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Karur Vysya targets Rs 5,500-cr advances

Our Bureau

Chennai , June 26

KARUR Vysya Bank (KVB) has set a target of Rs 5,500 crore for advances during the current year.

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.

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