State-owned Allahabad Bank is planning to add 90-95 branches to its existing network of 2,312 over the next three years, of which about 40 would come up in the four southern states, said its executive director MR Nayak.
“With around 135 branches now, south has been contributing 16 per cent to our overall business and the credit-deposit ratio from the region is over 100 per cent. With demand for credit only growing, we are increasing our focus on the region,” he told reporters here on Tuesday.
Nayak said the bank had sanctioned Rs 14,000 crore to engineering and automobile sectors, which is yet to be released. “Our whole idea is to touch a total business of Rs 230,000 crore during the current financial year, as against Rs 178,000 crore in FY10,” he said.
The the bank is planning at adding 1 million new customers this year, besides bringing down the cost of funds from 5.6 per cent to 0.25 per cent.