The Visakhapatnam Cooperative Bank (VCB) said that it was expecting more than 40 per cent growth in the form of new deposits in the current financial year.
To meet its target, it is banking on its 6.5 per cent saving deposit rate offering, said a senior official and added that it had plans to open seven new branches in Visakhapatnam, Krishna and East Godavari districts.
"Of the entire deposits, about 85 per cent had been generated from 11 branches in Vizag. In line with the growth here, we are looking at setting up two new branches over the next few months. On the other hand, we are putting special efforts to boost deposits in other 17 branches located outside Vizag," said Manam Anjaneyulu, chairman of the bank.
As of March 2013, the bank's total business stood at Rs 2,636 crore, of which Rs 1,533 crore has been from deposits, while advances stood at Rs 1,103 crore.
During the year 2012, the bank had earned a net profit of Rs 8 crore as against Rs 6.8 crore in the last year. The board of directors of the bank announced a 20 per cent dividend to its shareholders.
