Vijaya Bank aims 20% business growth this fiscal

The Bangalore-based public sector lender Vijaya Bank aims a 20 per cent growth in overall business in the current financial year with added focus on increasing its low-cost deposit base, a top official said.

"We aim an overall business growth of around 20 per cent in the current financial year, which should reach around Rs 1,65,000 crore," executive director Subhalakshmi Panse said.

In the past fiscal, total business stood at Rs 1,41,727 crore, which comprised Rs 83,056 crore deposits and Rs 58,671 crore advances.

"On the advances and deposit fronts, we hope to post 18-20 per cent growth this fiscal," she said adding that advances should reach Rs 68,000-70,000 crore and deposits around Rs 92,000 crore.

The Reserve Bank has set a deposit growth target of 16 per cent and 17 per cent for advances in the current financial year.

Referring to growth in the current account, savings account (Casa) deposit base, Panse said this will get the highest priority during this fiscal.

"We hope to grow our low-cost deposit base in order to protect our margin with lesser dependence on bulk deposits," she said.

By the end of last fiscal, the ratio of Casa to overall deposit stood at around 22 per cent and the bank now aims to increase this base.

Source: Financial Express