IndusInd Bank eyes consistent growth of over 25% in next 3 years
GURGAON: Private sector lender IndusInd Bank seeks to maintain a consistent growth over the next three years and eying to grow by over 25 per cent over the same period, its MD & CEO Romesh Sobti said today.
“We have grown by over 25-30 per cent,…and we expect in the next three years also we will grow our books by over 25 per cent. And we hope to double our branches our customer base and of course improve our profitability,” Sobti told PTI on the sidelines of acquiring branding rights for one of the metro stations of Rapid Metro Gurgaon Ltd (RMGL).
Sobti said the bank has doubled its network in the last three years and it will further double it in the next three years as well.
The bank had registered net profit growth of 33 per cent to Rs 1,408.02 crore in the fiscal ended March 31, 2014. Its net profit in the previous fiscal 2012-13 were at Rs Rs 1,061.18 crore.
As on March 31, 2014, IndusInd Bank had 602 branches in its network.
On asked about entry of two new banks in the market recently, Sobti said there is big hype about the competition as one of them is an infrastructure company, while another is a micro-finance company seeking to expand its portfolio.
“…so I think there is big hype about competition. With two licences I don’t think market is likely to be moved a lot, but future licenses will also come. And I think that the banking market in India, the way its growing, can accommodate more players.”
Replying to a query on RBI’s stance on policy rates, Sobti said much will depend on inflation and monsoon.
“I don’t think rates are going to be come off in a hurry. There is no indication where rates are falling. Over the next two quarters, all these vectors like inflation etc, behavior of the monsoon will probably determine the stance of the RBI,” he said.