Mumbai, July 22: State Bank of India (SBI) has posted 11.8% growth in personal banking advances at Rs 1,185 crore during the first quarter ended June 30, ‘03, compared with Rs 1,060 crore in the corresponding period last year. The rise has been driven by housing, automobiles, two-wheelers and loans against securities, a senior SBI official said. The share of the personal banking segment in total credit of SBI has grown from 18.6% as on March ‘03 to 19.9% in Q1 of the current fiscal, he said. Housing loans accounted for Rs 764 crore in the period under review, he added.
Last month, the bank reintroduced the five years bracket for home loans at 8% floating rate of interest to target high net worth individuals and customers seeking loans for repairs and reconstruction.
SBI official said other personal loans, such as auto and loans against securities, witnessed a 10-fold rise at Rs 424 crore as against Rs 43 crore in Q1 of last fiscal. In the January-March quarter of ‘03-04, the bank expects a credit offtake of Rs 1,000 crore per month, he added. On a cumulative basis, the total personal banking advances stood at Rs 25,546 crore at the end of Q1, up from Rs 24,361 crore registered in March ‘03, he said. Bureau Report