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Saturday, Oct 19, 2002

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KVB to focus on fee-based business

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KARUR Vysya Bank (KVB), in a bid to increase its income stream, is planning to focus on increasing fee-based business, cutting costs and building business volumes.

In a press release, the bank said it aimed at a deposit level of Rs 5,000 crore and advances level of Rs 3,000 crore by the end of the 2003 financial year. During the quarter-ended September 2002, net profit jumped by 54.08 per cent to touch Rs 24.90 crore as against Rs 16.16 crore during the corresponding period last year.

The bank is planning to open branches in Borivili and Prabhadevi in Mumbai, Rohini in Delhi, Park Street in Kolkata, Adyar and Anna Salai in Chennai, Moti Nagar in Hyderabad and in Neyveli.

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