Vijaya Bank targets 25.3% business growth in FY14

Eyes total biz to Rs 2,10,000 cr; plans to increase branch network to 1,500

Vijaya Bank has set a target of achieving 25.3 per cent growth in total business to Rs 2,10,000 crore during the current financial year (2013-14). For the fiscal year ended March 31, 2013 the bank reported a total business of Rs 1,67,531 crore.

The bank plans to increase the branch network to 1,500 and expand the ATM network also to 1,500 by March 2014, H S Upendra Kamath, Chairman and Managing Director said.

For year ended March 2013, the bank recorded a 20.20 per cent growth in gross credit at Rs 70,514 crore as against Rs 58,671 crore. It recorded a 16.80 per cent growth in aggregate deposits to Rs 97,017 crore as against Rs 83,056 crore in the previous year.

The CD ratio increased marginally to 72.68 per cent as against 70.64 per cent in the previous year.

The priority sector credit has shown a growth of 16.79 per cent to Rs 19,505 crore, infrastructure finance grew 83.1 per cent to Rs 20,539 crore. The retail credit has grown 20.33 per cent to Rs 13,447 crore as against Rs 11,175 crore. The bank's housing loan portfolio has shown a growth of 7.5 per cent to Rs 4,477 crore as against Rs 4,165 crore.

During the year 2013-14, the bank has set a target of opening of seven HNI branches and more gen-next branches to suit the requirements of modern and elite customers. The bank also aims to shed its bulk deposits and CDs further to 15 per cent of the total deposits of the bank.

The bank has participated in the first phase of Direct Benefit Transfer (DBT) in 43 pilot districts. It has also initiated steps to open bank accounts ô seed Aadhaar numbers in 78 districts identified for II phase of DBT, Kamath added.