The Hindu Business Line : UTI Bank bullish on South; plans major expansion

BULLISH on its operations in the Southern India region, especially in the retail segment, UTI Bank is planning a major expansion of its distribution channels to improve its services to retail clientele, the bank's Senior Vice President, Mr L.J. Fonseca, said.

Talking to newspersons while inaugurating an extension counter at the National Institute of Fashion Technology (NIFT) here on Wednesday, he said the bank was planning to add another 35 branches and 200 automated teller machines (ATMs) in the South in the next couple of years. Currently, the bank has 44 branches and 326 ATMs in the South.

The Southern region registered a growth of 66 per cent in savings bank accounts as against the national average of 62 per cent, while the current accounts rose by 8 per cent compared to a negative growth over 30 per cent on a national level, Mr Fonseca said.

Stating that the thrust has been on significantly raising low-cost deposits, he said Andhra Pradesh accounts for over 40 per cent of deposits and advances in the South with more than 100 per cent credit-deposit ratio. The region has registered over Rs 2,300 crore of deposits and similar size of advances, compared to the bank's balance sheet size of over Rs 25,000 crore, comprising of over Rs 17,000 crore of deposits and Rs 9,000 crore of advances.

According to Mr Fonseca, the bank has been on a rapid growth path during the last two years and has put in place an extensive network of 238 offices, including 176 branches and 62 extension counters, supported by the second largest fully networked ATM configuration among banks comprising around 1,185 ATMs.

"The branch network, spread over 110 cities and towns across the country, enable us to reach out to a large cross-section of customers with an array of products and services catering to both the retail and corporate segments," he said.

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