Indian Bank has intentions of reporting a 25% increase in net profits for this fiscal. The bank plans to do so by raising its lending to corporates, and small and medium enterprises.
The bank anticipates its total business to exceed Rs. 1.8 lakh crore up to next year.
T M Bhasin, Indian Bank Chairman said “We expect to maintain profit growth this year and during the current fiscal we are aiming net to grow by 25 per cent”.
He said that the higher lending to agricultural sector, SME, infrastructure and corporate sector will help the bank in broadening its bottomline.
The bank posted a 24.87% increase in net profits for the full duration of earlier fiscal valued at Rs. 1,544.99 crore as compared to Rs 1,245.32 crore in the earlier year.
Bhasin said, “We expect the total business to touch Rs 1.85 lakh crore by the end of March 2011, and increase it to Rs 2.25 lakh crore by the end of FY’12”.
The bank wants to expand worldwide. It already has presence in Colombo and Singapore.
Bhasin said, “We are planning to reopen our branch in Jaffna within the next six months,”.
Indian bank is also planning to start 190 branches in India this year and set up another 210 branches in the next fiscal.