United Bank of India (UBI) aims to achieve a business volume of Rs 4800 crore in Orissa in the current financial year. If achieved, this would be a growth of 54.53 per cent over Rs 3106 crore, which the public sector bank had achieved in 2009-10.
UBI has clocked a total business of Rs 3824 crore in the April-December period of this fiscal which includes deposits of Rs 2829 crore and advances worth Rs 995 crore. The bank's Credit Deposit (CD) ratio in the state stands at 35.2 per cent and it hopes to raise it significantly by the end of 2011-12.
Addressing media persons here, Bhaskar Sen, chairman and managing director, UBI said, “We have 116 branches and 21 ATMs in Orissa at present which are managed through our two regional offices- Bhubaneswar and Sambalpur. The bank will open one more branch in the state at Jajpur and install 12 ATMs before March 31 this year. Our low CD ratio in the state is a cause of concern but we hope to raise it significantly by the end of next fiscal.”
Commenting on financial inclusion in the state, Sen said that the bank expects to cover all 78 unbanked villages in 12 districts assigned to it under the Financial Inclusion Plan by the end of this fiscal. On a pan-India basis, the bank will extend banking services to 1880 unbanked villages before March 31 this year.
Asked on the possibility of raising interest rates, he said, “The Asset Liability committee of the bank will meet shortly to take a call on revision of interest rates”. He hinted that the interest rates are likely to be raised before the end of this fiscal.The bank had achieved a pan-India total business of Rs 1.24 lakh crore by the end of December 2010.
While advances were up by19.1 per cent to reach Rs 50679 crore, the deposits in the said period stood at Rs 73106 crore, registering a growth of 11.2 per cent.
Net interest income recorded a spurt of 59.7 per cent to reach Rs 559.74 crore by the end of December 2010 compared to Rs 350.49 crore registered by the end of December 2009.