Indian Bank eyes Rs.1.85 lakh crore business this fiscal
September 24th, 2010 - 9:56 pm ICT by IANSKolkata, Sep 24 (IANS) Chennai-based Indian Bank is targeting a total business of Rs.1.85 lakh crore in the current fiscal, a top official said here Friday.
“We are targeting a total business of Rs.1.85 lakh crore in the current fiscal (2010-11), which is 25 percent higher than last fiscal’s (2009-10),” T.M. Bhasin, chairman and managing director of the bank told reporters at a press meet.
The bank plans to maintain the net interest margin at 3.5 percent in this fiscal.
It plans to bring down the gross non-performing asset from 1.4 percent now to one percent by this fiscal-end, Bhasin said.
Talking about base rate, Bhasin said it would be revised upwards. At present it is at 8 percent. “We will take a call on base rate revision on Oct 1.”
The bank is looking at credit growth of Rs.16,000 crore in 2010-11, which is 24 percent higher than last fiscal’s. To achieve this credit growth total capital requirement is Rs.2,000 crore, out of which Rs.1,000 crore is already raised and it plans to raise remaining Rs.1,000 crore as tier II capital “but in tranches”.
The bank plans to open 175 branches domestically this year.
Talking about its international plans, he said the bank would shortly open its second branch in Sri Lanka — at Jaffna. It already has branches in Colombo and Singapore.
“We are planning the Jaffna branch to cater to the Tamil population over there,” Bhasin said.
The total size overseas business of the bank is Rs.10,000 crore. It made a profit of Rs.132 crore last fiscal from overseas operations. It is targeting a profit Rs.200 crore in next one year, he said.
- Indian Bank to open more international branches - Apr 15, 2011
- Indian Bank to open more branches in and outside India - Jul 24, 2010
- Indian Bank to convert Rs.400 crore preference shares to equity - Jan 30, 2012
- IOB targets 20 percent business growth in 2012-13 - May 05, 2012
- Indian Bank to raise $500 mn for overseas operations - Jul 29, 2011
- IOB plans recovery of Rs.1,500 crore from sticky accounts (Lead) - Jan 28, 2012
- Allahabad Bank's net up 21.22 pc in Q2 - Nov 02, 2011
- Huge jump in Indian Bank's NPA - May 11, 2012
- Yes Bank to focus on retail segment for growth - Apr 21, 2012
- Indian Bank to review interest on savings accounts after study - Oct 31, 2011
- Pranab to review banks' performance - Jul 07, 2011
- No decision on savings account rate hike: City Union Bank - Nov 05, 2011
- Indian Bank to expand loans against jewels business - Nov 30, 2010
- 209 percent rise in UBI net profit in Q4 - Apr 30, 2011
- Canara Bank net up five percent in third quarter - Jan 31, 2011
Tags: bhasin, colombo, interest margin, jaffna branch, kolkata, managing director, net interest, overseas business, overseas operations, rs 1, rs 2, singapore, sri lanka, tamil population, tier ii