Union Bank targets business of Rs3 trillion in FY10

Union Bank targets business of Rs3 trillion in FY10
PTI
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First Published: Wed, Jun 03 2009. 12 57 PM IST
Updated: Wed, Jun 03 2009. 12 57 PM IST
Mumbai: State-owned lender Union Bank of India has set a target to increase its total business to nearly Rs3 trillion by the end of this fiscal year, the bank said.
“We aims to achieve Rs2,92,000 crore by the end of this fiscal as against the present level of Rs2,37,000 crore. The loan book is well spread across various portfolios in order to avert stress in any particular sector,” Union Bank of India chairman and managing director MV Nair told PTI in an interview here.
Embarking upon its high-tech business model in 2007, the sixth largest public sector bank in India proposed to step up its syndicated loans to Rs25,000 crore this year as compared to Rs4,400 crore in last fiscal.
The lender, which has its bad loans lowest in the industry (net NPA at 0.35%), has a comfortable capital adequacy ratio at 13.24%. It has targeted a 25% credit growth and a 23% deposit growth this fiscal.
The bank also plans to launch a scheme soon - single sign on - that will empower the customers to generate their own passwords for their Internet and mobile banking, Nair said.
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First Published: Wed, Jun 03 2009. 12 57 PM IST