UCO BANK Q1 NET UP BY 45.95%

Public sector lender UCO Bank today reported a 45.49 per cent growth in net profit at Rs 260.21 crore for the first quarter ended June 30.

This was in contrast to Rs 178.85 crore during the corresponding quarter of the last fiscal.

The bank also reported an increase of 10.80 per cent in its total income during the first quarter at Rs 2,862.73 crore, as against Rs 2,583.68 crore in the year ago period.

Its percentage of gross non-performing assets (NPAs) went up by 2.36 per cent during the quarter from 2.27 per cent in the same period last fiscal.

UCO Bank’s net NPAs, however, declined marginally by 1.14 per cent the last quarter, as against 1.15 per cent in the corresponding quarter a year-ago.

Segment-wise, the bank’s corporate banking operations registered a revenue of Rs 1,356.59 crore during the first quarter. This is a jump of 43.06 per cent over the figure of Rs 948.27 crore registered by it in the same quarter last fiscal, the filing said.

UCO Bank’s revenue from retail banking business, however, slid by 22.15 per cent to Rs 752.76 crore in this quarter ending 30 June, from Rs 966.93 crore in the year ago period.

Source: http://www.thehindubusinessline.com/blnus/17231606.htm