Reviewed Financial Result for the Quarter and Nine Months Ended 31st December, 2007

(Amount in Lakh)
Particulars Quarter Ended 31.12.2007
(Reviewed)		 Quarter Ended 31.12.2006
(Reviewed)		 9 months Ended 31.12.2007
(Reviewed)		 9 months Ended 31.12.2006
(Reviewed)		 Year Ended
31.03.2007 (Audited)
1. Interest earned (a)+(b)+(c)+(d) 167584 133917 480986 386580 531784
    (a) Interest/discount on advances / bills 120927 90766 346036 255160 353970
    (b) Income on investments 40082 39683 119819 118245 157845
    (c) Interest on balances with Reserve Bank of India and other inter-bank funds 4723 2828 8249 10830 16270
    (d) Others 1852 640 6882 2345 3699
2. Other Income 14889 11281 41753 27826 44265
3. Total Income   (1+2) 182473 145198 522739 414406 576049
4. Interest Expended 129792 92332 363298 263449 362317
5. Operating Expenses (i) + (ii) 32923 29728 96737 87784 119257
    (i) Employees Cost 22349 20828 66373 61562 83313
    (ii) Other operating expenses 10574 8900 30364 26222 35944
6. Total Expenditure   (4+5)
   (excluding Provisions and Contingencies)		 162715 122060 460035 351233 481574
7. Operating Profit (3-6)
   (Profit before Provisions and Contingencies)		 19758 23138 62704 63173 94475
8. Provisions (other than tax) and Contingencies 10344 9240 31990 31017 58706
  ...of which provision for NPA 5746 2595 19807 16716 29024
9. Exceptional Items          
10. Profit/(Loss) from Ordinary Activities before tax (7-8-9) 9414 13898 30714 32156 35769
11. Tax expenses 1136 1603 3667 3641 4159
… of which provision for FBT 72 52 193 164 164
12. Net Profit/(Loss) from Ordinary Activities after tax (10-11) 8278 12295 27047 28515 31610
13. Extraordinary items (net of tax expenses) (MAT Credit)   5571    
14. Net Profit/(Loss) for the period (12+13) 8278 12295 32618 28515 31610
15. Paid-up equity share capital (Face Value Rs.10/- each) 79936 79936 79936 79936 79936
16. Reserves excluding revaluation reserves 141189 118777 141189 118777 141189
     (As per balance sheet of previous accounting year)          
17. Analytical Ratios          
   (i) Percentage of shares held by Govt. of India 74.98% 74.98% 74.98% 74.98% 74.98%
  (ii) Capital Adequacy Ratio 11.57% 12.65% 11.57% 12.65% 11.56%
  (iii) Earning per share (par value Rs.10/-each)          
   a) Basic and diluted EPS before Extraordinary items 1.04 1.54 3.38 3.57 3.95
   b) Basic and diluted EPS after Extraordinary items 1.04 1.54 4.08 3.57 3.95
  (iv) NPA Ratios          
      a) Amount of Gross NPA 165982 138637 165982 138637 150623
      b) Anount of Net NPA 117123 92059 117123 92059 100606
      c) % of Gross NPA to Gross Advances 3.33 3.23 3.33 3.23 3.17
      d) % of Net NPA to Net Advances 2.37 2.17 2.37 2.17 2.14
      e) Return on Assets (annualised) 0.42% 0.72% 0.56% 0.57% 0.47%
18. Public Shareholding          
   - No. of Shares (in lakh) 2000 2000 2000 2000 2000
   - Percentage of Shareholding 25.02 25.02 25.02 25.02 25.02
Notes forming integral part of the Financial Results

                       As per our Report of even date

   

SEGMENT REPORTING AS ON 31.12.2007
PART : A  BUSINESS SEGMENT 

(Amount in Lakh)
Sl. No. Particulars Quarter Ended 31.12.2007 (Reviewed) Quarter Ended 31.12.2006 (Reviewed) 9 months Ended 31.12.2007 (Reviewed) 9 months Ended 31.12.2006 (Reviewed) Year Ended 31.03.2007 (Audited)
1) Segment Revenue          
             
  i)    Treasury Operations 49856 43381 138065 126855 172222
  ii)   Other Banking Operations 132597 99948 384524 285551 399046
   Total Income from operation 182453 143329 522589 412406 571268
             
2) Segment Results          
             
  i)    Treasury Operations 1520 (3151) (6032) (3512) 880
  ii)   Other Banking Operations 11866 17123 44026 40061 38506
  Add: Unallocable Income 20 1869 150 2000 4781
  Less: Unallocable Expenditure 3992 1943 7430 6393 8398
             
  Total Profit Before Tax 9414 13898 30714 32156 35769
             
3) Capital Employed          
  (Segment Assets-Segment Liabilities)          
             
   i)    Treasury Operations 124223 (51318) 124223 (51318) (67369)
  ii)   Other Banking Operations 103877 261766 103877 261766 266900
  iii)   Unallocable Assets 23371 18147 23371 18147 21594
    251471 228595 251471 228595 221125

    PART : B    GEOGRAPHIC SEGMENT

Particulars

 Quarter Ended 31.12.2007 (Reviewed) Quarter Ended 31.12.2006 (Reviewed) 9 months Ended 31.12.2007 (Reviewed) 9 months Ended 31.12.2006 (Reviewed) Year Ended 31.03.2007 (Audited)
Domestic          
i) Revenue 173911 141854 497270 404273 548399
ii) Assets 7628460 6490022 7628460 6490022 6933542
            
International          
i) Revenue 8562 3344 25469 10133 27650
ii) Assets 590260 428566 590260 428566 552848
           
Global           
i) Revenue 182473 145198 522739 414406 576049
ii) Assets 8218720 6918588 8218720 6918588 7486390
NOTES

  1. The working results for the quarter ended 31.12.07 have been arrived at after considering the provision for non-performing assets, standard assets and investment depreciation on the basis of prudential norms issued by the Reserve Bank of India (RBI). In respect of Income Tax, Fringe Benefit Tax, Depreciation on Fixed Assets, etc., provision has been made on an estimated basis.

    These financial results have been prepared following the same accounting policies as were followed for financial statements for the year ended 31st March, 2007.

    Provision has been made for Employee Benefits viz. pension, gratuity, leave encashment etc. on proportionate and estimated basis, in accordance with the Revised AS-15 on Employee Benefits notified by the Institute of Chartered Accountants of India (ICAI), based on actuarial valuation. The provision includes Rs.62.49 crores charged to Profit & Loss Account in the nine months ended 31.12.2007 (at the rate of Rs. 20.83 crores for each of the three quarters) towards proportionate excess of transitional liability over the pre-Revised AS-15 liability. The amount of unrecognised transitional liability over the pre-Revised AS-15 liability is Rs.354.17 crores which will be amortised over the next 17 quarters.
     

  2. Reconciliation of outstanding entries in Suspense Accounts and Inter Branch/Office accounts is in progress. The impact of such reconciliation on the accounts will not be material.
     

  3. Certain non interest income such as Commission on Guarantees and Letters of Credit is being accounted for on cash basis instead of accrual basis as required under AS-9, the impact of which is not material.
     

  4. The Bank has recognised in the 1st quarter ended 30.06.07 a MAT Credit to the extent of Rs. 55.71 crore under section 115JAA of Income Tax Act, 1961 pertaining to AY 2006-07 Rs.15.76 crore and AY 2007-08 Rs.39.95 crore and treated the MAT Credit Entitlement as an Asset.
     

  5. The above results for the quarter ended 31.12.07 reviewed by the Auditors of the Bank, have been approved by the Board of Directors at its meeting held on 25th January, 2008.
     

  6. The previous period figures have been regrouped /rearranged wherever necessary.
      

  7. Information on Investor complaints for the Quarter ended 31st. December, 2007;-

    Number of Investor Complaints: Outstanding at the beginning of the Quarter - Nil; Received during the Quarter -64; Redressed during the Quarter -64; Pending at the end of the Quarter - Nil.

   
   
   

For UCO Bank

Subodh Kumar Goel
(Chairman & Managing Director)

Place: Kolkata
 Date: 25.01.2008
Brij Mohan Mittal
Executive Director
Virendra Kumar Dhingra
Executive Director

 

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