Vijaya Bank targets Rs 60,000 cr business

Vijayawada, Oct 19 (UNI) Vijaya Bank has targetted a business of Rs 60,000 crore by March 31, next year, comprising of Rs 36,000 crore deposits and advances to the tune of Rs 24,000 crore.

A bank release said here today that against the business target of Rs 50,000 crore being set to commemorate Platinum Jubilee year, it achieved Rs 51,581 crore on Sept 30, 2006, recording a growth of 15.21 per cent.

The bank plans to increase the number of branches from the current 929 to 1000 during the financial year. It also plans to open overseas representative offices at Hong Kong, China, Dubai and Malaysia, and improve the CD ratio with emphasis on quality business.

The bank would improve the low cost deposit base to 40 per cent of the total deposits through aggressive campaigns. Aggressive recovery would be made of non-performing assets and prudentially written off accounts, besides close monitoring of special watch accounts.

The bank would also increase the number of network ATMs to 250 by March, 2007 and the number of business outlets under core banking solution to 500 covering 80 per cent of the bank's business.

The bank's Board of Directors adopted the financial results for the period ended on Sept 30, 2006 and announced an interim dividend of ten per cent, the release added.

UNI CS VR 1810