The State Bank of Mysore (SBM) is aiming at a growth of 26 per cent
in its total business to Rs 86,314 crore during 2010-11. This comprises of Rs 8,000 crore of advances and Rs 10,000 crore of deposits. During 2009-10, the bank had recorded a growth of 17.2 per cent in total business to Rs 68,314 crore. While the deposits grew by 18.6 per cent to Rs 38,440 crore, advances went up by 15.4 per cent to Rs 29,874 crore. “We are looking at expanding out branch network and hire 700 employees during the current year. We will leverage technology and grow our business further,” Dilip Mavinkurve, MD, SBM said here today.
In the absence of demand for credit from the corporate sector, the bank focused on personal segment advances for its asset growth. These advances grew by over Rs 760 crore, clocking a growth of 19 per cent. Within personal segment, housing loans grew by over Rs 400 crore and vehicle loans grew by over Rs 100 crore. The bank has lent over Rs 3,100 crore to MSE sector, Rs 3,975 crore to agriculture, Rs 2,500 crore to housing and Rs 489 crore to education.
He said the bank is aiming at growing its CASA (current account savings account) by 3 per cent this year, which currently stands at 31 per cent. During the fiscal, 2009-10, the bank added 500,000 new accounts to take its total number of customers to 3 million.
The bank plans to open 100 new branches and install 182 additional ATMs during the year 2010-11. “We want to emerge as the bank of first choice in Karnataka and attract young and new customers while retaining the existing customers,” Mavinkurve added.
