The private sector lender South Indian Bank is hoping that its business will increase by 25 percent this financial year as compared to the total business achieved by it last financial year. The bank has said that it may achieve a total business of Rs. 1 lakh crore by March 2014. At present, the bank's total business garnered so far stands at Rs. 67, 000 crore.
The Kerala based bank's Executive Director, Mr. Cheryan Varkey has said that the bank is aiming to achieve 25 percent increase in business this fiscal. As on 30 September, 2012, the bank's loan book shows a total business of Rs. 29, 000 crore.
He added, "We have grown by 23-24 per cent till date (up to September). Though the current economic conditions do pose a challenge in achieving this growth, we are hopeful of growing our business as per our targeted plan this year." The bank has decided to increase its attention to lending to traders and to offering loans of small amounts.
He further said, "We are looking at tapping traders in the textiles, pharmaceuticals and jeweller community to grow our advances." He also said that the bank is planning to decrease its amount of gross non-performing assets.