UBI targets Rs one lakh cr business, Rs 500 cr profit by 2009

Kolkata, Mar 30 (UNI) City-based United Bank of India (UBI) is all set to double its business turnover to Rs 100,000 crore by 2009-10 when its net profit margin is also likely to touch the Rs 500 crore mark, UBI Chairman and Managing Director P.K.Gupta announced here today.

Speaking at a function in presence of Union Minister of State for Finance Pawan Kumar Bansal at the UBI headquarters here, Mr Gupta said recording over 20 per cent growth the total business of UBI set to touch the Rs 58,000 crore mark by the end of the current fiscal. Of this, deposit would be to the tune of Rs 34,700 crore and credit Rs 22,500 crore recording nearly 38 per cent and 42 per cent growth respectivly.

Incidentally, Mr Bansal today launched a new trust at the Bank namely the "United Bank Socio-Economic Developmental Foundation" with an intial corpus of Rs two crore for the promotion of developmental activities and rendering assistance to the weaker and under privileged sections.

Renowed classical singer Ajay Chakraborty, a five-decade-old customer of UBI, was named one of the trustees of the new Foundation.

Hailing the 'magical turnaround' of the Bank, which even a few years ago was known as one of the three "weak" public sector Banks in the country with a total loss running into more than Rs 1400 crore, the Union Minister said now after wiping out the entire loss and making profit, time had come for the Bank to face multiple challeges facing the Indian Banking industry as a whole.

Stating that steady increase of productivity as one of the major challenges facing the Banking industry, Mr Bansal called upon the UBI employees to overcome such challeges with "grit, determination and with a similing face".

Also speaking on the occasion, UBI Executive Director Sunanda Lahiri through a power point presentation elaborated various achievements of the Bank, including strict financial discipline, to bring down the net NPA level to just 1.42 per cent, increase Capital Adequacy Ratio, substantially increase profit margins, introduce CBS, internet banking and several other innovative measures to make UBI as one of the growth-oriented Banks in the country.

UNI