UBI expects growth in 2011

July 24th, 2010 - 9:20 pm ICT by IANS  

Kolkata, July 24 (IANS) City-based United Bank of India (UBI) expects credit growth of 20 percent and deposits growth not crossing 22 percent during 2010-11, a senior official said here Saturday.
UBI would keep its advances growth under control till September by staying away from low-yielding loans.

“We are deliberately avoiding low-return loans but hope to seize the opportunity of attaining higher credit growth after September,” bank’s chairman and managing director Bhaskar Sen told reporters at a press meet.

The bank posted a net profit of Rs.107.86 crore for the first quarter (April-June) of the current fiscal (2010-11), up by 53.5 percent.

Major factors behind improvement in profitability were growth in net interest margin to 2.98 percent from a low 1.90 percent a year ago and drop in cost of deposit to 5.40 percent from 6.47 percent, he said.

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