UCO Bank - First quarter, second quarter, Third Quarter and annual results

Financial Results 2011

10, B.T.M.Sarani, Kolkata - 700 001

REVIEWED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2011

(Rs. in lakhs)
SL No.	Particulars	Quarter Ended		Year Ended
		30.06.2011	30.06.2010	31.03.2011
		(Reviewed)	(Reviewed)	(Audited)
1	Interest Earned (a)+(b)+(c)+(d)	340146	267285	1137080
	(a) Interest/discount on advances / bills	262970	198230	850539
	(b) Income on investments	74802	63805	270013
	(c) Interest on balances with R.B.I & other inter-bank funds	1622	4793	12424
	(d) Others	752	457	4104
2	Other Income	27542	18988	92541
3	Total Income (1+2)	367688	286273	1229621
4	Interest Expended	259281	173588	752589
5	Operating Expenses (i) + (ii)	47231	48126	207536
	(i) Employees Cost	33037	34765	148012
	(ii) Other Operating Expenses	14194	13361	59524
6	Total Expenditure (4+5) (excluding Provisions and Contingencies)	306512	221714	960125
7	Operating Profit (Before Provisions and Contingencies) (3-6)	61176	64559	269496
8	Provisions (other than tax) and Contingencies	30974	37391	175040
9	Exceptional Items	0	0	0
10	Profit(+)/Loss(-) from Ordinary Activities before tax (7-8-9)	30202	27168	94456
11	Tax Expense	949	1147	3802
12	Net Profit(+)/Loss(-) from Ordinary Activities after tax (10-11)	29253	26021	90654
13	Extraordinary items (net of tax expense)	0	0	0
14	Net Profit(+)/Loss (-) for the period (12-13)	29253	26021	90654
15	Paid-up Equity Share Capital (Face Value Rs..10/- each)	62751.75	54936.00	62751.75
16	Reserves excluding Revaluation Reserves	451793	306212	451793
	(As per Balance Sheet of previous accounting year)
17	Analytical Ratios
	(i) Percentage of shares held by Govt. of India	68.13%	63.59%	68.13%
	(ii) Capital Adequacy Ratio: Basel-I	12.59%	11.91%	11.87%
	Capital Adequacy Ratio : Basel-II	13.51%	13.61%	13.71%
	(iii) Earning Per Share (EPS) (in Rs..) (Not Annualised)
	a) Basic and diluted EPS before Extraordinary items (net of tax expense) for the period, for the year to date and for the previous year.	4.66	4.74	14.29
	b) Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year.	4.66	4.74	14.29
	(iv) NPA Ratios
	a) Gross NPA	336052	192909	315036
	b) Net NPA	203959	91908	182455
	c) % of Gross NPA	3.50%	2.36%	3.13%
	d) % of Net NPA	2.15%	1.14%	1.84%
	e) Return on Assets (Annualised) (%)	0.75%	0.79%	0.66%
18	Public Shareholding
	- No. of Shares (in lakh)	2000.00	2000.00	2000.00
	- Percentage of Shareholding	31.87%	36.41%	31.87%
19	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	Number of Shares	Nil
	Percentage of Shares (as a % of the total shareholding of promoter and promoter group)
	Percentage of Shares (as a % of the total share capital of the Company)
	b) Non-Encumbered
	Number of Shares (in lakh)	4275.17	3493.60	4275.17
	Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
	Percentage of Shares (as a % of the total share capital of the Company)	68.13%	63.59%	68.13%

SEGMENT REPORTING FOR THE QUARTER ENDED 30TH JUNE, 2011
(Rs. in lakhs)
PART : A BUSINESS SEGMENTS
Sl. No.	Particulars	Quarter Ended		Year Ended
		30.06.2011	30.06.2010	31.03.2011
		(Reviewed)	(Reviewed)	(Audited)
1	Segment Revenue
	i) Treasury Operations	87916	73890	306079
	ii) Corporate/Wholesale Banking	210664	135659	710316
	iii) Retail Banking	67980	75276	207961
	iv) Other Banking Operations	1128	1448	5265
	Total Revenue	367688	286273	1229621

2	Segment Results
	i) Treasury Operations	7510	11723	33422
	ii) Corporate/Wholesale Banking	13762	7431	37957
	iii) Retail Banking	7802	6566	17812
	iv) Other Banking Operations	1128	1448	5265
	Profit Before Tax	30202	27168	94456
	Provision for Tax	949	1147	3802
	Net Profit	29253	26021	90654
3	Segment Assets
	i) Treasury Operations	5234190	5093576	6138733
	ii) Corporate/Wholesale Banking	7620346	5415204	7951598
	iii) Retail Banking	2177609	2894241	2249514
	iv) Other Banking Operations	0	0	0
	Total Assets	15032145	13403021	16339845

4	Segment Liabilities
	i) Treasury Operations	4563564	4322112	4901918
	ii) Corporate/Wholesale Banking	8141925	5917962	8915674
	iii) Retail Banking	2326656	3162947	2522253
	iv) Other Banking Operations	0	0	0
	Total Liabilities	15032145	13403021	16339845

(Rs. in lakhs)
PART : B GEOGRAPHICAL SEGMENTS
	Particulars	Quarter Ended		Year Ended
		30.06.2011	30.06.2010	31.03.2011
		(Reviewed)	(Reviewed)	(Audited)
	Domestic
	i) Revenue	361130	280664	1204233
	ii) Assets	14071343	12577001	15326846
	International
	i) Revenue	6558	5609	25388
	ii) Assets	960802	826020	1012999
	Global
	i) Revenue	367688	286273	1229621
	ii) Assets	15032145	13403021	16339845

NOTES

The financial results for the quarter ended 30.06.2011 have been subjected to limited review by the Statutory Central Auditors and have been approved by the Board of Directors at the meeting held on 27th July, 2011.
The requisite provision for Non-Performing Assets / Non Performing Investments / Standard Assets / Diminution in Fair Value of Assets has been arrived at as per prudential norms / directives issued by Reserve Bank of India. Provision for Income Tax and Depreciation on Fixed Assets, have been made on an estimated and proportionate basis and are subject to adjustment, if any, at the year end.
Provision has been made for Employee Benefits viz. pension, gratuity, leave encashment, LFC/LTC, sick leave etc. in terms of the Revised Accounting Standard (AS)-15 as notified by the Central Government with effect from 01.04.2007 on an estimated and proportionate basis. The provision charged to Profit & Loss Account includes Rs. 22.17 Crore (Rs. 22.17 Crore) for the current quarter towards amortization of the increase in transitional liability over the pre-revised AS-15 liability and Rs. 107.70 Crore (Rs. 92.75 Crore) towards current liability for the current quarter. The unamortized portion of the increase in liability on account of Revised AS-15 is Rs. 66.52 crore (Rs. 155.21 Crore) as on 30.06.2011.
As per RBI circular DBOD No. BP.BC.80/21.4.018/2010-11 Dated February 09, 2011 issued on reopening of Pension Option to employees of Public sector Banks and enhancement in Gratuity Limits.-Prudential Regulatory Treatment, bank is permitted to amortize, in five years with effect from 2010-11,a total sum of Rs. 800.35 Crore being the total liability, on account of one more option for pension to active staff and for enhancement of upper ceiling of gratuity under the Gratuity Act from Rs. 3.5 lakh to Rs. 10 lakh and accordingly a sum of Rs. 40.02 Crore is charged to Profit & Loss A/c for the current quarter ended on 30.06.2011. Remaining unamortized liability stood at Rs. 600.26 Crore on 30.06.2011.
The Bank has recognized, MAT Credit to the extent of Rs. 80.18 Crore (Rs. 106.87 Crore) for the current quarter as MAT Credit Entitlement under Section 115JAA of the Income Tax Act, 1961 and treated the same as an Asset.
Deferred Tax Liability / Asset are being reckoned on annual basis.
Number of Investor Complaints:- (i)Outstanding at the beginning of the quarter – 01, (ii) Received during the quarter - 450, (iii) Disposed of during the quarter – 450 and Outstanding at the end of the quarter - 01.
During the Quarter ended June 2011 there was transfer of securities from Available for Sale (AFS) to Held to Maturity (HTM) category of Rs. 3529.69 Crore. Depreciation amounting to Rs.45.14 Crore on account of such transfer has been charged to profit and loss account.
Figures of the previous periods have been regrouped / reclassified wherever necessary.



(N. R. Badrinarayanan) Executive Director	(Ajai Kumar) Executive Director	(Arun Kaul) Chairman & Managing Director

Place: Kolkata
Date: 27.07.2011