Public sector lender UCO Bank today said it is eyeing 20% growth in its business and a reduction in its non-performing assets (NPAs) to less than 3% this fiscal.
"We have embarked upon an aggressive plan to grow our business in the coming years. We are expecting a 20% growth in our business in FY12," UCO Bank Chairman and Managing Director Arun Kaul told PTI here.
Also, with the initiatives that we have taken on the recovery front, we expect our NPAs to decrease to less than 3% this fiscal as compared to last year," he said.
Last fiscal, the gross NPAs of the bank stood at 3.13% at Rs 3,150.36 crore.
"We have set-up a separate vertical wherein we have opened around 6-7 branches for the purpose of recoveries. We will open a few more branches in the coming months. We want to clear the balance-sheet first," he said.
The bank has set up a hub in Mumbai to provide loans to small-and-medium-enterprises (SMEs). This will be the bank's second hub as it has already set up a similar one in Kolkata.
"SMEs contribute largely to the growth of the economy. Realising the need to support such enterprises, we have decided to set up separate hubs which will take care of all loan requirements of SMEs," Kaul said.