The Hindu Business Line : Corporation Bank expects lower credit offtake

KOLKATA: Corporation Bank is expecting a lower credit growth of 20 per cent during the current financial year, bank's Chairman and Managing Director, Mr J M Garg said.

He said in the last fiscal, the credit growth was 30 per cent. During the first quarter, credit growth was not on expected lines, he told reporters on the sidelines of FICCI Banking Conclave here today.

Regarding deposit growth, he said it was about 25 per cent in first quarter.

Mr Garg said that bank was likely to make a 25 basis points cut in deposit rates. Non-interest income and treasury income were also expected to be better, he said.

Net interest margin was under pressure in first quarter but is likely to stabilise in the second quarter, he said. The bank was also likely to raise Rs 1000 crore as Tier I and Tier II capital in the current fiscal, he said. – PTI

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