UCO Bank dazzles with 41% profit jump
21 July 2013 5:16 AM IST
Riding high on a 41.01 per cent growth in net profit for the first quarter ended 30 June, 2013, UCO Bank will donate Rs 4.5 crore towards the rehabilitation of the flood victims of Uttarakhand. This was announced by the senior bank officials on Friday.
The bank has reported a rise of 41.01 growth in its net profit which stands at Rs 511.11 crore for the first quarter, as compared to Rs 362.46 crore for the same quarter in the previous year.
‘The reason why we marked a high growth rate is the increase in other income or treasury profit to the tune of Rs 234 crore, increase in CASA and low slippages this year, said Arun Kaul, Chairman, UCO Bank, said.
The operating profit of the bank stood at Rs 1264 crore in this quarter against Rs 780 crore in the first quarter of 2013.
The total deposit of the bank stood at Rs 1.77 lakh crore, 14.22 per cent higher than the corresponding period last year. Gross non-performing assets (NPAs) rose to 5.58 per cent in the April-June quarter as against 3.88 per cent in the same quarter previous year while, net NPAs increased to 3.15 per cent. The bank, which has overseas operations in Singapore, plans to expand to other countries as well. It has asked for funds worth Rs 2000 crore from the Government. ‘However, in this year our exposure will be limited to the retail sector, the small scale sector and to the agriculture sectors. We are not tapping the power or infrastructure segments yet’, said Kaul.
In an effort to fulfill its corporate social responsibility, the bank is asking all its 1600 small and semi-rural branches to adopt one school each and provide drinking water and proper sanitation facilities. Over Rs 3 crore will be spent on this effort.
The bank has reported a rise of 41.01 growth in its net profit which stands at Rs 511.11 crore for the first quarter, as compared to Rs 362.46 crore for the same quarter in the previous year.
‘The reason why we marked a high growth rate is the increase in other income or treasury profit to the tune of Rs 234 crore, increase in CASA and low slippages this year, said Arun Kaul, Chairman, UCO Bank, said.
The operating profit of the bank stood at Rs 1264 crore in this quarter against Rs 780 crore in the first quarter of 2013.
The total deposit of the bank stood at Rs 1.77 lakh crore, 14.22 per cent higher than the corresponding period last year. Gross non-performing assets (NPAs) rose to 5.58 per cent in the April-June quarter as against 3.88 per cent in the same quarter previous year while, net NPAs increased to 3.15 per cent. The bank, which has overseas operations in Singapore, plans to expand to other countries as well. It has asked for funds worth Rs 2000 crore from the Government. ‘However, in this year our exposure will be limited to the retail sector, the small scale sector and to the agriculture sectors. We are not tapping the power or infrastructure segments yet’, said Kaul.
In an effort to fulfill its corporate social responsibility, the bank is asking all its 1600 small and semi-rural branches to adopt one school each and provide drinking water and proper sanitation facilities. Over Rs 3 crore will be spent on this effort.
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