Vijaya Bank has aimed at achieving a minimum of Rs 425 crore net profit by the end of March 2008, said the Bank Chairman and Managing Director Prakash P Mallya.

Addressing a press conference here on Sunday on the eve of the opening of the bank’s 1001st branch in the city, he said the bank had achieved Rs 216 crore net profit at the end of the second quarter, hence it was confident on securing another major feat.

He said the bank had a target of achieving Rs 76,000 crore business in the forthcoming financial year, comprising Rs 45,000 crore deposit and Rs 31,000 crore advances. “We have plans to cross Rs 1,00,000 crore business by 2010,” he stressed.

Reiterating that Vijaya Bank was a fast growing enterprise, Mr Mallya said the bank had achieved 65 per cent growth in the past one year. The total business of the bank in between December 2006 and december 2007 is Rs 72,000 crore.

Answering a question as whether the bank had any plans of merger, the CMD said “none of serious attempts have been made so far”. For another query, he said the V-adalat scheme launched by the bank had been functioning extremely well. The cash recovery is Rs 207 crore by December 2007, he said.

Mr Mallya also admitted that the bank is looking for overseas establishments, especially in Middle East, China and Hong Kong. Vijaya Bank DGM B Prakashchandra Shetty was present.

675 branches under CBS

Stating that the bank was on a rapid drive of IT implementation, Mr Prakash Mallya said about 62 per cent of the branches had been under core banking system, which included about 90 per cent on the total business.

The bank is planning to bring 675 branches under the system by March 2008. And by March 2009, all branches, particularly those in rural areas will be brought under the mechanism, he added.