Bank of Baroda is on an expansion spree. The public sector bank, which reported a 25.4 per cent rise in net profit at Rs 859 crore for the quarter ended June 30, plans to open 383 branches and around 500 automated teller machines (ATMs) in 2010-11.
The bank is targeting 22 per cent deposit growth and 24 per cent credit growth. It will also boost workforce by around 3,500. Most of the opening will be for clerical position.
"The additional 383 branches will take our total branch count to more than 3,500," said N.S. Srinath, executive director, Bank of Baroda. Total number of ATMs will go up to 1,900.
The bank is also planning to introduce SMS banking to enable fund transfer through mobiles.