Vijaya Bank to focus on NPA reduction

<div class="section1"><div class="Normal"><span style="" font-family:="" arial="" font-size:="">BANGALORE: After pushing its NPA (non performing asset) ratio to below one per cent, Vijaya Bank is now aiming to push the ratio further down in the coming year. </span><br /><br /><span style="" font-family:="" arial="" font-size:="">Addressing the shareholders at the annual general meeting here on Wednesday, the bank chairman and managing director, M S Kapur said "the money which has been lent is your money and we have to do all we can to ensure that these funds are returned".</span><br /><br /><span style="" font-family:="" arial="" font-size:="">Vijaya Bank managed to bring down its NPA ratio to below one per cent level in 2003-2004 at 0.91 per cent from the previous year''s level of 2.61 per cent.</span><br /><br /><span style="" font-family:="" arial="" font-size:="">Now, during the current year, the bank is hoping to push it further down.According to Kapur, the recovery procedures adopted by the bank had yielded good results and added that the level of NPA coverage had also gone up to 73 per cent.</span><br /><br /><span style="" font-family:="" arial="" font-size:="">The bank''s fourth AGM, attended by over 2,000 shareholders, was also the first for many who had acquired the shares during the second public issue. The issue, which came out in 2003, was oversubscribed by over 17 times. The bank has declared a dividend of 25 per cent (including 10 per cent interim dividend) for the year 2003-04.</span><br /><br /><span style="" font-family:="" arial="" font-size:="">Commenting on the bank''s future performance, Kapur said bank is eying a business of Rs 43,000 crore with deposits accounting for Rs 28,000 crore. The bank plans to set up 47 new branches to its existing network strength of over 800 branches. Some of its long term plans include foray into international markets for business growth.</span></div> </div>