Union Bank poised for higher growth, expands branch network

Kolkata, Oct 18 (UNI) Public sector Union Bank of India, which has recorded over 20 per cent growth in total business during the first six months of the current fiscal to Rs 116,171 crores, has earned a net profit of Rs 361 crores during the same period, up by 19.93 per cent from the corresponding period of last year.

Announcing the first half yearly result of the bank after an extended Board meeting at Mumbai today, Union Bank General Manager S.M.Nasir here said similarly the Bank's performance in the Eastern region was also equally creditable with the overall business growth, recording around 22 per cent increase till September 30 this year.

Stating that in tune with the industrial rejuvination programme the Bank had decided to increase its branch network in the Eastern Region after about a decade, Mr Nasir said accordingly 17 new branches would be opened in the region during the next two months to add to the present network of 278 branches.

"We have also decided to open at least 30 more ATM centres of the Bank in the city and elsewhere to take its total number to 50 by December this year," Mr Nasir said.

Referring to other developmental aspects of the bank, whose capital adequacy ratio had been increased to 10.79 per cent following the injection of fresh funds as tier one capital earlier this year, Mr Nasir said from today the Bank had launched a festive bonanza which would remain effective November 15 for its customers across the country.

Further elaborating, he said as part of the festive offer the Bank had decided to reduce the retail credit by 50 basis points, particularly in the home loan and automobile credit sectors to make them as one of the lowest in the industry.

"We are also introducing as part of the festive bonanza the sale of pure 24 carat gold coin of five, eight and ten grams for the customers on the day-to-day market price," he said.

Claiming that the offer was the first-of-its-kind being made by any public sector bank in India except the SBI, Mr Nasir said the coin, being imported from Switzerland, would be offered in special packages.

Regarding the opening of new branches in the region, the General Manger said of the 17 new branches maximum 11 would be opened in West Bengal, including four in the city, and followed by three in Assam, two in Jharkhand and one in Orissa. All the branches would, however, be brought under the core Banking services.

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