Bangalore: Vysya Bank has posted a net profit of Rs 68.75 crore for 2001-02, up 78 per cent compared to the previous year, and would foray into the area of debit card and Internet banking next month.

Its managing director K Balasubramanian said the bank's total business for the year has been in excess of Rs 16,000 crore. Deposits, advances and investments stood at Rs 8,068 crore, Rs 4,418 crore and Rs 3,597 crore, respectively.

He said return on assets has improved from 0.42 per cent to 0.73 per cent, while return on equity has jumped from 5.98 per cent to 10.18 per cent.

The board of directors has, at their meeting on May 20, recommended a dividend of 35 per cent for the year.

A debit card named "Sambandh", under a tie-up with Maestro-Cirrus, would take off next month, he told a news conference.

According to deputy MD, Bart Hellemans, "Mi Bank", banking through the Internet, is undergoing test runs and would be available to customers from next month.

The bank has already announced a reduction of 200 basis points in its PLR effective from July this year, in addition to introducing of "risk-based pricing" of loans.

Bank officials said while 2001-02 was an year of "house-keeping and consolidation", the current fiscal would be a year of growth.

For 2002-03, the bank is eyeing deposits of Rs 10,085 crore and advances of Rs 5,147 crore, they said.

PTI