The Hindu Business Line : Union Bank retail lending up 20%

In a press release, the bank said that total lending under the retail segment crossed Rs 6,244 crore against Rs 5,085 crore in the corresponding period the previous year. Housing loans also grew to Rs 1,994 crore from Rs 1,257 crore, registering a growth of 59 per cent, the release said.

Total advances grew to Rs 30,969 crore (Rs 26,649), and deposits to Rs 44,749 crores (Rs 50,691 crore) for the year ended March 31, 2004, the release further stated. The bank's advances and deposits thus grew by roughly 12 per cent during the year. Advances of the banking industry as a whole grew by a little over 15 per cent while deposits by 17 per cent during this period. Investment portfolio of the bank has increased to Rs. 22,452 crores (Rs. 19,406 crores).

Growth in advances is reflected across all sectors, agriculture, small-scale industries tertiary sector as well as retail banking, said the release.

Advances to priority sector registered a growth of Rs.2, 533 crores to Rs.13,727 crores as on March 2004, from Rs.11,194 crores as of March 2003.

Outstanding under Agricultural Advances were Rs.4, 559 crores registering a growth of Rs.871 crores i.e. 23.61% during the year. While advances to small scale industries grew by Rs 462 crores. Tertiary sector registered an increase of Rs.1,201 crores with the level going up from Rs.4837 crores to Rs.6038 crores.

The bank has corporate agency tie-up with HDFC Standard Life Insurance Co Ltd on life insurance side and New India Assurance Co Ltd on non-life insurance side. It has marketed more than 17,000 life insurance policies during the year with a premium of more than Rs 13 crore. The bank has marketed more than Rs 100 crore retail business under mutual fund, said the release.

The bank has extended demat services to 26 cities in the country and has mobilised more than 22,000 accounts.