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FE Home- BANKING & FINANCE - Story

UCO Bank expects 25 per cent credit growth

Agencies
Posted: Monday, Jun 29, 2009 at 1700 hrs IST
Updated: Monday, Jun 29, 2009 at 1700 hrs IST

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Kolkata: UCO Bank is expecting to achieve a credit growth rate of 25 per cent during the current financial year, its chairman S K Goel said.

Goel said that in the first quarter, the credit growth was low at five per cent, but the demand for credit is likely to pick up in the coming months.

He said that the bank was gradually reducing its dependence on bulk deposits and that profitability of the bank in the first quarter was higher by 15 per cent as compared to the corresponding period last fiscal.

This was mainly due to better treasury and non-interest income.

The bank is likely to lower deposit rates by 50 to 100 basis points.

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