SBM targets 31% growth in advances for FY 10

State Bank of Mysore (SBM), the Bangalore-based associate bank of SBI, is aiming at a growth of 30.9 per cent growth in its advances to Rs 33,880 crore and 29.3 per cent growth in deposits at Rs 41,888 crore for FY10 as compared to FY09.

Cumulatively this will be a growth of 30 per cent in its total business at Rs 75,768 crore over FY09.

For FY09, the aggregate deposits rose by 20.9 per cent to Rs 32,388 crore and advances went up by 21.4 per cent to Rs 25,880 crore.

The net profit for the year ended March 2009 recorded a marginal rise of 5.6 per cent to Rs 336.91 crore compared to the previous year.

Dilip Mavinkurve, managing director, SBM said, “We are looking at almost 50 per cent of our new growth to come from large and medium industries, SME sector, housing and auto loans among others. The corporate lending had witnessed a fall in the last fiscal and we hope an upward movement in this year.”

The bank proposes to open 43 new branches and two specialised branches to support the envisaged growth.

In addition to this, the bank will set up three specialised central processing centers under business process reengineering initiatives.

The bank is also planning to more than double its ATM population by adding 450 new ATMs.

Currently, it has 381 ATMs and 674 branches in the country, he said.