Kotak Mahindra Bank on Thursday said it planned to expand its network to about 75 branches in three years.
"We are looking at expanding over a three year period to around 50 to 75 branches with a presence in 25 to 30 cities of the country," Kotak Mahindra Bank vice chairman Uday Kotak told reporters at the launch of a retail banking branch in Bangalore.
He said the bank had advances of Rs 2,500 crore (Rs 25 billion) and deposits of Rs 1,500 crore (Rs 15 billion). It has borrowings of Rs 500 crore (Rs 5 billion) and net worth of Rs 500 crore.
"We are a profitable bank on a standalone basis as well as a consolidated group," he said. Kotak Mahindra Bank executive director Dipak Gupta said over 75 per cent of the bank's advances were in the retail segment and its target was affluent customers with an annual household income of over Rs 450,000.
Kotak said there were about eight to nine million households in the category and the group had about 500,000 customers including about 150,000 of the bank.
He said the bank was opening its branch in Kolkatta next week.
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