TIDBITS

UCO Bank to return to profitability in FY18

By IndianMandarins- 30 Jun 2016
540

uco-bank-to-return-to-profitability-in-fy18 Kolkata-based UCO Bank expects to return to profitability in the financial year 2017-18, as it foresees stress in the banking sector to continue this fiscal. The bank has chalked out a turnaround strategy, under which it may not take any fresh exposure to large corporate firms, focus on retail lending and beef up its capital base by raising as much as Rs 5,000 crore by way of bonds and government fund infusion, said R K Takkar, chairman and managing director, UCO Bank, at the 13th annual general meeting of the bank. It plans to raise close to Rs 3,000 crore by way of bonds this financial year and expects a fund infusion of Rs 2000 crore from the government, according to Takkar. This apart, UCO Bank was also trying to sell close to Rs 2,000 crore of bad loans to asset reconstruction company by September this year, added Takkar.

free stat counter