United Bank to raise Rs 250 cr through bonds

United Bank to raise Rs 250 cr through bonds

Briefing reporters here, UBI Chairman and Managing Director Bhaskar Sen said, “We have received nod from the shareholders for raising the fund.” On top of it, the bank received Rs 250 crore from the government in the current financial year.  United Bank’s net interest income went up by 93 per cent to touch Rs 508.57 crore as against Rs 263.29 crore during the same period, the previous year.

However, its treasury income has gone down substantially to touch Rs 31 crore, Sen conceded. The bank, which is deliberately not opting for bulk deposits, has targeted a total business of Rs 1,30,000 crore in the Financial Year 2010-11.