UCO Bank Q1 net rises 12% at Rs 292 cr

Net profit of UCO Bank in the first quarter of FY12 increased 12.42% at Rs 292 crore as compared to Rs 260 crore in the same corresponding period last fiscal.

Operating profit, however, showed a decline of 5.27% at Rs 611 crore in the quarter as against Rs 645 crore in the corresponding quarter previous year.

CMD UCO Bank Arun Kaul announcing the results here today said that the fall in operating profit was due to high interest expenses compared to interest income.

Interest paid increased by almost 49.5% and interest income by 27.28%.

Provisioning during the quarter was lower at Rs 319 crore as compared to Rs 385 crore in the previous similar quarter.

Total business of the bank at the end of the current first quarter stood at Rs 2,23,626 crore, with deposits at Rs 1,27,534 crore and advances at Rs 96,092 crore.

Net interest margin of the bank during the first quarter declined to 2.46% as compared to 3.07% in the previous similar quarter.

The bank's capital adequacy as per Basel II stood at 13.51%.

Net NPA during the quarter increased to 2.15% as compared to 1.14% in the previous Q1.

Source: Business Standard