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Repco Bank eyes Rs 11,000 crore business in 2013-14: MD

Published: 18th November 2013 03:05 PM  |   Last Updated: 18th November 2013 03:05 PM   |  A+A-

By PTI

Repco Bank is eyeing total business of around Rs 11,000 crore towards the end of this financial year on the back of a strong showing this quarter, a top bank official said here today.

The Chennai based multi-state co-operative bank has already crossed total business of Rs 10,000 crore and by the end of this fiscal it is expected to reach Rs 11,000 crore, Repco Bank, Managing Director, R Varadarajan said.

As on September 30, 2013 total deposits stood at Rs 5,850 crore and advances Rs 4,150 crore, he said.

As part of expansion, Repco would open 12 branches taking the total to 100 by this fiscal end. The target was to grow 25 per cent year-on year in total business, he said.

"We expect to get some positive news after RBI gives the licences to corporates", he told reporters here without elaborating.

Repco Home Finance, the bank's home-finance division, reported a 36.1 per cent jump in net profits for the quarter ending September 30, 2013 at Rs 29.16 crore from Rs 21.42 crore registered during the same period of previous year.

Net profits of the division for the half year period ending Sept 30 2013 grew by 44.5 per cent to Rs 51.47 crore from Rs 35.61 crore in the same period of the previous year.

For the year ending March 31, 2013 net profits stood at Rs 80.02 crore.

Total income from operations for the quarter ending September 30, 2013 grew to Rs 129.90 crore from Rs 118.65 crore registered during the same period of previous year.

For the half-year period ending Sept 30, 2013 total income from operations soared to Rs 248.55 crore from Rs 188.80 crore registered during the same period of the previous fiscal.

For the year-ending March 31, 2013, the total income from operations stood at Rs 405.71 crore.

Total disbursements of the division for the half-year period ending Sept 30, 2013 grew to Rs 759.68 crore from Rs 495.89 crore registered in the same period of previous year.

Loan assets increased to Rs 4,035.58 crore for the half year ending Sept 30, 2013 from Rs 3,097.80 crore in the same period of last fiscal.

Total borrowing stood at Rs 3,319.37 crore as of Sept 30, 2013 against Rs 2,735.28 crore in the same period last year.

Its Gross NPA stood at 1.67 per cent as on September 30, 2013 while net NPA was at 0.92 per cent.

Shares of the bank were trading at RS 296.10 apiece, up by 0.44 per cent over the previous close in the afternoon BSE.



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