Uco Bank aims Rs1.6 lakh cr business by end-fiscal

Uco Bank aims Rs1.6 lakh cr business by end-fiscal


Mumbai: Eyeing to cross Rs1.6 lakh crore business by the end of this fiscal, state-run Uco Bank plans to scale up its lendings in SME and agriculture portfolios and is looking at to mobilise more low-cost deposits to fuel the growth, its chairman said.

“We hope to cross Rs1,60,000-crore mark by the end of this fiscal. Small and medium enterprises and agri-loans remain as the focus areas where the bank is expecting more loan growth in the months ahead," Uco Bank Chairman and Managing Director S K Goel told PTI here.

The Kolkata-based lender has also plans to increase the current, savings accounts deposit (CASA) proportion to total deposits to 29% by end-fiscal, from 27% at present, he said.

“This would help the bank to achieve a total deposit growth of 20% during the current fiscal year," Goel said.

Besides, the bank has targeted to clock an 18% loan growth during the fiscal year, particularly in SME, agriculture and education loan portfolios, Goel said.

Uco Bank presently has a deposit-base of 80,000 crore while its total credit-base stands at around 8,000 crore.

As part of its efforts to bring down its bad loans, Uco Bank sold Rs28 crore worth bad loans to Arcil and Pegasus so far this fiscal, Goel said, adding that the bank has plans to to sell another Rs40 crore worth sticky assets before March.