State-run Union Bank of India (UBI) is expecting a growth of around 12% in its total business for the current fiscal to over Rs 5.32 lakh crore. Moreover, the bank is taking initiative in national financial inclusion plan and committed for up-liftment of society by providing maximum assistance to agriculture, self-help groups (SHGs) and micro credit.
Meanwhile, the bank’s gross NPAs surged to Rs 9,563.72 crore last fiscal from Rs 6,313.83 crore in 2012-13.
The bank posted a fall of 26.66% in its net profit at Rs 578.96 crore for the quarter ended March 31, 2014 as compared to Rs 789.38 crore for the same quarter in the previous year. However, total income of the bank increased by 12.59% at Rs 8444.95 crore for quarter under review as compared to Rs 7500.59 crore for the quarter ended March 31, 2013.
