VB plans to achieve Rs 60,000 crore target in financial year

Vijayawada, May 6 (UNI) The public sector Vijaya Bank(VB) planned to achieve a target of Rs 60,000 crore by March 31, 2007, Bank Regional Manager Sadananda Hegde said today.

Talking to newspersons here, he said the bank will concentrate on non-fund business and fee-based income. It planned to increase the number of branches from the present 309 to 500, covering 80 per cent of the bank's business, he added.

The bank proposed to open Overseas Representative offices in Hongkong, China and Dubai, he said. The total deposits increased by 8.16 per cent from Rs 25,617.98 crore to 27709.29 crore as on March 31, 2006, he added.

Mr Hegde said a net loss of Rs 34.53 crore during the fourth quarter of the last fiscal had reduced the net profit to Rs 126.88 crore as against Rs 380.57 crore earned in the previous fiscal year.

The bank had posted operating profit for the year Rs 718.23 crore as against Rs 799.80 crore in the previous year.

The bank launched 'Vijaya Saral Saving Account'. The account under this scheme can be opened with a minimum initial deposit of Rs 10 with a facility to continue the account with zero balance.

He said the bank has launched new products 'V-Swashakti'- a scheme for women entrepreneurs to make women self-reliant and economically indepenent and 'V-Arogyabima, a health cum accident policy for the benefit of the customers.

UNI CS KVV 1555