By BS Reporter
Repco Bank Ltd has set a target to double its total business to Rs 9,500 crore during the current fiscal. The bank, set up by the Government of India, began operations in 1969 with the main objective of rehabilitating repatriates from Burma and Sri Lanka.
As on date, it reported a total business of around Rs 8,233 crore with deposits of Rs 4,728 crore and advances of Rs 3,505 crore. Net Profit stood at Rs 40 crore during the first half year of the current fiscal.
According to a release, the target of Rs 9,500 crore includes Rs 5,500 crore under deposits and Rs 4,000 crore as advances for the current fiscal with an estimated net profit of Rs 90 crore, a 25 per cent increase over the previous year.
The bank has 76 branches located all over south India and plans to open another nine during the current year. It has been maintaining zero Net NPA and declaring 20 per cent dividend to its shareholders.
It has opened four subsidiaries -- Repco Home Finance Ltd, Repco Foundation for Micro Credit, Repco MSME Development & Finance Ltd,and Repatriates Welfare Trust. Repco Home Finance Ltd is a housing finance subsidiary licensed by National Housing Bank.