ICICI Bank plans to grow aggressively by opening 60 more branches this fiscal and aims to increase its retail assets to Rs 33,000 crore (Rs 330 billion) in 2004-05.
"We have got the Reserve Bank of India's permission to open 60 more branches this fiscal. We have about 455 branches at present," ICICI Bank executive director Chanda Kochhar said after launching a co-branded credit card with Punjab & Sind Bank in New Delhi on Friday.
She said the bank was looking at opening branches in both urban and semi-urban areas to increase its customer base, now at 10 million.
Apart from branch expansion, the bank would also open more ATM counters. At present it has 1,780 ATMs.
ICICI Bank, which is listed on the New York Stock Exchange, also has a representative office in the United States and branches in Canada, United Kingdom, UAE, China and Singapore.
The bank targets to retain over 30 per cent of the retail loan mart which includes housing loans, vehicle loans, personal loans and credit cards.
"We have 30 per cent market share in the retail segment. We expect to grow it in the years to come," Kochhar said.
ICICI Bank's retail portfolio was about Rs 30,000 crore (Rs 300 billion) of the total asset of Rs 1,25,229 crore (Rs 1,252.29 billion) in 2003-04. The retail portfolio is likely to increase to Rs 33,000 crore (Rs 330 billion) in 2004-05.
The retail segment grew by 30 per cent to about Rs 1,00,000 crore (Rs 1,000 billion) last fiscal and is expected to maintain the growth in 2004-05 as well.
Of the total retail assets, housing loans constitute about Rs 50,000 crore (Rs 500 billion), vehicle finance Rs 30,000 crore (Rs 300 billion) and credit cards about Rs 5,000 crore (Rs 50 billion).
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