Union Bank of India, one of India's leading public sector banks, is eyeing a 25 per cent growth in its total business from its pan-India operations in 2011-12.
While deposits are expected to grow by 22 per cent, the advances are set to increase by 27 per cent in 2011-12.
“We are targeting a growth of 25 per cent in our total business in 2011-12. We expect to close the current fiscal with a total business of Rs 3.50 lakh crore which includes Rs two lakh crore of deposits and Rs 1.5 lakh crore of advances”, said S Govindan, general manager (personal banking & operations), Union bank of India.
The bank's pan-India CD (Credit Deposit) ratio currently stands at 71 per cent and it is expected to rise to 73 per cent by the end of 2011-12.
The bank's total business has reached Rs 3.2 lakh crore by the end of December 2010, recording a year-on-year growth of 24.39 per cent. Its operating profit for the third quarter ended December 31, 2010 grew by 37.96 per cent to Rs 1261 crore compared to the corresponding period of last fiscal.
The operating profit in the April-December period of 2010-11 stood at Rs 3435 crore, registering a growth of 36.8 per cent over Rs 914 crore over the same period of 2009-10.
The bank's net profit in the October-December quarter stood at Rs 579 crore, representing a growth of 8.43 per cent over Rs 534 crore in the same period of 2009-10.
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In the Orissa circle, the bank is eyeing a total business of Rs 7100 crore in 2010-11 which includes Rs 4700 crore of deposits and Rs 2400 crore of advances. If achieved, this would be a growth of 22.39 per cent over the total business of Rs 5801 crore, which the bank achieved in the state in 2009-10. “We have already achieved a total business of Rs 6400 crore by the end of December 2010. This includes Rs 4000 crore of deposits and Rs 2400 crore of advances”, said D C Satapathy, deputy general manager and branch head (Orissa) of Union Bank of India.
Union Bank has 76 branches in Orissa at present and it plans to add two more branches this more and four branches in March. It also hopes to cover its stipulated 30 unbanked villages in the state under Financial Inclusion by the end of March 2012.