ICICI Bank to strengthen its loan business in Karnataka

Mumbai headquartered private banking major ICICI Bank plans to strengthen its presence in Karnataka state in auto and personal loans verticals.

ICICI Bank is looking to grow retail loan disbursement in Karnataka by 30 per cent to Rs. 13,700 crore in current fiscal. It aims to execute the target growth by expanding consumer loans disbursement which comprises personal and auto loans, by 33 per cent to over Rs. 5100 crore, alongside the disbursement of agriculture related loans by 28 per cent to Rs. 3300 crore compared to 2018-19. Mortgage loan disbursement too is likely to rise by 30 per cent to over Rs. 5,300 crore in 2019-20, compared to the previous financial year.

ICICI Bank is country’s largest private sector bank in terms of consolidated assets. Its subsidiaries include leading private sector insurance, asset management and securities brokerage companies, along with country’s largest private equity firms.

On Friday, the stock closed at Rs. 395.95 per share, lower by 0.80 per cent on BSE. The benchmark index BSE Sensex closed at 36,701, higher by 228 points.