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United Bank scraps plan to raise fund

The Centre, instead, will pitch in with Rs 1,666 crore.

, ET Bureau|
Oct 04, 2019, 08.31 AM IST
Shares of top lenders SBI, ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Yes Bank all trended down in morning trade on Wednesday.
Kolkata: State-run United Bank of India has shelved its Rs 1,500-crore capital raising plan ahead of the proposed three-way merger with Punjab National Bank and Oriental Bank of Commerce. The Centre, instead, will pitch in with Rs 1,666 crore.

“We are capital complaint. We can add another Rs 10,000 crore in our top-line this year with the government’s capital infusion,” bank CEO Ashok Kumar Pradhan told ET. The bank had set a target of taking its loan outstanding to about Rs 82,000 crore from Rs 73,123 crore at the end of March. “We expect reasonably good second-quarter numbers and the trend would hopefully continue in Q3 and Q4 as well,” Pradhan said. It had reported a net profit of Rs 105 crore for the June quarter.

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