Bank likely to close current fiscal with total business of around Rs 11,000 cr
Repco Bank, a co-operative bank under the Union Home Ministry, is looking at 25% growth in the total business for the next two years. The Bank, which was promoted by the Government of India along with four southern state governments, is likely to close the current fiscal with a total business of around Rs 11,000 crore.
Speaking to reporters after launching four new products today, on its 45th foundation day, Bank's Managing Director R Varadarajan said the Bank crossed the Rs 10,000-crore milestone in total business and by end of the fiscal it will reach around Rs 11,000 crore, Rs 100 crore profit and 100 branches.
As on September the Bank reported a profit of around Rs 49 crore and by March end the Rs 100 crore profit is easily achievable. As far as branch expansion, the Bank has 88 branches and will 12 during the current fiscal.
“Our target is to grow around 25% for the next two fiscals and capital is not an issue for the growth as the promoters (Centre and State Governments) are ready to infuse whenever necessary,” said Varadarajan.
To a question on Bank's commercial licence, he said the Bank is waiting for policy decisions both from the Centre and Reserve Bank of India. “We hope that after RBI issues licence for corporates, we will get some positive news,” he said.
Commenting on the business, he said, of the Rs 10,000 crore total business Rs 5,850 crore is deposit and Rs 4,150 crore is advances. Net NPA is nil and Repco is the only Bank in the country to report nil Net NPA, claimed Varadarajan. Bank's Gross NPA was around 1.68% and the Bank made a 100% provision towards the NPA.
Repco Bank launched four new products today including Repco Mahila Deposit Scheme for Women with a interest rate of 10.30% (normal rate offered to general customers is 10%) for 18 months. The other products are Repco Jewel Benefit, Repo Prospect and Repco Corp
Speaking to reporters after launching four new products today, on its 45th foundation day, Bank's Managing Director R Varadarajan said the Bank crossed the Rs 10,000-crore milestone in total business and by end of the fiscal it will reach around Rs 11,000 crore, Rs 100 crore profit and 100 branches.
As on September the Bank reported a profit of around Rs 49 crore and by March end the Rs 100 crore profit is easily achievable. As far as branch expansion, the Bank has 88 branches and will 12 during the current fiscal.
“Our target is to grow around 25% for the next two fiscals and capital is not an issue for the growth as the promoters (Centre and State Governments) are ready to infuse whenever necessary,” said Varadarajan.
To a question on Bank's commercial licence, he said the Bank is waiting for policy decisions both from the Centre and Reserve Bank of India. “We hope that after RBI issues licence for corporates, we will get some positive news,” he said.
Commenting on the business, he said, of the Rs 10,000 crore total business Rs 5,850 crore is deposit and Rs 4,150 crore is advances. Net NPA is nil and Repco is the only Bank in the country to report nil Net NPA, claimed Varadarajan. Bank's Gross NPA was around 1.68% and the Bank made a 100% provision towards the NPA.
Repco Bank launched four new products today including Repco Mahila Deposit Scheme for Women with a interest rate of 10.30% (normal rate offered to general customers is 10%) for 18 months. The other products are Repco Jewel Benefit, Repo Prospect and Repco Corp
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