Apart from the launch of its MasterCard, the retail push includes new mortgage loans, personal loans, auto finance and distribution of third-party mutual fund schemes. The bank's retail business this year is expected to be around 30 per cent from 18 per cent last year. Maheshwarai was in Pune to present the bank's results at the sixth AGM of the bank for year 1999-2000.

IndusInd's deposits during the year had grown by 30.44 per cent to Rs 6,545.97 crore. Net advances grew by 38.12 per cent to Rs 3,677.05 crore with the average credit-deposit ratio of the bank being 56.17 per cent.

Operating profits had gone up by 61.72 per cent to Rs 212.57 crore while net profit has increased by 52.42 per cent to Rs 56.69 crore against Rs 36.80 crore last year.Capital adequacy of the bank at the beginning of the year was 13.24 per cent against the RBI stipulation of nine per cent.

The bank has announced a 12.5 per cent dividend at the AGM. IndusInd's NPAs have come down from 7.2 per cent last year to 5.98 per cent this year. The target is to go below four per cent this year. Cost of deposit is down from 12.69 per cent last year to 10.2 per cent this year.

Next year, the bank hopes to bring it down below nine per cent. Maheshwari indicated that talks are on with a south-based private banks for possible takeover. Though the bank has a good network, IndusInd is not keen on carrying the baggage of excess manpower.

IndusInd bank to hive off its infotech division
Indusind Bank Ltd is transferring its entire IT functions to a newly created company called IndusInd Information Technologies. IndusInd will be hold a 20 per cent stake in the new infotech company.

IndusInd Info Tech will work in the areas of banking software and services. A tie-up with a leading Indian financial software company for its foray into the IT business is in the offing and will be announced soon.

This leading financial software solutions provider is picking up a 26 per cent stake in IndusInd Info Tech. Hinduja Finance and IndusInd Enterprises & Finance Limited will pick up the remaining 54 per cent stake. This was announced by KR Maheshwari, managing director, IndusInd Bank in here on Monday. The new CEO of the company will be appointed by end of this week.

The entire IT team of IndusInd Bank will move to this new company. With this foray into IT, IndusInd would be able to take care of the aspirations of the IT professionals which was becoming a problem for the bank, Maheshwari said.

The IT company would be getting captive business from IndusInd bank for Internet banking, e-broking and mobile banking business, he said. In addition, the IT company would explore businesses in the domestic and international market for offering banking and financial services and products. IndusInd's IT investments so far have been to the tune off Rs 37 crore.

IndusInd is planning to expand branches from 31 to 50 and also expand its ATM network.

The bank has plans to upgrade its net.bank product to offer payment and settlement capabilities, utilities bill payments and other online features to become a banking supermarket on the web. Under its m-commerce plans, IndusInd would be offering host of services on the Wireless Application Protocol platform. IndusInd also has plans to integrate its services and products offerings over the cable TV network.