To focus on the domestic market.
Kerala-based South Indian Bank is targeting to triple its business to Rs 75,000 crore by 2013 of which, deposits would comprise Rs 44,000 crore and advances Rs 31,000 crore, said bank’s managing director and chief executive office VA Joseph.
Speaking to Business Standard on the sidelines of bank’s 80th anniversary celebrations here on Wednesday, he said the bank would increase its branches to 750 from the current 520 and employee strength to 7,500 from 4,500 over the next five years to achieve the target.
SIB registered a total business of Rs 25,000 crore in 2007-08.
The bank would open 40 branches across the country during 2009. Of this, 11 would come up in Delhi, three each in Himachal Pradesh, Megahalaya and Tripura, and seven each in Kolkata and Hyderabad, said Joseph.
Between 2008 and 2013, SIB would add 250 more branches, of which 150 would be in the north and 100 in the south. This apart, it would open 275 more ATMs from the present 263, during the same period.
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On the overseas foray, Joseph said currently the bank was not looking at it “since it is not right time and the focus would continue to be domestic.”
The bank has set a profit target of Rs 190 crore for the current fiscal, of which it has already achieved Rs 144.50 crore. Its net profit in 2007-08 stood at Rs 151.62 crore.