According to Mr. M.V. Nair, Chairman and Managing Director, Union Bank of India, the Bank has clocked a better-than-industry growth in its key business verticals in FY10. The bank is likely to cross the Rs three lakh crore mark in business as early as this quarter, thus joining the likes of SBI, PNB, BoI, BoB and Canara in terms of business. Presently, Union Bank's total business stands at Rs 2.91 lakh-crore. The bank's credit portfolio grew by above 23%.
Even as the financial turmoil shook the loan-books of most Indian lenders, especially private sector banks, state-run banks like Union bank and Bank of Baroda have withstood the adversities by clocking an above 20 per cent loan growth in FY 10.
Recently, BoB's Chairman M D Mallya had said that the bank's credit growth in FY 10 is likely to be around 20-21 per cent while country's largest lender State Bank of India said it's loan growth in FY 10 would be in the range of 16-18 per cent.
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