UCO Bank Q1 net profit jumps 36 pc

Mumbai, July 31 (UNI) The public sector UCO Bank has posted a net profit of Rs 61.50 crore for the quarter ended June 30, 2006 as compared to Rs 45 crore in the similar quarter of last fiscal, showing a jump of 36 per cent.

Announcing the results, the Bank's release said its total income recorded a Year-on-Year growth of 23 per cent during the quarter to Rs 1,336 crore as against Rs 1,084 crore in the same quarter of the previous year. The Bank's interest income posted a growth of 22.18 per cent during the period under review and grew to Rs 1,223 crore from the previous corresponding period of Rs 1,001 crore, the release said.

Interest income from advances registered an increase of Rs 204.26 crore with a higher growth of 35.11 per cent, while non-interest income also increased by Rs 23.26 crore, showing a growth of 34.44 per cent.

Deposits increased from Rs 47,277 crore to Rs 56,595 crore registering a growth of 17.60 per cent year-on-year.

The capital adequacy ratio improved to 11.91 per cent compared to 10.53 per cent a year ago and well above the minimum required level of 9 per cent. The Bank has raised capital to the tune of Rs 230 crore by issuing innovative Perpetual Debt Instruments ranking for tier-I capital and another amount of Rs 500 crore by issuance of bonds ranking for upper tier-II Capital during the quarter ended June 30 this year.

UNI SN KU SKB2122