Keki Mistry, vice-chairman and chief executive officer of HDFC says in another quarter or two, credit growth will take off. Traditionally, credit offtake is highest in the fourth quarter, he adds.
With State Bank of India cutting deposit rates for 1-3 years to 8.75 percent from 9 percent, could other banks soon follow suit? Keki Mistry, vice-chairman and chief executive officer of HDFC sees more banks cutting deposit rates in the next two months. He believes SBI decided to cut rates on the back of lower-than-expected credit offtake.
According to him, in another quarter or two, credit growth will take off. He says traditionally, credit offtake is highest in the fourth quarter. "I would be surprised to see sub-15 percent credit growth by FY15 end," Mistry told CNBC-TV18.
According to him, if deposit rate across the system is lowered, then HDFC too will have to lower it. However, he was unable to give a timeline for a cut in deposit rates.
Stay tuned for more…
SBI stock price
On September 16, 2014, at 09:20 hrs State Bank of India was quoting at Rs 2632.95, up Rs 8.65, or 0.33 percent. The 52-week high of the share was Rs 2833.85 and the 52-week low was Rs 1455.95.
The company's trailing 12-month (TTM) EPS was at Rs 147.33 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 17.87. The latest book value of the company is Rs 1584.34 per share. At current value, the price-to-book value of the company is 1.66.
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