Karur Vysya Bank to 35 branches, eyes 26 percent profit growth

Kolkata, Aug 6 (IANS) Chennai-based Karur Vysya Bank will open 35 branches, mostly in northern India, to have a national footprint, and hopes to earn a 26 percent growth in profit this financial 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 part of the country,’ Managing Director P.T. Kuppuswamy told reporters after opening a branch here.

Karur Vysya Bank’s branches are concentrated in Tamil Nadu and Andhra Pradesh.

Within a month or two, the bank will open a branch in Ranchi, Jharkhand, and next fiscal it will have a branch in Guwahati, Assam, he said.

Kuppuswamy expects the bank’s profit to touch Rs.425 crore from Rs.336 crore earned last fiscal (2009-10).

‘The bank has reported a growth of 21 percent in its net profit for the April-June period this year to Rs.84.48 crore,’ he said.

He expects a 33 percent growth in its credit and 31 percent rise in its deposits in 2010-11. The credit level is expected to touch Rs.17,000 crore from Rs.12,700 crore achieved last fiscal. And the deposit is expected to touch Rs.250,000 crore from Rs.19,000 crore a year ago.

The bank aims to achieve a deposit base of Rs.70,000 crore and a loan portfolio of Rs.55,000 crore by 2015-16.

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