Date:01/10/2004 URL: http://www.thehindubusinessline.com/2004/10/01/stories/2004100101910600.htm

Back United Bank eyes Rs 50,000-cr biz

Our Bureau

Hyderabad , Sept. 30

HAVING recorded a turnaround in operations and growth both in business volumes and profitability, United Bank of India (UBI), has now set ambitious targets of reaching a balance sheet size of Rs 50,000 crore and wiping out the entire accumulated losses by the end of next fiscal.

Announcing this at a press conference here, the UBI Executive Director, Mr K.N. Prithviraj, said the bank could turnaround without obtaining any help from the Government after being declared sick and recommended for closure by couple of committees earlier.

Stating that the bank currently has reached a size of over Rs 33,000 crore and reduced its accumulated losses to Rs 530 crore, he said the bank expects to record a business volume of Rs 37,000 crore by the end of current fiscal.

The bank is also on the move to wipe out its entire accumulated losses by the middle of next fiscal, he said.

With net non-performing assets (NPAs) down below 3 per cent by August-end this year from a level of 3.75 per cent at the March-end this year, the bank hopes to bring them down further to 1.5 per cent.