The Visakhapatnam Cooperative Bank (VCB) said that it was expecting more than 40 per cent growth in the form of new deposits in the current financial year.
To meet its target, it is banking on its 6.5 per cent saving deposit rate offering, said a senior official and added that it had plans to open seven new branches in Visakhapatnam, Krishna and East Godavari districts.
"Of the entire deposits, about 85 per cent had been generated from 11 branches in Vizag. In line with the growth here, we are looking at setting up two new branches over the next few months. On the other hand, we are putting special efforts to boost deposits in other 17 branches located outside Vizag," said Manam Anjaneyulu, chairman of the bank.
As of March 2013, the bank's total business stood at Rs 2,636 crore, of which Rs 1,533 crore has been from deposits, while advances stood at Rs 1,103 crore.
During the year 2012, the bank had earned a net profit of Rs 8 crore as against Rs 6.8 crore in the last year. The board of directors of the bank announced a 20 per cent dividend to its shareholders.
To meet its target, it is banking on its 6.5 per cent saving deposit rate offering, said a senior official and added that it had plans to open seven new branches in Visakhapatnam, Krishna and East Godavari districts.
"Of the entire deposits, about 85 per cent had been generated from 11 branches in Vizag. In line with the growth here, we are looking at setting up two new branches over the next few months. On the other hand, we are putting special efforts to boost deposits in other 17 branches located outside Vizag," said Manam Anjaneyulu, chairman of the bank.
As of March 2013, the bank's total business stood at Rs 2,636 crore, of which Rs 1,533 crore has been from deposits, while advances stood at Rs 1,103 crore.
During the year 2012, the bank had earned a net profit of Rs 8 crore as against Rs 6.8 crore in the last year. The board of directors of the bank announced a 20 per cent dividend to its shareholders.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%