Press
Release
United Bank of India crosses business of Rs. 75,000 crore.
United Bank of India doubles its Business in three years.
United Bank of India has achieved an important milestone with its business crossing Rs. 75,000 crore as on March 2008. Bank’s business has taken a quantum jump from Rs. 37,200 crore as on March 2005 to Rs. 75,300 crore as on March 2008 thus more than doubling in a period of 3 years. During the same period, the deposits grew by 86.2% from Rs. 25,350 crore to Rs. 47,200 crore whereas advances grew by 137.1% from Rs. 11,850 crore to Rs. 28,100 crore.
During the year 2007-08, deposits have grown by 27%, advances by 24% and the overall business by 26%. The Bank plans to reach Rs. 1 lac crore business as on March 2009 and Rs. 1.50 lac crore business by March 2011 as per the Medium Term Plan finalized in consultation with IIM, Kolkata.
The Bank’s Branch network has reached to 1401 as against 1326 as on March 2007. The Bank is holding RBI authorization to open 54 new branches during this year. Starting from January 2007 the Bank is aggressively implementing Core Banking Solution and has covered 70% of its business on CBS through 379 branches in March 2008. The Bank has planned to put its entire operations on CBS by December, 2009.
Dated 4th
April, 2008
|
