 "Credit to grow 12-14%: Axis Bank")
Axis Bank, the country's third largest private sector lender, expects credit growth in the system to inch back to double digits in this financial year. The bank expects credit growth to increase by 12-14 per cent in FY16, whereas deposits are also expected to increase in a similar range.
"Coupled with gradual economic and investment recovery and funding needs for auction proceeds, bank credit growth is likely to be in the 12-14 per cent range in fiscal 2016, while we expect deposit growth in the range of 12-13 per cent," the bank said in its annual report.
Last financial year, credit growth was the lowest in 17 years at 9.52 per cent whereas deposits in the system inched up by 11.42 per cent.
In the meantime, in FY15, Shikha Sharma, managing director and chief executive officer of Axis Bank, earned a salary hike of 11.20 per cent to draw Rs 4.17 crore. In FY14, Sharma had drawn a salary of Rs 3.75 crore. In the same time, the bank reported a growth in net profit of 18.34 per cent to Rs 7,357.82 crore in FY15 compared with Rs 6,217.67 crore in the same period a year ago.
"Coupled with gradual economic and investment recovery and funding needs for auction proceeds, bank credit growth is likely to be in the 12-14 per cent range in fiscal 2016, while we expect deposit growth in the range of 12-13 per cent," the bank said in its annual report.
Last financial year, credit growth was the lowest in 17 years at 9.52 per cent whereas deposits in the system inched up by 11.42 per cent.
In the meantime, in FY15, Shikha Sharma, managing director and chief executive officer of Axis Bank, earned a salary hike of 11.20 per cent to draw Rs 4.17 crore. In FY14, Sharma had drawn a salary of Rs 3.75 crore. In the same time, the bank reported a growth in net profit of 18.34 per cent to Rs 7,357.82 crore in FY15 compared with Rs 6,217.67 crore in the same period a year ago.