Banks booming in India
(13 April 2005 – India) Australian banks could do well to take a serious look at taking a stake in India’s banking industry with the top Indian banks set to announce 15 to 30 percent profit growth this year.
HDFC bank is tipped to announce a 30 percent profit growth and ICICI Bank is expected to post a 20 percent profit.
Oriental Bank of Commerce said it expects its lending growth to have increased 25 percent on the previous year, driven by retail businesses, textiles and infrastructure.
The bank said it was considering expanding out of its home market and opening offices in South Africa and the United Arab Emirates.
Oriental is also in discussions with Malaysia’s Bank of Baroda and Bank of Maharashtra because of the high level of remittances coming from Malaysia, the bank said.
The lion’s share of the growth occurring in India is being driven by lending to both businesses and individuals.
Companies are investing heavily to increase capacity to meet local and global demand while India now boasts a burgeoning, cashed up middle class of around 300 million people who are buying new houses and cars.
India is currently the fourth largest economy in Asia.
Oriental Bank of Commerce said it expects its lending growth to have increased 25 percent on the previous year, driven by retail businesses, textiles and infrastructure.
The bank said it was considering expanding out of its home market and opening offices in South Africa and the United Arab Emirates.
Oriental is also in discussions with Malaysia’s Bank of Baroda and Bank of Maharashtra because of the high level of remittances coming from Malaysia, the bank said.
The lion’s share of the growth occurring in India is being driven by lending to both businesses and individuals.
Companies are investing heavily to increase capacity to meet local and global demand while India now boasts a burgeoning, cashed up middle class of around 300 million people who are buying new houses and cars.
India is currently the fourth largest economy in Asia.
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