Financial Daily from THE HINDU group of publications
Sunday, Apr 17, 2005
Financial Daily from THE HINDU group of publications Sunday, Apr 17, 2005 |
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Money & Banking
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Public Sector Banks Corpn Bank set to reach Rs 55,000-cr business Our Bureau
Mangalore , April 16 CORPORATION Bank is poised to reach a business level of Rs 55,000 crore during the current financial year, according to the Chairman and Managing Director, Mr V.K. Chopra. Inaugurating the `Business Plan Conference 2005-06' here, Mr Chopra said the bank is planning a total service outlet of 2,000 units — including 950 branches and 1,050 ATMs — across the country by the end of the current fiscal. A bank release said here on Saturday that the bank opened 55 branches and 114 ATMs during 2004-05, taking the tally of total service outlets to 1,661. The report submitted by Boston Consultancy Group (BCG) is in the process of implementation. The bank engaged the services of BCG with a focus on business process re-engineering. Besides accelerating the growth of stable deposits, the bank will focus on lending to agriculture and small and medium enterprises. Elaborating the performance of the bank, Mr Chopra said the deposits stood at Rs 26,875 crore as on March 31, 2005, registering a growth of 16 per cent. Demand deposits rose from Rs 7,884 crore to Rs 9,389 crore, a growth of 19.4 per cent. During the last fiscal, the aggregate advances stood at Rs 18,527 crore, showing an annual growth of over 33.4 per cent. Mr Chopra said the priority sector advances reached a level of 41 per cent of the net bank credit. The staff productivity measured in terms of business per employee stood at Rs 4.50 crore. All the branches of the bank have been computerised, and 366 branches have been brought under the core banking solution covering 55 per cent of the total business of the bank, Mr Chopra said. The release said that 18 zonal heads from all over the country attended the conference.
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