Millennium Post

UCO Bank achieves 6-fold Q4 profit jump to Rs 285 cr

State-run UCO Bank on Wednesday  reported a six-fold jump in net profit at Rs 285 crore for the fourth quarter of the financial year 2013-14.
The lender had reported a net profit of Rs 49.5 crore in the corresponding period of the previous fiscal.
The bank's total income increased from Rs 4,527 crore for the quarter ended 31 March, 2013, to Rs 5,309 crore for the quarter ended 31 March, 2014, the bank said in a filing to the Bombay Stock Exchange (BSE).

The bank said the rise in net profit was due to lower provisioning and cash recovery. The bank's gross NPAs during the quarter fell to 4.32 per cent from 5.42 per cent earlier.

The bank’s operating profit for fourth quarter jumped 33.14 per cent on year-on-year basis and that for the full fiscal rose 47.6 per cent to Rs 4,940 crore.  Its total business crossed Rs 3.5 lakh  crore in the last financial year.
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