Chairman and managing director KV Krishnamurthy announced that the year-on-year growth in advances was 43 per cent while deposits registered a 29.28 per cent growth.

During the half year ended September 30, 1998, the global deposits base of the bank increased by nearly Rs 2,375 crore and the advances went up by over Rs 1,950 crore. The bank's global business level has surpassed Rs 28,880 crore as on September 30, 1998, total deposits accounting for Rs 19,189 crore and advances portfolio Rs 9,700 crore.

These financial results are in tune with the bank's strategy to increase profitability by achieving high business volumes and simultaneously maintaining a low cost of funds. While pegging the average cost of funds to a low of 6.40 per cent, the bank has been able to increase the average yield on advances to12.60 per cent.

Krishnamurthy is confident that with more innovative concepts like savings bank shops, extended business hours, tele-banking branch networking, among others, the bank is poised to enter the big league by the end of the current year.