Corporation Bank to open 1,000 branches in 5 years
Date: 15-09-2010Corporation Bank is planning to open 1,000 branches in the next five years. According to the bank’s long-term goals; it plans to open 200 branches every year till 2014-15.
The bank plans to expand in northern and western parts of the country for growth as its most of the branches are concentrated in the southern States. At the end of June 30, the total number of branches of the bank stood at 1,159. The bank aims to increase its CASA to 30-31 per cent from the present 24 per cent in one year.
Another area where the bank is focusing is to increase its net interest margin (NIM). At the end of March, the NIM of the bank stood at 2.41 per cent. The bank will focus on increasing its NIM to 3 per cent. The bank is targeting a total business of Rs 2 lakh crore in 2010-11. The total business stood at Rs 1.55 lakh crore at the end of June.crackcrack