Vijaya Bank eyes 6% credit growth

Vijaya Bank, the Bangalore-based Government of India owned bank, is looking at a close to 6 per cent growth in advances to Rs 59,000 crore end of FY12 from the current levels of close to Rs 56,000 crore. The deposits base is expected to touch Rs 85,000 crore, a growth of close to 4 per cent. The bank which took a hit in the third quarter of FY12 due to higher provisioning and not delivering on the CASA ratio, is taking steps to improve retail and priority sector advances which have started yielding results. Total business of the Bank by end of December 31, 2011 was at Rs 1,37,594 crore comprising deposits of Rs 81,756 crore and advances of Rs 55,838 crore.

Within the overall advances, priority sector advances of the Bank aggregated to Rs.16,942 crore registering a growth of 10.23 per cent. Agricultural loans increased to Rs.6082 crore, up by 19.38 per cen and loans to MSME sector reached Rs.7784 Crore registering a growth of 19.52 per cent. Loans to women beneficiaries increased by 21.31 per cent and weaker sections by 7 per cent. Educational loan portfolio of the Bank was at Rs. 649 Crore, up by 8 per cent.