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Our Bureau

Kolkata April 30 UCO Bank has recorded a net profit of Rs 31 crore for the fourth quarter of fiscal 2007 against a loss of Rs 59 crore in the corresponding quarter of the previous year.

The total income was Rs 1,616 crore, a 24 per cent increase over the Rs 1,306 crore posted in the corresponding quarter of the previous year.

The bank registered a net profit of Rs 316 crore for the full year ended March 31, 2007 against Rs 196 crore posted as on March 31, 2006. It recorded a year-on-year growth of 21.8 per cent in total income during the year, in comparison with the previous year ended March 2006. Income went up from Rs 4,729 crore to Rs 5,760 crore.

The interest income posted a year-on-year growth of 22.14 per cent to Rs 5,318 crore during 2006-07 from Rs 4,354 crore in the previous year.

Interest income from advances recorded an increase of Rs 909 crore to Rs 3,540 crore in 2006-07 from Rs 2,631 crore in 2005-06.

UCO Bank, said Mr Sridhar, Chairman and Managing Director, has recorded a satisfactory growth in total business for 2006-07. Total advances went up by 25.5 per cent, while total deposits increased by 18.9 per cent, he added.

The bank has set a business target of Rs 2 lakh crore by 2010. It also plans to bring 75 per cent of its business under CBS by March next year.

Asset Reconstruction Co

UCO Bank, Mr Sridhar told newspersons, is waiting for further developments with regard to the formation of an asset reconstruction company (ARC) in which it intends to take a 12.5 per cent stake.

The UCO board has already okayed the proposal. A few other banks will come in as partners.

At another level, the bank is planning to tie up with a securities broking firm for providing its customers an online trading platform.

A decision on this front is expected in the next few months. Besides, tie-ups with exchange houses in the Gulf are also being planned.

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