The Hindu Business Line : Vijaya Bank to open two more branches

Visakhapatnam March 20 Vijaya Bank is opening two more branches in Andhra Pradesh this week, one in Visakhapatnam on Wednesday and the other at Kakinada on Friday, according to Mr Prakash P. Mallya, Chairman and Managing Director, who will inaugurate both branches.

At a press meet here on Tuesday, he said the bank currently has 81 branches in the State and would add 12 more during the year.

"We are awaiting RBI permission. At present, we have 960 branches in the country, 430 of them in South India. We have 40 licences on hand and we want to open 32 more branches in the north, as we want to increase our presence there," he explained.

He said the number of branches would soon cross 1,000 and "in particular in the north-eastern region we are doing very well. Our business is well over Rs 1,900 crore there".

TARGET

He said the bank targets Rs 60,000 crore by the end of the current financial year, comprising deposits of Rs 36,000 crore and advances of Rs 24,000 crore. "We will achieve it by the end of the month and we want to touch the Rs 1 lakh crore mark by 2010," he said.

He said the bank currently has 160 ATMs and this would soon increase to 250. He said 455 branches were under core banking solutions, covering 78 per cent of business.

During the three quarters of the current financial year, net profit amounted to Rs 268 crore and it may cross the Rs 300 crore mark by the end of the financial year. The net NPA, at 0.49, was one of the lowest in the industry, he added.

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