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| Union Bank to raise Rs 1,500 cr this fiscal |
| Press Trust of India / Mumbai Jul 23, 2009, 21:09 IST |
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Public sector lender Union Bank of India plans to raise Rs 1,500 crore during the current fiscal, a top company official said.
"We would be raising Tier II capital worth Rs 1,500 crore over this financial year," Union Bank of India Chairman and Managing Director M V Nair told reporters here today.
The bank is aiming for a business mix of Rs 2,93,000 crore by March 2010, a growth rate of 23 per cent. Of this, Rs 1,70,000 crore would be deposits and Rs 1,23,000 crore advances, with deposits likely to grow by 23 per cent and advances by 25 per cent, Nair said.
"We are targeting a deposit growth rate of 23 per cent and advances growth of 25 per cent for this fiscal," he said.
Meanwhile, it today posted a 93.69 per cent rise in net profit at Rs 442.19 crore for the first quarter ended June 30, 2009, against Rs 228.29 crore in the same period last year.
Total income rose to Rs 3,704 crore in the latest quarter from Rs 2,754.88 crore in the year-ago period.
The bank is expecting its Current Account and Saving Account (CASA) to remain flat this fiscal, he said. "Our CASA in this fiscal will be almost flat but by March 2012 we expect it to be at 35 per cent."
He further said that the bank is targeting a gross NPA level of less than 1.75 per cent by end this fiscal.
The bank is also planning to open 350 branches in the next 12 months, he said.
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