State-owned Central Bank of India today said it is expecting a credit growth of

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22.5 per cent and net interest margin (NIM) of 3.5 per cent during the current fiscal.

"We are targeting a credit growth of 22.5 per cent, while deposit growth of 20 per cent in the current financial year," Central Bank of India Chairman and Managing Director S Sridhar said here.

The loan growth stood at 22.67 per cent, while deposits grew by 10.64 per cent in the last fiscal.

The bank is aiming to have NIM of 3.25 to 3.5 per cent in 2011-12, he said.

NIM of the bank increased to 3.31 per cent in 2010-11 as against 1.86 in the previous fiscal.

Sridhar said, the bank is also planning to open offices in Hong Kong and Nairobi, the capital of Kenya.

Besides, the bank plans to set up a joint venture in Mozambique.

"We are looking to set up branches in Hong Kong for which we have got approval from the Reserve Bank," he said.

Meanwhile, the bank signed an agreement with National Skill Development Corporation (NSDC) to finance vocational education.

As per the agreement, the bank will provide finance up to Rs 1.5 lakh for youth pursuing skill development with partner training institutes of NSDC.