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Speaking to reporters after launching four new products today, on its 45th foundation day, bank’s managing director, R Varadarajan, said the bank has crossed the Rs 10,000-crore milestone in total business and by the end of this fiscal, it would reach around Rs 11,000 crore; Rs 100 crore profit; and 100 branches.
As on September, the bank reported a profit of around Rs 49 crore and plans to reach Rs 100 crore profit by the end of this financial year. It will add 12 during the current fiscal.
“Our target is to grow around 25 per cent in the next two financial years. Capital is not an issue for the growth as the promoters (Centre and state’s) are ready to infuse whenever necessary,” said Varadarajan.
To a question on bank’s commercial licence, he said it was waiting for policy decisions both from the Centre and the Reserve Bank of India. “We hope that after RBI issues licences for corporates, we will get some positive news,” he said.
Commenting on the business, he said, of the Rs 10,000 crore total business, Rs 5,850 crore were deposits and Rs 4,150 crore were advances. Net non-performing assets (NPAs) for it was zero. Repco is the only bank in the country to report zero net NPA, claimed Varadarajan. The bank’s gross NPA was around 1.68 per cent and the it made a 100 per cent provision towards it.
It launched four new products today including Repco Mahila deposit scheme for women with an interest rate of 10.30 per cent (normal rate offered to general customers is 10 per cent) for 18 months.
