Union Bank of India is expecting its profit to grow 60 per cent to Rs 500 crore during this financial year. The bank is also aiming to reduce the level of non-performing assets (NPAs) to 5 per cent through various stringent measures including seizing assets of defaulters and an one-time settlement scheme.
In its vision statement, the bank said it was planning to double business to Rs 1,10,000 crore by March 2005 from the present Rs 60,000 crore R Vishwanathan, general manager, said: