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October 27, 2008 16:50 IST
State Bank of India [Get Quote] said on Monday it expects a loan growth of 26 per cent in 2008-09 against 23 per cent recorded last year.
"The internal credit expansion target is 26 per cent for the current fiscal," SBI chairman O P Bhatt told reporters in New Delhi after announcing results for the second quarter ended September 30.
The country's largest bank's advances for the year ended March 2008 stood at Rs 4,22,181 crore (Rs 4,221.81 billion).
During April-September, the bank registered credit expansion of a whopping 162.35 per cent at Rs 51,020 crore (Rs 510.2 billion) against Rs 19,447 crore (Rs 194.47 billion) in the same period a year ago.
SBI has drawn expansion plan for business growth that includes addition of 1,500 branches across the country.
"Last year, the bank opened 900 branches. This year, we plan to add another 1,500 branches at potential centres," Bhatt said.
So far, the bank has opened 500 branches and was awaiting approval from RBI for the remaining branches, he said, adding, 'this will add to our topline and bottomline'.
The bank's total number of branches has surpassed 10,400 mark.
On the Qualified Full Banking licence accorded by the Singapore Monetary Authority, Bhatt said, SBI is authorised to open 25 branches.
Currently, SBI has three branches and an equivalent number of ATMs in Singapore.
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