Arun Tiwari

Union Bank targeting 9-10 % deposit growth

Union BankKochi: Union Bank of India is targeting 9-10 percent growth in deposits and 11-12 percent in its advances over last year, a top official said on Saturday.

"The bank's deposits are expected to grow by 9-10 percent and advances by 11-12 percent this fiscal," Chairman and Managing Director, Arun Tiwari, told reporters here.

The bank has a total branch strength of 3900 pan India, and will be adding 200 more branches this year of which 15 would be in Kerala.

He said 3000 employees were recruited this year and were undergoing training.

Union Bank reports 15% rise in Q3 net profit

Union BankUnion Bank on Friday reported a year-on-year rise of 15.39 per cent in its third quarter net profit to Rs 348.9 crore, thanks to higher growth in retail, agriculture and MSME sectors.

The public sector lender's net interest income jumped 3.81 per cent to Rs 1,963 crore in the October-December quarter of 2013, from Rs 1,891 crore in the corresponding quarter of the previous year.

Domestic advances increased 18 per cent from Rs 178,039 crore to Rs 210,496 crore; while overseas advances grew 20 per cent, from Rs 189,997 crore to Rs 227,745 crore.




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