Federal Bank sets target of Rs 1 lakh cr by 2012

Federal Bank inaugurated 26 new branches across 11 states on Wednesday, taking the total number of branches to 602. The bank plans to add another 100 branches in the coming financial year.

Speaking to reporters in Chennai on Wednesday, K S Mohan, deputy general manager of the Alwaye-based bank, said they have set a target of Rs 1 lakh crore and 1,000 branch-mark by 2012.

"We want to increase our presence in Gujarat, Uttar Pradesh, Maharashtra, West Bengal and other parts of North India. As for expansion in the coming financial year, it will be mostly out of Kerala. Currently, around 300 of our branches are in Kerala, while another 300 are spread over the rest of the country," he said.

The bank presently operates 41 branches in Tamil Nadu, and plans to add 10-15 more branches before December, he added. New branches were opened in Rajapalayam, Sriperumbudur, Thiruporur and Perungudi in Tamil Nadu.

The bank is also likely to open another branch at Sholinganallur near Chennai.

Elaborating about overseas expansion plans, Mohan said the bank recently opened its first overseas representative office in Abu Dhabi and plans to open more in the Gulf region. Federal Bank's total business in the current financial year has been around Rs 43,000 crore, with deposits crossing Rs 25,000 crore and advances at Rs 18,000 crore. He added that the bank will close the current financial year with total business of Rs 48,000 crore.