UCO net profit up by 61.22 per cent

Kolkata, Apr 30 (UNI) UCO Bank has recorded a 61.22 per cent increase in net profit at Rs. 316 crore and increased business by 21.62 per cent at Rs. 112,331 crore during 2006-07.

Announcing the Bank's financial results for the last fiscal, Chairman and Managing Director V Sridar said the total advances were up by 25.52 per cent at Rs. 47,471 from Rs. 37,817 while total deposits grew by 18.91 per cent at 64,860 from Rs. 54,544 during the period.

Mr Sridar said the rise in net profit was largely because of the Rs.182 crore increase in operating profit which shot up to Rs. 945 crore from Rs.763 crore.

The Bank had posted a net profit of Rs. 196 crore and a total business of Rs. 92361 crore in 2005-06.

The CMD announced that the Bank had a target to double the business to reach Rs. 2,00,000 crore-mark by 2010 while it was planning to launch shortly online share trading.

In the fourth quarter of the current fiscal, the net profit of the Bank stood at Rs. 31crore as compared to a loss of Rs. 59 crore in the corresponding quarter of the previous year while the total income was higher by 23.74 per cent at Rs.1616 crore as against Rs.1306 crore the previous year.

He said the Bank's interest income posted a growth of 22.14 per cent to Rs. 5,318 crore during 2006-07 from Rs.4,354 crore in 2005-06. Interest income from advances registered an increase of Rs.

909 crore to Rs. 3,540 crore from Rs.2,631 crore with a higher growth of 34.54 per cent during the same period.

UNI