A strong focus on retail advances has helped State Bank of Hyderabad (SBH) to pick up credit growth during the months of October-November.
Speaking to a leading business magazine, Ms. Renu Challu, M.D. SBH said, “Our retail focus has started paying-off. From 3.8 per cent, the advances grew to 9.2 per cent in October and the November figure (which is yet to be ascertained) will be more.” The bank, with a total balance sheet size of about Rs 1,13, 000 crore, would register a credit growth of 20 per cent for the year, she said and added that the bank is expecting to grow further during the rest of the year.
Currently, the bank is planning the launch of a new campaign, ‘SBH Explore’ to highlight bank’s focus on personal/retail segment. The addition of 170 new branches this year would also help in increasing the retail business further, Ms. Renu said. On the deposit front, the extra efforts taken to increase current account/savings account (CASA) deposits paid off with a deposit growth of 19.43 per cent last month on a year-on-year basis. Focus is also being given to SME advances as evinced by a significant growth in SME advances to Rs 463 crore at the end of October compared with Rs 278 crore in the year-ago period.
Recently the bank had also received Andhra Pradesh Government Award for outstanding contribution to Micro and Small enterprises development.
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