BoB plans 100 branches in FY09

BoB plans 100 branches in FY09
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First Published: Sun, May 11 2008. 11 31 AM IST
Updated: Sun, May 11 2008. 11 31 AM IST
PTI
Mumbai: Bank of Baroda has chalked out a road map for the current fiscal and identified SME, retail and international portfolios as key growth drivers, a top official said.
The public sector lender, which is one of the largest banks in the country, has targeted a 20-22% jump in credit and a 20% growth in deposits by the fiscal-end, BoB chairman and managing director M D Mallya told PTI here.
“The growth momentum will be maintained. I do see a significant potential in our SME, retail and international businesses. The bank has a road map for various portfolios to improve their output,” Mallya said.
The current and savings accounts (CASA) would alone contribute about 40% to the total deposit base by end-fiscal, he said.
Besides, the bank is planning to scale up its international operations by opening ten more foreign branches this fiscal in locations like Canada, South Asia and East Africa, Mallya said.
The bank currently has 67 foreign branches and four repo offices, which contribute nearly 20% to the bank’s business and about 33% to the profits.
Similarly, the number of domestic branches is 2,853 which would go up to 2,953 with an addition of 100 branches this year, Mallya said.
“These 100 branches will be opened in the first half of this financial year, taking the total number of branches to above 2,900 by September 2009.”
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First Published: Sun, May 11 2008. 11 31 AM IST