Talking to reporters after the 4th annual general meeting (AGM) of shareholder here on Tuesday the bank chairman-cum-managing director PS Shenoy said the bank has crossed new milestones of net profits in the first balance sheet of new millennium, the bank has recorded highest profit amongst the nationalised banks in the last financial year.

The net profit posted to Rs. 502.77 crore as compared Rs. 500 crore in the year 1998-1999.

Shenoy informed that to face the emerging competition globally the bank is trying to bring about a convergence between technology and employees so as it to serve the customers in a focused and profitable manner. Banks is going ahead in a big way for technology upgradation programme, covering 70 per cent of bank's business through computerised branches, Shenoy added.

Shenoy further stated the bank has kept a target of Rs 750 crore net profit during the current fiscal year. The net non-performing assets (NPA) has declined to 6.95 per cent as a compared to previous year's level of 7.7 per cent.

Shenoy said during the last financial year the bank has made positive development in the fields of agriculture, industry, exports and investments.

Indian economy has been on the path of recovery which was aided by low inflation, successive good monsoon and healthy balance of payment position boosted by satisfactory growth in exports. Better treasury management and tight expenditure control enabled the bank to increase its operating profit by 11.3 per cent from Rs 945.3 crore to Rs 1051.67 crore. The profit performance has to be viewed and in the backdrop of bank's pro-active prudential accounting policy. The banks planned to raise fresh capital through the most appropriate route and will be strive to maintain a high capital adequacy ratio.