UCO bank net profit jumps to 30.38% at Rs 412 cr

Kolkata, May 5 (UNI) UCO Bank's net profit jumped to 30.38 per cent at Rs 412 crore from its total business of Rs 1,35,536 crore for 2007-08 fiscal.

UCO Chairman cum Managing Director S K Goel said the bank posted a net profit of Rs 86 crore during Q4 2007-08, a 177.42 per cent more than that of last corresponding period at Rs 31 crore.

The city-based public sector bank had operating profit of Rs 954 crore during last fiscal (Rs 945 crore in 2006-07), of which Rs 412 crore was the net profit, higher than Rs 316 crore made the previous year.

The bank in last financial year achieved a total business of Rs 1,35,536 cr, which was higher by 20.66 per cent, compared to previous year.

Mr Goel said UCO Bank deposits also increased by 23.20 per cent to Rs 79,909 crore, whereas advances grew by 17.18 per cent to Rs 55.627 crore ended March 31, 2007.

He said banks overseas operations were also impressive where the deposits grew by 18.14 per cent and advances by 8.83 per cent.

The UCO Bank, which has 1981 branches across the country, brought down its Non Performance Assest (NPA) to less than two per cent.

As on March 31 the bank's gross NPA and net NPA stood at 2.97 per cent and 1.898 per cent respectively.

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