UCO Bank dazzles with 288% net profit rise
9 Nov 2013 7:54 PM GMT
This was announced during trading hours on Friday.
The reason cited by UCO Bank Chairman and Managing Director Arun Kaul was a rise in total income in the second quarter by 5.55 per cent and a drop in total expenditure by 5.63 per cent.
‘CASA deposits were much higher this year — they rose by 56 per cent compared to last year, thanks to a 173 per cent rise in current deposits and 12 per cent rise in savings deposits,’ informed Kaul.
UCO Bank’s ratio of net non-performing assets (NPAs) to net advances declined slightly to 3.13 per cent as on September 30, 2013, from 3.15 per cent as on June 30, 2013, but increased from 2.9 as on 30 September 2012.
The ratio of gross non-performing assets to gross advances decreased to 5.32 per cent as on September 30, 2013, from 5.58 per cent as on June 30, 2013 but increased from 4.88 per cent as on September 30, 2012.
UCO Bank’s capital adequacy ratio (CAR) as per Basel II norms stood at 13.23 per cent as on 30 September, 2013. The capital adequacy ratio as per Basel III norms stood at 12.31 per cent as on September 30, 2013.
The bank’s provisions and contingencies jumped 27.05 per cent to Rs 758.68 crore during the second quarter of fiscal 2013-14 over the same quarter of 2012-13.
The bank is also adopting villages in several states in order to nurture their all round development
as part of its corporate social responsibility (CSR) activities. Some schools have been identified for
the purpose.
The reason cited by UCO Bank Chairman and Managing Director Arun Kaul was a rise in total income in the second quarter by 5.55 per cent and a drop in total expenditure by 5.63 per cent.
‘CASA deposits were much higher this year — they rose by 56 per cent compared to last year, thanks to a 173 per cent rise in current deposits and 12 per cent rise in savings deposits,’ informed Kaul.
UCO Bank’s ratio of net non-performing assets (NPAs) to net advances declined slightly to 3.13 per cent as on September 30, 2013, from 3.15 per cent as on June 30, 2013, but increased from 2.9 as on 30 September 2012.
The ratio of gross non-performing assets to gross advances decreased to 5.32 per cent as on September 30, 2013, from 5.58 per cent as on June 30, 2013 but increased from 4.88 per cent as on September 30, 2012.
UCO Bank’s capital adequacy ratio (CAR) as per Basel II norms stood at 13.23 per cent as on 30 September, 2013. The capital adequacy ratio as per Basel III norms stood at 12.31 per cent as on September 30, 2013.
The bank’s provisions and contingencies jumped 27.05 per cent to Rs 758.68 crore during the second quarter of fiscal 2013-14 over the same quarter of 2012-13.
The bank is also adopting villages in several states in order to nurture their all round development
as part of its corporate social responsibility (CSR) activities. Some schools have been identified for
the purpose.
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