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UCO Bank crosses Rs1.5 trillion biz, extends 0.5% special cut

UCO Bank crosses Rs1.5 trillion biz, extends 0.5% special cut
PTI
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First Published: Fri, Mar 06 2009. 08 58 PM IST
Updated: Fri, Mar 06 2009. 08 58 PM IST
Kolkata: Public sector lender UCO Bank today said the bank had crossed a total business of Rs1,50,000 crore till February and hopes to meet the target of Rs1,60,000 crore by March.
“We have crossed the Rs1,50,000 crore mark total business and confident of meeting the target of Rs1,60,000 crore in 2008-09,” UCO Bank Chairman and Managing Director S K Goel said.
In the previous year, the bank had registered a total business of Rs1,35,000 crore.
Goel said during the fourth quarter the interest margin could get squeezed as the lending rates had reduced more than the deposit rates.
The bank, however, was expecting treasury profit of Rs400 crore for the current fiscal to boost its bottomline.
It today also announced special back-ended concession of 50 basis points on all new retail loans for the full tenure till 30 June.
The bank will charge the borrower at the card rate and the 50 basis points benefit will be adjusted at the end of the the tenure of the loan if the EMI payments remains regular.
The bank had also reduced the BPLR by 50 basis points to 12.5% from 13% earlier this month.
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First Published: Fri, Mar 06 2009. 08 58 PM IST