United Western Bank plans to up business mix by 25%

The Satara-headquartered United Western Bank plans to grow its business mix (deposits plus advances) by 25 per cent to Rs 12,500 crore and is targetting to recover dues amounting to Rs 100 crore in fiscal year 2004-05.

The business mix of the bank increased by 21.50 per cent to Rs 10,174 crore in fiscal year 2003-04 as against Rs 8,536 crore in the previous financial year. The bank had reported a 12.54 per cent rise in net profit to Rs 30.96 crore in fiscal year 2003-04 against Rs 27.51 crore in fiscal year 2002-03.

"We will leave no stone unturned in recovering our dues, be it with the help of the Securitisation Act or the one-time (compromise) settlement or the debts recovery tribunal (DRTs)," said Satish Marathe, chairman and chief executive officer.

The bank has filed about 350 cases with the DRTs and issued around 750 notices under the Securitisation Act.

As of March-end 2004, its gross non-performing assets (NPAs) stood at Rs 516.34 crore (Rs 447.71 crore as of March-end 2003) and net NPAs stood at Rs 335.34 crore (Rs 298.95 crore).

In percentage terms, the gross NPA to gross advances ratio was 13.14 per cent (13 per cent) and net NPA to net advances ratio was 8.95 per cent (9.50 per cent).

Marathe said 30 more branches will be brought on the core banking solution platform, taking the total networked branches to 160, even as 35 more offsite automated teller machines (ATMs) will be added to the existing network of 30 ATMs.