Kolkata, Sep 24 (IANS) Chennai-based Indian Bank is targeting a total business of Rs.1.85 lakh crore in the current fiscal, a top official said here Friday.
‘We are targeting a total business of Rs.1.85 lakh crore in the current fiscal (2010-11), which is 25 percent higher than last fiscal’s (2009-10),’ T.M. Bhasin, chairman and managing director of the bank told reporters at a press meet.
The bank plans to maintain the net interest margin at 3.5 percent in this fiscal.
It plans to bring down the gross non-performing asset from 1.4 percent now to one percent by this fiscal-end, Bhasin said.
Talking about base rate, Bhasin said it would be revised upwards. At present it is at 8 percent. ‘We will take a call on base rate revision on Oct 1.’
The bank is looking at credit growth of Rs.16,000 crore in 2010-11, which is 24 percent higher than last fiscal’s. To achieve this credit growth total capital requirement is Rs.2,000 crore, out of which Rs.1,000 crore is already raised and it plans to raise remaining Rs.1,000 crore as tier II capital ‘but in tranches’.
The bank plans to open 175 branches domestically this year.
Talking about its international plans, he said the bank would shortly open its second branch in Sri Lanka — at Jaffna. It already has branches in Colombo and Singapore.
‘We are planning the Jaffna branch to cater to the Tamil population over there,’ Bhasin said.
The total size overseas business of the bank is Rs.10,000 crore. It made a profit of Rs.132 crore last fiscal from overseas operations. It is targeting a profit Rs.200 crore in next one year, he said.