NBL targets 50% growth, plans public issue

PRESS TRUST OF INDIA

NEW DELHI, Nov 1: Kerala based private bank Nedungadi Bank Ltd (NBL) plans to come out with a public issue in the next fiscal besides targeting a growth of 50 per cent in the next two years. ``We have worked out a detailed strategy for the 100th year of our operations by going national in the next two years and opening specialised branches,'' A R Moorthy, chairman, NGL told newspersons here yesterday.

The Calicut-based bank, which will be celebrating its centenary year in 1999-2000, plans to double its deposits to Rs 3,000 crore and advances to Rs 1,000 crore in the next two years. NBL has set a target of Rs 2,000 crore deposits in the current fiscal and Rs 3,000 in 1999-2000, while it has set a target of Rs 1,000 crore for advances by year 2000. It has also plans to increase the branch network to 200 from the current level of 160 branches by March 2000.

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