Shamrao Vithal Bank, one of the largest cooperative lenders in the country, is aiming to reach an annual turnover of Rs 10,000 crore by 2010-11 on the back of pan-India expansion.
The Mumbai-based bank plans to go beyond its existing bases in Maharashtra, Karnataka and Goa and open branches across the country, besides operationalising its new international banking division.
“We have presently 72 branches located in the three states — Maharashtra, Karnataka and Goa, and we would be setting up around 7-10 branches in other states during next 3-4 months,” Shamrao Vithal Cooperative Bank Chief Executive Officer Shrinivas Joshi said.
He said last year the bank recorded a turnover of Rs 6,300 crore and was looking forward to take it to Rs 10,000 crore by 2010-11.
“In 2007-08, we recorded a profit of Rs 34 crore and the bank is now looking at an annual profit of Rs 75 crore by 2010-11 on the basis of the expansion in operations and a 20 per cent rise in number of depositors with 30 per cent annual growth overall,” Joshi said.
The bank inaugurated its maiden branch in Delhi today and is now looking for major inroads into other states of North India.
Among the cities where the bank has received clearance from the RBI for setting up branches are Chennai, Baroda, Hyderabad and Ahmedabad.
“Our entry into Delhi is the first step of our operations in North India and we are looking at cities like Chandigarh, Ludhiana and other places for expansion,” Joshi said.
He said that Shamrao has a depository base numbering over eight lakh, besides thousand of customers specially from the small and medium (SME) industry and housing sector.
Source by Business Standard
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