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| Federal Bank aims total biz of Rs 75,000 cr in FY11 |
| Press Trust of India / Mumbai Sep 08, 2010, 22:31 IST |
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South-based lender Federal Bank today said it is targeting a total business of Rs 75,000 crore by end-this fiscal on the back of a healthy growth in deposits and credit.
"Our total business currently in the region is of Rs 61,000 crore and we expect to touch Rs 75,000 crore by end of March 2011 and Rs 1,00,000 crore by March 2012," the Bank's Executive Director P R Kalyanaraman told reporters on the sidelines of a Ficci-IBA event here.
The Ernakulam-headquartered bank is expecting an 18-20 per cent rise in credit this year and an over 20 per cent jump in deposits, he said.
The bank will also be opening over 70 branches across the country in this fiscal and has already applied to the Reserve Bank for this, he said.
It hopes to maintain its net interest margins in the bracket of 3.5-4 per cent this fiscal, Kalyanaraman said.
Kalyanaraman also scotched speculation about a possible takeover of the bank, saying it has not been approached by any entity. "It is very difficult for us to get acquired because of our large size," he added.
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