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| Vijaya Bank targets 22% growth in business |
| BS Reporter / Chennai/ Bangalore Oct 30, 2009, 00:22 IST |
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Bangalore-based public sector lender Vijaya Bank today said it is looking to a business growth of 22 per cent, to Rs 1,10,000 crore. This will comprise of Rs 64,000 crore under deposits and Rs 46,000 crore under advances for year-ending March 2010 compared to the last financial year.
Albert Taro, chairman and managing director, Vijaya Bank said, the bank has reported a 7.3 per cent growth in its total business at Rs 95,878 crore for the period-ended September 30, 2009 compared to the same period last year. The deposits grew by 10.4 per cent to Rs 58,115 core, while advances were marginally up by 2.8 per cent to Rs 37,763 crore.
Priority sector advances of the bank aggregated to Rs 13,344 crore. Within priority sector advances, agricultural loans were of the order of Rs 4,305 crore, while loans to mSME sector clocked a 18.87 per cent growth to reach Rs 4,895 crore.
Vijaya Bank’s CASA (current account and savings account) portfolio constitute 24 per cent of the deposits. The bank is looking at increasing it further to 25 per cent by end of March 2010, Taro said.
Addressing a press conference, here today, he said the bank is planning to launch online trading portal and pho-ne banking services during this year and also re-enter life insurance business. “We are currently in talks with a partner for re-entry into the insurance sector and will finalise in the next few days,” he said.
The bank is also looking at extending its Smart Card project named Vijaya Vikas under financial inclusion to Haveri district, which is currently available in Dharwad and Mandya districts.
With 100 per cent coverage under core banking solution (CBS), the bank continues to be in organic growth mode through branch expansion, particularly in Central and Northern Regions of the country.
Close on the heels of opening 10 Branches on a single day in the state of Uttar Pradesh, the Bank opened 6 branches under its Chandigarh Region today. Centres covered under the new branches are Pathankot, Sirsa, Sangrur, Hamirpur, Bhiwani and Roorkee. With these six branches, the branch strength of the Bank has reached 1,132.
Vijaya bank aims to expand its branch network to 1,200 by the end of this fiscal, Taro added.
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