BoM aims Rs 20K cr jump in biz by fiscal-end

Public sector lender Bank of Maharashtra (BoM) today said that it is eyeing Rs 20,000 crore increase in its total business to Rs 1,20,000 crore within next six months, even as the bank expects to add 10 lakh new customers in next one year.

Besides, the bank has plans to open 32 new branches across the country this fiscal in line with its plans to increase its penetration.

"With a focus on farm, small and medium enterprises and mid corporate sectors, we are trying to increase our business... We are aiming an additional business generation to the tune of Rs 20,000 crore by March 31, 2011," BoM Chairman and Managing Director A S Bhattacharya told reporters here.

Bank of Maharashtra clocked a total business of Rs 1,00,000 crore (comprising Rs 60,000 crore of deposits and remaining as advances) in September this fiscal.

"After the addition of Rs 20,000 crore, our total business volume will reach Rs 1,20,000 crore by fiscal end,” he said, adding that the out of Rs 1,20,000 crore, Rs 70,000 crore would be deposits and Rs 50,000 crore advances.

After the addition of new business, bank's business per employee will jump to Rs 8.50 crore from Rs 7.68 crore at present, said Bhattacharya, who was here to chair the bank's northern region review meeting.

BoM has employees’ strength of 13,000.

The bank is also aiming to tap more Current Accounts and Saving Accounts (CASA) in order to lower its cost of raising money.

"Currently CASA has 40 per cent share in our total deposits and we intend to raise this ratio to 45 per cent by September 2011," he said.