The Hindu Business Line : Bank of Maharashtra to post 24% biz growth

Mangalore, March 21 The growth in the retail customer base and better use of technology are likely to boost the business of Bank of Maharashtra by 24 per cent during the current financial year.

Mr M. D. Mallya, Chairman and Managing Director of Bank of Maharashtra, told Business Line on Friday that the bank had targeted a business of Rs 70,000 crore for the current financial year, and it is likely to end up with Rs 71,000 crore.

Deposits would be around Rs 41,500 crore and advances would be Rs 29,500 crore. “The growth in deposits would be about 22 per cent and advances around 26 per cent. The business growth will be around 24 per cent,” he said.

During 2006-07, the bank had achieved a business of 57,382 crore. Asked about the reasons for this likely growth, he said this year also the bank’s focus was on retail customer-base acquisition.

CASA

“Our CASA (current account savings account) has been consistently above 42 to 43 per cent. Even with this growth, we would be having around 42.5-43 per centgrowth by the end of March,” he said.

More Stories on : Public Sector Banks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Forex reserves rise by $3 b on revaluation

Private insurers record 28% growth

`Govt ownership in banks stifles growth'

Bank of Maharashtra to post 24% biz growth

Clear the air for the heirs as well

Dialogue between banks and unions: Issues and non-issues

Bank unions, IBA agree on common actuaries

UI health portfolio likely to break even this year

‘IT plays major role in marketing financial products’