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Sunday, August 5, 2012

UCO Bank net up 24% at Rs 362 cr

Riding on the back of a growth in core operations, UCO Bank posted 24 per cent rise in net profit during the first quarter of this fiscal.

Net interest income grew by 29 per cent to Rs 1,044 crore for the quarter ended June 30 compared with Rs 808 crore in the same period last year.

Other income, however, dipped by 15 per cent during the quarter. According to Arun Kaul, Chairman and Managing Director, the bank had registered a high profit from treasury trading during the first quarter of 2011-12.

“This year our treasury trading profit was down by about 17 per cent, this dragged down our other income,” he said at a press meet to announce the bank’s performance during the quarter here on Saturday.

Net interest margin (NIM) was at 2.60 per cent (2.58 per cent). The bank would aim to achieve NIM of three per cent by the end of this fiscal, Kaul said.

The percentage of gross non-performing assets (NPA) to advances increased to 3.88 per cent (3.50 per cent), while net NPA increased to 2.23 per cent (2.15 per cent).

The bank expects 17-18 per cent growth in business this year. The capital adequacy ratio stood at 12.35 per cent as on June 30.


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