Corporation Bank to expand
Corporation Bank will embark on an expansion drive to take its business to Rs 1,00,000 crore.india Updated: Apr 08, 2006 17:35 IST
Corporation Bank will embark on an expansion drive to take its business to Rs 1,00,000 crore and open of 60 more branches, mostly in southern India, Bank CMD B Sambamurthy said on Saturday.
"Our priority is to open more branches in the states other than south, expand business in commercial sector and IT sector and we aim at growth to Rs 1,00,000 crore," Sambamurthy said.
He said the bank has recorded a growth of 23.32 per cent over the previous year with total business as on March 31 stood at Rs 56,976 crore compared to Rs 46,201 crore, the previous year.
The CMD said the bank's application to open a representative office at Dubai has been approved by the RBI and is now under consideration of the local authorities of that country.
The bank has also made an application to RBI for setting up representative offices at Hongkong, Sabhamurthy said.
The cash recovery from NPA accounts stood at Rs 20.07 crore for FY 05-06 compared to Rs 17.57 crore during the previous year and interest income stood at Rs 75.99 crore against Rs 68.26 crore in last year, he added.