Car loan lender Federal Bank plans to achieve Rs 75,000 crore business

Car loan lender, Federal Bank has said that it plans to achieve a total business of Rs 75000 crore in this fiscal on the back of the robust deposit and credit increase.

P R Kalyanaraman, Federal Bank’s Executive Director said, “Our total business currently in the region is of Rs 61,000 crore and we expect to touch Rs 75,000 crore by end of March 2011 and Rs 1,00,000 crore by March 2012”.

The bank anticipates its loan portfolio to go up by 18-20% in this fiscal and deposits by a 20% growth, he said.

The bank would also be expanding its branch network by starting more than 70 branches in this fiscal. It has already applied to the RBI for the same, he added.

Also, it anticipates that its net interest margins increase by 3.5-4% in this fiscal.