The Gujarat Zone of Bank of Baroda (BoB) is eyeing to cross a total business of Rs 92,000 crore for the financial year 2011-12 by opening 77 new branches in the state during the year, informed a senior bank official.
The bank officials expect the advances to grow by around 32 per cent to Rs 31,700 crore for the year 2011-12 against Rs 23,939 crore in 2010-11 for the Gujarat Zone.
The deposits are believed to jump from Rs 47,652 crore in 2010-11 to Rs 60,800 crore by March 2012, showing a growth of over 27 per cent.
"We are hopeful for a robust growth in advances in Gujarat for the year 2011-12. There is a good environment for investments clubbed with infrastructure development and enthusiastic entrepreneurs in state. So, even if other Zones may find it difficult to post attractive growth in advances due to higher interest rates, the Gujarat Zone would see a robust growth," said S K Das, general manager, Bank of Baroda - Gujarat Zone.
BoB has about 750 branches operational in Gujarat and plans to open 77 new branches during the current financial year.
"Gujarat Zone contributes about 19 per cent to BoB's total business and ranks top with respect to overall growth among other Zones. We are focusing on strengthening our presence in Gujarat by increasing branch network in urban and rural area," informed Das at a media briefing on the occasion of bank's 104th foundation day celebration in Ahmedabad on Wednesday.
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Last year, the Gujarat Zone registered a total business of Rs 71,591 crore against Rs 56,611 crore in 2009-10 up by about 26 per cent.
The bank targets to achieve a total business of Rs 92,500 crore for 2011-12.