Public sector lender Indian Bank today said it is eyeing 24 per cent growth in its total business to Rs 2,25,000 crore in the current fiscal, as it looks to expand aggressively by opening over 130 branches, including five overseas in 2011-12.
“We have set a target to achieve a business size of Rs 2,25,000 crore, including Rs 1,00,000 crore of advances in 2011-12 as the bank is poised for higher growth with focus on (various verticals) like agriculture, MSME etc,” Indian Bank, CMD, Mr TM Bhasin told reporters here today.
In the last fiscal ending March 2011, the bank’s total business stood at Rs 1,82,000 crore.
Aiming to penetrate its reach, the medium sized bank has also firmed up its plans to scale up its branch network to 2,000 in the current fiscal.
“We have a branch network of 1,863 at present and we want to raise this network to 2,000 in this fiscal by opening more branches,” he said.
Targeting Rs 15,000 crore of business from overseas branches, the bank has also decided to open five branches, including three in Sri Lanka.
“We will continue to focus on geographical expansion and also tap Tamil population by opening three more branches in Sri Lanka,” he said.
Currently, Indian Bank has three overseas branches in Jaffna, Colombo and Singapore.
The bank will also open a full-fledged branch in Hong Kong and an office in Jakarta in current fiscal. “We have already applied for opening branch in Hong Kong and office in Jakarta,” he said.
It had registered a business of Rs 10,000 crore from overseas branches in the last fiscal.