A recent press report said that Public sector lender, UCO Bank, is eyeing a 20 per cent growth in its business and a reduction in its non-performing assets (NPAs) to less than 3 per cent this fiscal.
Mr. Arun Kaul, Chairman and Managing Director of the bank said that they have planned to grow their business in the coming years and the bank is expecting 20 % business in FY12.He also said that the bank is expecting its NPAs (Non performing Assets) to decrease to less than 3 per cent this fiscal as compared to last year. Last fiscal, the gross NPAs of the bank stood at 3.13 per cent at Rs 3,150.36-crore.
He added saying that the bank has set-up a separate vertical wherein it has opened around 6-7 branches for the purpose of recoveries. The bank has planned to open a few more branches in the coming months.
He also said that the bank has set up a hub in Mumbai to provide loans to small-and-medium-enterprises (SMEs). He said that the bank has decided set up separate hubs which will take care of all loan (home loan, car loan, business loan etc) requirements of SMEs.