Private sector lender, Karur Vysya Bank has set a target of achieving 26% growth in profits this fiscal. The bank plans to achieve this goal by addition of new branches across the country and thereby gaining pan India presence, said a top bank official.
"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," Managing Director and Chief Executive Officer P T Kuppuswamy said.
The south based bank currently has most of its branches in Tamil Nadu and Andhra Pradesh.
The quarter one results for this fiscal saw the bank posting 21% growth in its net profits amounting to Rs 84.48 crore.
Kuppuswamy said that the bank expects loan book to grow by 33% and deposits to show a 31% rise this fiscal to figures amounting to Rs 17,000 crore and Rs 25,000 crores respectively.
The bank currently has a total business worth Rs 34,465 crore with total deposits at Rs 20,274 crore and total advances at Rs 14,191 crore.