According to Mr. Bhaskar Sen, Chairman and Managing Director, United Bank of India (UBI) has no immediate plan to increase its interest rates. If situation so warrants, the bank might think up enhancing the interest slabs by the end of the current year.
Speaking to reporters, the Mr Sen said the total business of the bank has increased by Rs 718 crore or 23.1 % % from Rs 3106 crore in March 2010 to Rs 3824 crore in December 2010.
“UBI has been firmly set on a growth trajectory. The bank’s aggregate deposits increased by Rs 751 crore from Rs 2078 in March 2010 to Rs 2829 crore in December 2010, up by 36.1 %. Similarly, the gross credit declined by Rs 23 crore or 3.2% from Rs 1028 crore in March 2010 to Rs 995 in December 2010,” Mr Sen added.
To a query, Mr Sen said UBI would soon open a full-fledged branch in Dhaka and there were no further plans of foreign expansion.
Sharing some performance highlights of the third quarters ended December 31, 2010 the chairman said the net profit was up by 33.9% to Rs 163.14 crore and the net interest income increased by 59.7% to Rs 559.74 crore from Rs 350.49 crore as on December 2009. The Bank’s net non-performing asset (NPA) was pegged at Rs 763 crore.
Replying to another query, Mr Sen said the advances to medium and small-medium enterprises grew by over 19% reaching Rs 7390. Similarly, agriculture advances increased to Rs 4897 crore, registering a growth of over Rs 12.6%.
On priority sector advances, the chairman said it increased to Rs 16,638 crore as on December 31, 2010 from Rs 13,317 crore as on December 31, 2009.
Speaking about his Orissa plans, the chairman said the bank intended to open a new branch and 12 ATM counters in the state during the current fiscal.
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