Union Bank's business up 14% in FY04

Union Bank of India's total business for the fiscal ending March 31, 2004 rose by 14.37 per cent to Rs 81,660 crore against Rs 71,398 crore in the last fiscal. The bank's total deposits increased to Rs 50,691 crore up 13.27 per cent compared with Rs 44,749 crore in the same period last year.

Total advances rose by16.21 per cent to Rs 30,969 crore in the period under review compared with Rs 26,649 crore in March 2003, the bank said in a release.

Retail lending continued to be a thrust area for the bank with lendings of over Rs 6,244 crore, up 23 per cent against Rs 5,085 crore.

Housing loans grew by 58.63 to Rs 1,994 crore against Rs 1,257 crore. Credit demand was evident across all sectors including agriculture, small scale industries, tertiary sector as well as retail banking, the bank said.

Advances to priority sector rose by Rs 2,533 crore to Rs 13,727 crore against Rs 11,194, while that to small scale industries grew by Rs 462 crore, the bank said. The investment portfolio of the bank rose by 15.69 per cent to Rs 22,452 crore from Rs 19,406 crore.

The bank has computerised almost all its branches covering 97 per cent of its business. It has also launched core banking solution, which will ultimately see 500 branches of the bank networked.

Union Bank of India is the corporate agent of HDFC Standard Life insurance company for life insurance segment and New India Assurance company for general insurance.