ICICI posted a 41 per cent growth in disbursements at Rs 15,807 crore, against IDBI's disbursements of Rs 15,119 crore (32.2 per cent) during the year. Its sanctions in 1997-98 aggregated Rs 25,532 crore, registering an 81 per cent growth, against IDBI's aggregate sactions of Rs 24,097 crore (41.3 per cent).

Speaking to The Financial Express, ICICI general manager Kalpana Morporia said that the institution has exceeded its disbursement target by about 15-16 per cent.

There has been a Rs 4,000 crore worth of growth in credit offtake in the fourth quarter of the last fiscal, she said. The institution has been able to achieve this by launching structured treasury products to suit corporate needs and funding infrastructure projects, she added. Disbursements towards infrastructure projects accounted for21.6 per cent (Rs 3,420 crore) of the total loan growth.

"For the current year, the institution will target a minimum 25 per cent rise in disbursements of loans," Morparia said, adding that ICICI will have to mobilise around Rs 19,000 crore which includes Rs 1,000 crore of forex resources.

There may not be much forex borrowing this year as the institution has an unutilised amount of $180 million of forex resources from the last year.

The institution's infrastructural funding in 1997-98 was pegged at 21.6 per cent, while its funding for oil, gas, petrochemicals and other related areas accounted for 17.6 per cent of the total disbursals.

The past year was marked by significant integration of product markets in the financial services sector and an increasing variety and sophistication in clients' needs.

In response to these changing industry requirements, ICICI structured several products and offered custom-made treasury solutions which accounted for 27.7 per cent of the total business during the year,an ICICI release said on Tuesday.

The institution's project financing disbursals to the manufacturing sector accounted for 33.1 per cent of total disbursements. During 1996-97, the institution's sanctions at Rs 14,313 crore witnessed a marginal decline of 1.9 per cent over the previous year, while disbursements at Rs 11,181 crore registered an increase of 57 per cent.