Uco Kicks Off Brand Building Exercise

City-based public sector Uco Bank is all set to cast off its weak-bank image and has undertaken a brand building exercise where by it will convert 'Uco' to a brand.

"Our bank can no more be termed weak as we have improved our fundamentals and are on a growth path, explained chairman and managing director V P Shetty.

"We hope to maintain a steady growth for the next couple of years," he explained.

Shetty has drawn upon extensive plans for recasting its image to a customer-friendly bank, whereby it has benchmarked its operations.

"The bank is all set to improve its customer service and has set for itself a goal of better customer care and prompt service," explained Shetty. Plans are afoot to take up a large marketing and sales promotion exercise. It has also planned to lend at sub-PLR (prime lending) rates.

 

Meanwhile, UCO declared a Rs 33 crore net profit for 2000-01, it has targeted a Rs 50 crore figure for 2001-02. Targeted operating profit for 2001-02 was Rs 225 crore although it achieved a Rs 214 crore during the last fiscal.

Deposits targeted for 2001-02 stands at Rs 25,300 crore against Rs 21,536 crore in 2000-01. Advances on the other hand was pegged at Rs 13,200 crore against Rs 10,701 achieved in the previous fiscal.

Non-performing assets was reduced by Rs 367.39 crore at Rs 1,284 crore. The bank managed a Rs 242 crore cash recovery in the period under consideration against Rs 192 crore in the previous period.

Net NPA to net advances was reduced to 6.35 per cent against 8.75 per cent in the previous period. Gross NPA to gross credit has been reduced to 11.71 per cent against 18.79 per cent in 1999-00.

The bank's strategy of asset expansion through acquisition of quality credits and mid-market products have paid good dividends.

The bank managed to lay off 4,776 staff and the total employee strength stands at 29,000.