The Hindu : Business : Vijaya Bank plans more branches

Online edition of India's National Newspaper
Wednesday, Aug 08, 2007
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Business

Vijaya Bank plans more branches

Staff Reporter

Additional ATMs also planned
To enter China, Hong Kong, Dubai

KOCHI: Vijaya Bank will open more branches soon. Additional ATMs are also planned at ten locations. The Kochi region consists of 60 branches spread over 13 districts of Kerala. The Kasaragod district comes under the Mangalore region.

The Bank’s Chairman and Managing Director Prakash P. Mallya said at a press conference here on Tuesday that the total business of the Kochi region as on June 30, 2007, stood at Rs.1470 crore. Of this, deposits came to Rs.940 crore and advances stood at Rs.530 crore. Priority sector advance was to the tune of Rs.402 crore. A total of 148 self-help groups were also financed by the bank.

ATM-sharing

The bank has entered into an ATM-sharing arrangement with the Institute for Development and Research in Banking Technology, Hyderabad through National Financial Switch with effect from August 3, 2007. The arrangement will facilitate the ATM card holders to have access to other ATMs in the consortium at about 13,000 outlets.

The bank, having 985 branches across India now, will increase the number to 1000 by year-end. About 500 branches are under core banking system (CBS) now. By 2009, the entire network will be under CBS. The bank is planning to open overseas branches in China, Hong Kong and Dubai.

Answering questions, Mr. Mallya said the bank was planning to raise Rs.300 crore from the market during the current year.

Though the bank had no immediate proposals for takeover of other banks, it would be interested in acquiring a bank in north India so as to improve its position there. He also opined that merger of stronger banks would be advisable.

Total business up

The total business of the bank as on June 30, 2007 stood at Rs.64,477 crore in comparison to Rs.46,800 crore on June 30, 2006, registering a growth of 37.77 per cent.

The net profit for the quarter ended June 30, 2007 was Rs.111.35 crore as against Rs.72.63 crore for the same period last year, recording a growth of 53.31 per cent.

Deposits grew to Rs.39,742 crore from Rs.28,884 crore registering a growth of 37.59 per cent.

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