Business Daily from THE HINDU group of publications
Tuesday, Oct 16, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Oct 16, 2007 ePaper |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Other income lifts UCO Bank net by 50% 
Our Bureau Kolkata, Oct. 15 UCO Bank has recorded a net profit of Rs 243.4 crore for the period ended September 2007, a 50-per cent increase from Rs 162.21 crore posted at the end of the corresponding period last year. Its operating profit stood at Rs 429 crore, up 7.25 per cent from Rs 400 crore recorded in the corresponding previous period. The total income recorded a year-on-year growth of 26 per cent during the half-year in comparison to the previous half-year. The income increased to Rs 3,402 crore from Rs 2,692 crore. UCO Bank has attributed the trend partly to an increase in other income. Its interest income posted a 24 per cent year-on-year growth to Rs 3,134 crore during the half-year ended September 2007, up from Rs 2,527 crore for the previous half-year. Analysing the past few months’ trends, Mr S. K. Goel, Chairman and Managing Director, said the bank had not seen a very sizeable increase in the demand for credit. The next half year, however, is expected to see an escalation in farm sector credit. Agri lending will remain one of the bank’s priorities, he added. On another front, UCO Bank intends to transfer assets to ARCs, even as it steps up efforts to increase recoveries. The bank, which has looked at adding about 80 branches during the fiscal, has over 50 per cent of its business covered under CBS. As a special initiative, UCO Bank intends to provide special facilities to senior citizens at select branches. The first such offer will be rolled out in the city soon. Also, it has plans to introduce a deposit scheme exclusively for women – to be marketed only by women. The bank’s statement of intent (on annual goals for March 2008) refers to a business of Rs 1,34,765 crore, involving Rs 76,4540 crore in deposits and Rs 58.225 crore in advances. More Stories on : Financial Performance | Public Sector Banks
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