UCO half-yearly net surges by 50 per cent

Kolkata, Oct 15(UNI) Uco Bank has posted a 50.05 per cent increase in its net profit at Rs. 243.40 crore for the half year ended September 30 this fiscal as against Rs. 162.21 crore for the corresponding period last year.

Announcing the results here today, Chairman and Managing Director S K Goel said the total business of the bank during the period also soared by 20.07 per cent at Rs. 1,17,994 crore as against Rs. 98,272 crore, recorded during April-September 2006.

For the July-September quarter this year, the bank notched up a net profit of Rs. 132 crore marking 30.02 per cent rise over that during the corresponding period last year.

"The conversion of some low-yielding assets to high-yielding ones led to increased profits," Mr.Goel said adding the bank recorded a good growth in other income also by selling more third-party financial products.

Uco bank,which had earlier announced plans to raise Rs. 200 crore through sale of shares, plans to hit the market with the share issue in the next 30-45 days," Mr.Goel said in reply to a question.

"The proposal has been sent to the cabinet for approval and we are waiting for the green signal," he said.

The public offer would dilute the Government's stake in the bank to 54 per cent from the present 76 per cent, the CMD said.

During the half-year period, the bank's deposits surged by 22.23 per cent at Rs. 70,292 crore while growth in advances also went up by 17.02 per cent at Rs. 47,702 crore, he said.

The gross NPAs and net NPAs stood at Rs. 1,682 crore and Rs.

1,065 crore respectively while NPA recovery was higher at the end of September 2007 at Rs. 261 crore in comparison to Rs. 204 crore as at the end of September 2006, Mr.Goel said.

UNI