. We have reduced deposits rates for senior citizens by 25 bps," he said.
Being asked about HDFC Bank offering the lowest base rate at 9.60%, he said, it is not the base rate but the actual rate that customers are concerned about. SBI is offering the most attractive home loan rates at 9.95 percent for home loans up to Rs 30 lakh while 10.10 percent for above Rs 30 lakh.
On KFA recovery...
The bank is in the process of sending SARFAESI notice to the debt ridden Kingfisher Airlines. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act allows lenders to auction collateralized properties when borrowers fail to repay their loans.
"Whatever we get through recoveries, those will be proportionately distributed among consortium member banks. We no more are keen on any revival plan. We have waited for a long time. There is no seriousness from the company," Choudhuri said.
A consortium of 17 banks lent nearly Rs 8,000 crore to Vijay Mallaya owned airline company. SBI loaned around Rs 1,600 crore.
saikat.das@network18online.com
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