Uco Bank targets Rs 2-lakh cr biz in FY10

Public sector lender Uco Bank has set a target of Rs 2.02 lakh crore business in the current fiscal.

Talking to the mediapersons here, Uco Bank Chairman and Managing Director S K Goel said the bank's total business for the last fiscal stood at over Rs 1.69 lakh crore, a 25.3 per cent growth over 2007-08.

"The corresponding growth in deposits and advances (in last fiscal) were to the extent of 25.4 per cent and 25.2 per cent respectively, while advances to the priority sector were to the tune of 50.6 per cent," Goel said.

The bank would continue to cater to segments like agriculture, SMEs, industry and retail, he said.

About its business strategy for Gujarat, Goel said the state continues to be a focused area and the bank has set a target to double its business here in next two years.

"In the last fiscal, our total business from Gujarat was at Rs 6,456 crore, which we want to double in next two years," he said, adding the bank has 78 branches in the state.

"Today, we have cleared proposals worth of Rs 710 crore in just one day in Gujarat," Goel said, adding housing loan is the priority of the bank in Gujarat.

The bank would shortly open a specialised cell in Ahmedabad to cater to the proposals of Rs 60 crore and above. Infrastructure sector like ports, power projects, roads will be the bank's focused segments in Gujarat, he said.