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Citi Union Group registered Rs.13,5000 crore worth value!

Posted on: April 15, 2009

$Brave Bank- balance sheet$

Astronomical figures seemed to be a distant dream in these times of economic turbulence. Banks have collapsed. Credits have been frozen; defaulters are being pursued, interest rates have been cut down, strategies are being reinvented, and whole lot of corrective measures are underway to counter the aggression of recession. Banks have lost the trust of their investors and are fighting for their own survival but it’s almost gleeful to hear that there is a bank, which against the current down-flow and adverse situations, registered not only a significant growth rate and reasonable profits but has laid down roadmap for revamping and more branch extensions. WOW!

The Kumbakonam headquartered ‘Citi Union Bank’ officials announced that their aggravate business worth was Rs.13,500 crores. In their announcement, they stated that they had mustered Rs.8,000 crore on deposits, Rs 5,500 crore by way of advances and have garnered Rs.11,000 crore in the previous year. The most encouraging to hear were the words ‘consistent growth’. The bank has claimed to have preserved its growth of 24-25% annually. Keeping the momentous positivity blazing, their extensions plans sounded very brave and encouraging. They appeared resolved to take brave measure even in these times and announced an addition of 43 new branches to take their total from 407 to 450 across the length and the breadth of the country.

The Southpaw’s, quite literally, stance seemed potent to instigate a positive change in the trust factor in investors and could well turn out be the move that the Indian corporate sector was waiting for to don a new brave mantle and outperform their own best last year.

Keeping the pace with their extension plans they have even started hiring new professionals in middle, senior management and executive cadre. Aspiring candidates can apply by or before 30th April, 09.

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