The Hindu Business Line : Karur Vysya targets Rs 5,500-cr advances

Last year, the bank's advances stood at Rs 4,619 crore. It expects a lower hit from treasury operations — Rs 30 crore charge to the profits from depreciation in market value of investments, against Rs 67 crore last year.

Among the incremental advances in sight are a Rs 200-crore loan to a large public sector undertaking and a further Rs 100 crore through warehouse receipt financing, the bank's Chairman, Mr P.T. Kuppuswamy, told journalists.

He was here to announce a tie-up with Visa International under which any Visa cardholder would be able to draw funds from any of the bank's ATMs.

KVB lent about Rs 150 crore last year under `warehouse receipt financing', but expects a jump this year on account of its alliance with the National Collateral Management Services Ltd, a sister concern of the National Commodity and Derivatives Exchange. (KVB is also the clearing banker for NCDEX.)

Mr Kuppuswamy said that in the current year, the earnings from higher advances would offset any hit arising out of treasury operations. Karur Vysya Bank expects deposits to grow to Rs 8,000 crore, from Rs 6,600 crore last year. He said the bank had networked about 95 per cent of its operations, which would lead to a rise in deposits.

Mr Kuppuswamy said that the bank had issued over 3.5 lakh debit cards and about 80 per cent of the savings bank account transactions were through ATMs. This has left the bank with more float funds.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
NCR to run cheque truncation pilot project

Punitive liabilities for data theft, loss — BPOs faced with higher insurance premiums

Transfer is sticky issue in insurance wage talks

Insurance cos' buying supports bond markets

Finance Ministry, RBI differ on FDI in asset reconstruction cos

South Indian Bank plans more branches

Karur Vysya targets Rs 5,500-cr advances

State Bank of Patiala's new service efforts

StanChart India CEO