Private sector personal loan lender, Karur Vysya Bank has fixed a goal of obtaining 26% increase in profits in this fiscal. The bank intends to reach this goal by opening new branches throughout the country and thus enjoying all India presence, according to a senior bank official.
P T Kuppuswamy, MD and CEO of Karur Vysya Bank said, “We are looking at a growth in profits by 26 per cent during the year. This year we are taking the number of our branches from 340 to 375 and half of the new branches would be in the northern parts of the country”.
The south-based bank presently has majority of its branches in Tamil Nadu and Andhra Pradesh.
In the Q1, the bank posted results for Q1, reporting a 21% increase in its net profits, worth Rs 84.48 crore.
Kuppuswamy said that the bank anticipates loan portfolio to increase by 33% and deposits by 31% in this fiscal to sums valued at Rs 17,000 crore and Rs 25,000 crores respectively.
The bank’s present business is worth Rs 34,465 crore with total deposits amounting to Rs 20,274 crore and total advances worth Rs 14,191 crore.