Karnataka - Bangalore

Expansion of Bank of Baroda

BANGALORE: Bank of Baroda will expand its retail customer base by three million customers by taking up expansion of its branches in various places and converting few of its international offices into branches. The brand building exercise has been completed and it has yielded good results in terms of growth in business.

Stating this in a press conference here on Saturday, Chairman of the bank M.D. Mallya said that the bank proposes to open seven branches in Karnataka — in Bangalore city, Surathkal, Karwar, Hospet and Haveri — adding to the 52 branches already existing in Karnataka.

Mr. Mallya said the bank has done a business of Rs. 3,900 crore in Karnataka and it would be expanding in terms of money as well as reach. He said that the bank was planning to set up a composite loan factory for centralised processing of retail and Small and Medium Enterprises loans in Mangalore.

Highlighting the financial results of the bank for 2007-08, Mr. Mallya said profit increased by 39.9 per cent to Rs. 1435.52 crore and the total business increased by 24.1 per cent to reach Rs. 2,58,735 crore. The net Non Performing Asset had come down to 0.47 per cent and Capital Adequacy Ratio had stood at a healthy 12.94 per cent. Mr. Mallya said the bank will convert its representative office in China and Australia into branches.

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