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UCO Bank on Wednesday said it is eyeing 20 per cent growth in its business and a reduction in its non-performing assets (NPAs) to less than 3 per cent this fiscal.
“We have embarked upon an aggressive plan to grow our business in the coming years. We are expecting a 20 per cent growth in our business in FY12,” said Mr Arun Kaul, Chairman and Managing Director, UCO Bank.
With the initiatives that we have taken on the recovery front, we expect our NPAs to decrease to less than 3 per cent this fiscal as compared to last year,” he added.
Last fiscal, the gross NPAs of the bank stood at 3.13 per cent at Rs 3,150.36 crore.
“We have set-up a separate vertical wherein we have opened around 6—7 branches for the purpose of recoveries. We will open a few more branches in the coming months. We want to clear the balance-sheet first,” he said.
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