• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi , Jan. 25

UCO Bank has recorded a net profit of Rs 55 crore for the quarter ended December 31, 2004, a sharp drop of 58.95 per cent over the Rs 134-crore net during the corresponding quarter in the previous fiscal. The bank, however, recorded a 30.66-per-cent higher operating profit for the quarter at Rs 277 crore against Rs 212 crore.

Addressing a press conference here, the Chairman and Managing Director, UCO Bank, Mr V. Sridar, said that the net profit has dipped since the bank has taken a hit of Rs 181 crore on account of depreciation of securities transferred to held-to-maturity category from the available-for-sale category.

Moreover, the bank has gone for a higher provisioning of Rs 40 crore on account of wage revision against Rs 10 crore made during the third quarter of the previous year.

Mr Sridar said that the UCO Bank has set its eyes on becoming a "retail giant in the quickest possible time." Towards this, he said that the bank plans to increase the proportion of retail asset from 18 per cent to 30 per cent in a couple of years. "We plan to redefine the channels of delivery for retails products including the introduction of direct setting agents," he said.

On the issue of consolidation, Mr Sridar said that he was looking at the possibility of takeover of another public sector bank. "We are looking at consolidation. As and when the time is ripe we would proceed with it," he said.

Mr Sridar said that UCO Bank would be looking at a possible second public offer during the next fiscal. "The pace at which we are growing we would need to raise money through a public offer over soon. Maybe it would be next year but it is not yet in the planning stage," he said.

The bank has projected a total business of Rs 75,000 crore at the end of March 31, 2005, against Rs 60,587 crore the year before.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
JRG Sec opens new branch at Varkala

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line