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ICICI Bank banks on auto loans

New Delhi, May 2: ICICI Bank, the country’s largest private sector bank, says demand for loans for automobile and real estate purchases will power its retail sector growth. “We will outgrow the industry growth of 35 per cent,” said V. Vaidyanathan, the bank’s head of retail asset group. “The third growth driver would be the bank’s credit card business,” he added.

ICICI Bank, the country’s second largest commercial bank after the State Bank, with assets of almost Rs 1 trillion, said its retail portfolio more than doubled in 200-03 against the previous fiscal. Retail advances for 2002-03 stood at Rs 19,100 crore against Rs 7,500 crore in 2001-02.

“The retail portfolio, which was 8 per cent of the bank’s total business in 2001-02, grew to 18 per cent last year,” Vaidyanathan said.

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