The Hindu Business Line : Bank of Maharashtra targets Rs 46,000-crore business

TARGET of Rs 46,000 crore business, moving up the global market with representative offices and thrust on family card is what the Bank of Maharashtra would focus for the current fiscal.

Talking to presspersons, after the board meeting, Mr S.C. Basu, Chairman and Managing Director, said the bank had netted a total business of Rs. 38,800 crore for the year-ended March 2004, recording a growth of 21 per cent over the previous year. The net profit of the bank stood at Rs 304.55 crore as against Rs 222.02 crore recorded for the fiscal March 2003, registering an increase of 37 per cent.

Commenting on the family card launched by the bank in March, he said the target for distribution is 50,000. As of date, about 6,000 cards have been distributed. The family card has been launched looking at the multi-faceted requirements usually observed in the family such as education, housing, consumer goods and marriage.

He noted that the bank was also looking at increasing its customer base by 10 per cent, up from present level of 10 lakh.

As part of its expansion programme, the bank plans to open 50 branches.

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