UCO net profit up by 116.5%

Kolkata, Jul 30 (UNI) Public sector UCO Bank has posted a record net profit of Rs 132.87 crore in the first quarter of 2007-08, up by 116.05 per cent.

The net profit of the bank was Rs 61.50 crore as of June 2006.

A company release said the total business of the bank reached Rs 1,06,166.36 crore as on June, 2007 from Rs 92,980,59 crore as on 30.6.2006, registering a year-on-year growth of 14.18 per cent.

Deposits increased from Rs 55,966.78 crore in Q1 to Rs 63,056.37 crore in the corresponding period in the previous year, with an year-on-year growth of 12.67 per cent.

Gross advances of the bank recorded a growth of 16.47 per cent and reached at Rs 43,109.99 crore in Q1 comapred to Rs 37,013.81 crore on July, 2006.

Total income of the bank for the quarter ended June 2007 reached Rs 1,668.48 crore in Q1 from Rs 1,308.68 crore in the corresponding period in the previous year, recording a growth of 27.49 per cent.

Net interest income of the bank improved to Rs 415.73 crore for the quarter vis-a-vis Rs 408.01 crore for June 2006.

Bank's portfolio of priority sector advances as on June, 2007 reached Rs 16,734 crore, registering an increase of 19.37 per cent on year-on-year basis. The total agricultural advances also rose by 12.65 per cent. SME advances increased by 46.93 per cent at Rs 4,539 crore as of June 2007 compared to Rs 3089.15 crore.

Total recoveries during the quarter ended 30.6.2007 amounted to Rs 96 crore as against Rs 71 crore in the corresponding quarter of the previous year.

However, the Gross NPA ratio has gone up to 3.88 per cent in the first quarter from 3.42 per cent in the corresponding period in the previous year. The Capital Adequacy Ratio(CAR) of the bank stood at 12.82 in Q1 of 2007-08 compared to 11.91 per cent at the previous year.

The bank has given thrust to introduction of automotion and in the process introduced CORE banking solution in 258 branches. The number of ATMs has gone up to 210.

A representative office in Guangzhou in China has been opened in April with an ultimate air to open a full fledged branch there in course of time.

UNI