The lender, which has a market share of 24 per cent in gold loans, is bullish on growth in this segment as the asset class offers investors a safe investment option amid rising inflation.
“Last week, we crossed Rs 1 lakh crore portfolio in gold loans for the first time. In the first quarter of the current year, we have seen much better growth than what we have achieved in the past. I expect the current We should be in a position to make decent growth in this particular segment over the year.”
He said that in the event of inflation, gold becomes more preferred as an asset class.
“Generally, during periods when gold is a preferred asset class, the need for monetization of this asset class is also felt. So we feel there is a lot of opportunity for this asset class,” he added.
On wealth management, Khara said the lender’s assets under management (AUM) in this segment is currently Rs 1 lakh crore.
Talking about the bank’s retail loan portfolio, which witnessed a growth of 15 per cent in FY22, Khara said that retail continues to be an important engine.
“The way it (retail lending) has grown in the past, we expect to be in a position to ride on the growth potential available in the retail sector,” he said.
However, he added that opportunities are available in corporate, SME And also in international book.
He said that the bank is in a position to meet all the development needs of the economy.
The bank’s retail stressed loans, excluding MSME stressed loans, are less than one per cent.
The lender on Friday announced a slew of retail banking services including pre-approved loans for corporates and aggregators and a new version of API Banking.