UCO Bank more than triples quarterly profit to Rs 315 crore
25 Jan 2014 5:56 AM IST
The operating profit for Quarter 3 stood at Rs 1137 crore compared to Rs 831 crore in the corresponding quarter the year before, a jump of 37 per cent.
The total income of the bank during this period rose by 12.80 per cent to Rs 4919 crore due to healthy growth of 13.36 per cent in total interest income.
Total business as at end Dec’13 amounted to Rs 3.34 lakh crore, a growth of 14.66 per cent. “The reasons for the banks growth are many, including rise in CASA deposits and recovery of dues “said the bank’s Chairman cum managing director, Arun Kaul on Friday. The bank made a recovery of Rs 407 crore through cash recovery and upgradation during this quarter. CASA deposits stood at Rs. 58646 crore (33.37 per cent of domestic deposit) as on Dec’13 against Rs 47691 crore a year ago registering a year on year growth of 23 per cent aided by 38 per cent rise in current deposits and 13 per cent rise in saving deposits.
Advances of the Bank at Rs 1.42 lakh crore at the end of Dec’13 grew by 16.47 per cent (year on year) from Rs 1.22 lakh crore at the end of Dec’12. Also, the Credit Deposit Ratio stood at 73.52 per cent as at Dec’13. The bank opened 195 new ATMs during the third quarter taking the total number of ATMs to 1963 as on 31.12.2013. The bank’s branch network stood at 2717 on 31.12.2013 as against 2511 on 31.12.2012.
The total income of the bank during this period rose by 12.80 per cent to Rs 4919 crore due to healthy growth of 13.36 per cent in total interest income.
Total business as at end Dec’13 amounted to Rs 3.34 lakh crore, a growth of 14.66 per cent. “The reasons for the banks growth are many, including rise in CASA deposits and recovery of dues “said the bank’s Chairman cum managing director, Arun Kaul on Friday. The bank made a recovery of Rs 407 crore through cash recovery and upgradation during this quarter. CASA deposits stood at Rs. 58646 crore (33.37 per cent of domestic deposit) as on Dec’13 against Rs 47691 crore a year ago registering a year on year growth of 23 per cent aided by 38 per cent rise in current deposits and 13 per cent rise in saving deposits.
Advances of the Bank at Rs 1.42 lakh crore at the end of Dec’13 grew by 16.47 per cent (year on year) from Rs 1.22 lakh crore at the end of Dec’12. Also, the Credit Deposit Ratio stood at 73.52 per cent as at Dec’13. The bank opened 195 new ATMs during the third quarter taking the total number of ATMs to 1963 as on 31.12.2013. The bank’s branch network stood at 2717 on 31.12.2013 as against 2511 on 31.12.2012.
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