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Indian Bank recorded 21% growth in MSME portfolio

Visakhapatnam, Jan 29 (KNN) Indian Bank has recorded a growth of 21.3 per cent in MSME portfolio, and priority sector advances grew by 12.1 per cent to Rs 38,743 crore, said Indian Bank Executive Director B Raj Kumar.

Kumar added that the bank was opening 108 branches to commemorate 108 years of its existence in the service of customers on February 8.

Addressing branch managers of Vizag zone here yesterday, he said that the zone has performed better in NPA (non-performing assets) recovery and containing further slippages.

The zone has 64 branches covering five districts of Srikakulam, Vizianagaram, Visakhapatnam, East and West Godavari districts.

Kumar said that the bank achieved a business of Rs 4,420 crore as on December 31, 2013, in the Visakhapatnam zone.

In his address to the customers, he informed that the global business of the bank registered a year-on-year growth of 14.08 per cent at Rs 2,69,799 crore. The total deposits stood at Rs 1,57,558 crore, registering a growth of 16.6 per cent and the gross advances grew by 12.3 per cent to Rs 1,12,241 crore.

Regarding asset quality, Kumar said that the bank had made a robust NPA recovery of Rs 539 crore.