The Hindu : National : Karur Vysya Bank aims at business of Rs.1.25 lakh cr

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Wednesday, Jun 16, 2010
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National

Karur Vysya Bank aims at business of Rs.1.25 lakh cr

Special Correspondent

The Bank launches Prestige SB account

BANGALORE: To mark its centenary celebrations in 2016, the Tamil Nadu-based Karur Vysya Bank (KVB) has set an ambitious target of increasing its business from the present Rs. 33,000 crore a year to Rs. 1.25 lakh crore by 2016.

Managing Director and CEO of the bank P.T. Kuppuswamy told presspersons here on Tuesday that the target was achievable if the bank maintained the present growth rate of nearly 28 per cent.

The KVB, which had 337 branches and 383 ATMs across the country, was keen on adding another 50 branches this year and this included five branches in Karnataka. While three or four branches were planned on the outskirts of Bangalore , one each would be set up in Hassan and Hospet. At present, the bank had 23 branches and 28 ATMs contributing to a business of Rs. 1,648 crore in Karnataka.

On Tuesday, the bank launched KVB Prestige Savings Bank Account meant for high net worth individuals. The bank also launched centralised despatch of statement of accounts and personalised cheques on Tuesday.

Mr. Kuppuswamy said the KVB had a deposit of Rs. 19,271.85 crore and its net profit stood at Rs. 336.03 crore. The gross non-performing asset of the bank was 1.72 per cent.

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