ING Vysya to broadbase operations in Kerala

Kozhikode, Feb 24 (UNI) Private sector banking major ING Vysya today said it would broadbase operations in Kerala by strengthening the existing 22 branches in the state.

Talking to meda here, Chairman and Managing Director Vaughn Richtor said the bank was unable to open new branches due to restrictions imposed by the Reserve Bank of India but the existing network would be broadbased with special focus on agricultural and rural sectors.

He said the bank, which had started operations in 1976, had a total of Rs 5000 crore deposits and advances worth Rs 375 crores in the state.

The net profit of the bank, after tax, registered an increase of 194.86 per cent from Rs 4.86 crore in quarter three, 2006 to reach Rs 14.33 crore in quarter three, 2007, he said He said the operating profit during the current quarter improved by 42.60 per cent to reach 61.09 crore as compared to Rs 42.84 crore in quarter three, 2006.

UNI