UCO Bank aims 7-10% growth in FY22, allots shares to government ...Middle East

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UCO Bank aims 7-10% growth in FY22, allots shares to government
City-based UCO Bank on Friday said it was aiming at a growth of 7-10 per cent in the current fiscal amid the second round of restructuring guidelines from the regulator due to the second wave of COVID-19 disruptions. The bank also allotted 203.76 lakh shares to the government at Rs 12.76 per share against Rs 2,600 crore infusion in the bank. The bank board had also approved a further capital raising plan of Rs 3,000 crore in 2021-22. "We are hopeful for a business growth of 7-10 per cent in the current fiscal. We will do better in the current fiscal as our provisioning will be lower going forward and maintain net interest margin (NIM) target of 2.7-2.75 per cent," the bank's MD and

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