Union Bank to open 500 branches in six months
PSU major Union Bank today said it proposes to open 500 new branches over the next six months.
"The bank proposes opening 500 new branches in the next six months for which it has received license from the Reserve Bank," Union Bank Chairman and Managing Director M V Nair told reporters, announcing quarterly results here today.
The rapid growth of the bank has led to opportunities in career progression within the bank and over 1700 officers would be promoted before March this year, he said.
He further said the bank is planning to recruit 1600 officers, of which 800 will be through campus recruitment and the bank has shortlisted 25 institutes, including some of the top management schools to conduct the process.
"These HR initiatives will help maintain the momentum of growth in business going forward," he said.
Meanwhile, the business mix of the bank (deposits and advances together) has increased by 28 per cent to Rs 2,22,625 crore as of December 2008.
The net profit of the bank went up by a whopping 83.84 per cent to Rs 671 crore for the December quarter from Rs 365 crore for the corresponding period the previous year.
The asset quality of the bank has improved considerably with net NPAs going down to 0.14 per cent against 0.35 per cent in the corresponding period. The net interest margin of the bank increased to 2.97 per cent during the third quarter against 2.75 per cent.
The bank has said it will focus on retail, agri business, small and medium companies and corporates for growth going forward.