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UCO Bank to asses the drop in its net interest rate

UCO Bank CMD, S K Goel said in an interview that the bank needs to focus on drop in its net interest rate margin (NIM), decline in share of low-cost deposits [current account and savings account (CASA) deposits] and rise in gross non performing assets (NP

Apnaloan.com Research Bureau

12 Sep 2007

UCO Bank CMD, S K Goel said in an interview that the bank needs to focus on the drop in its net interest rate margin (NIM), decline in share of low-cost deposits like current account and savings account (CASA) deposits, and rise in gross non performing assets (NPAs).

In an interview to Business Standard, Goel said that the current and saving deposits have slipped below 27 per cent from 32 per cent. The bank also launched a CASA campaign to increase the deposit base; it started from September 1.

With the launch of the campaign, the CASA deposit share is expected to reach 30 per cent by March 2008 and 32 per cent by June.

NIM had dipped to 2.42 per cent and the target set is to take the NIM to, at least to 2.80 per cent by March 2008. The bank has also seen substantial increase in non-performing assets. The gross NPAs stand at 3.85 per cent and net NPAs are at 2.3 per cent. The bank intends to bring down the level of gross NPAs to around 2 per cent and net NPAs to 1 per cent by September 2008.

UCO bank has decided to focus on recovery of dues, especially on retail loans. It has two general managers and 300 employees on this task. Till August 2007, the bank recovered about Rs 171 crore.