Audited Financial Result for the Year Ended 31st March 2008

(Amount in Lakh)
Particulars Quarter Ended
31.03.2008
(Audited)		 Quarter Ended
31.03.2007
(Audited)		 Year Ended
31.03.2008
(Audited)		 Year Ended
31.03.2007
(Audited)
1. Interest earned (a)+(b)+(c)+(d) 177819 142544 650856 521005
(a) Interest/discount on advances / bills 129488 98810 475525 353970
(b) Income on investments 45335 36940 157204 147066
(c) Interest on balances with Reserve Bankof India and other inter-bank funds 2181 5440 10430 16270
(d) Others 815 1354 7697 3699
2. Other Income 27510 19099 77213 55043
3. Total Income (1+2) 205329 161643 728069 576048
4. Interest Expended 138783 98868 502081 362317
5. Operating Expenses (i) + (ii) 33856 31473 130593 119257
(i) Employees Cost 23081 21751 89454 83313
(ii) Other operating expenses 10775 9722 41139 35944
6. Total Expenditure (4+5)
(excluding Provisions and Contingencies)		 172639 130341 632674 481574
7. Operating Profit  (3-6)
(Profit before Provisions and Contingencies)		 32690 31302 95395 94474
8. Provisions (other than tax) and Contingencies 25521 27689 57513 58706
...of which provision for NPA 17200 12308 37007 29024
9. Exceptional Items        
10. Profit/(Loss) from Ordinary Activities before tax (7-8-9) 7169 3613 37882 35768
11. Tax expenses -1430 518 -3334 4159
… of which provision for FBT 116 0 309 164
… of which MAT Credit -3549 0 -9120 0
12. Net Profit/(Loss) from Ordinary Activities after tax (10-11) 8599 3095 41216 31609
13. Extraordinary items (net of tax expenses)        
14. Net Profit/(Loss) for the period (12+13) 8599 3095 41216 31609
15. Paid-up equity share capital (Face Value Rs.10/- each) 79936 79936 79936 79936
16. Reserves excluding revaluation reserves
(As per balance sheet of previous accounting year)		 179106 141189 179106 141189
17. Analytical Ratios        
(i) Percentage of shares held by Govt. of India 74.98% 74.98% 74.98% 74.98%
(ii) Capital Adequacy Ratio 10.09% 11.56% 10.09% 11.56%
(iii) Earning per share (par value Rs.10/-each)        
a) Basic and diluted EPS before Extraordinary items 1.08 0.39 5.16 3.95
b) Basic and diluted EPS after Extraordinary items 1.08 0.39 5.16 3.95
(iv) NPA Ratios        
a) Amount of Gross NPA 165195 150623 165195 150623
b) Amount of Net NPA 109230 100606 109230 100606
c) % of Gross NPA to Gross Advances 2.97 3.17 2.97 3.17
d) % of Net NPA to Net Advances 1.98 2.14 1.98 2.14
e) Return on Assets (Annualised) 0.40% 0.17% 0.52% 0.47%
18. Public Shareholding        
- No. of Shares (in lakh) 2000 2000 2000 2000
- Percentage of Shareholding 25.02 25.02 25.02 25.02

 

Segment wise Result for the year ended 31st March 2008
PART : A  BUSINESS SEGMENT 

(Amount in Lakh)
Sl.No. Particulars Quarter Ended
31.03.2008
(Audited)		 Year Ended
31.03.2008
(Audited)
1) Segment Revenue    
  i) Treasury Operations 59853 200597
  ii) Corporate/Wholesale Banking 87132 266677
  iii) Retail Banking 56902 257759
  iv) Other Banking Operations 1436 3029
  v) Unallocated 6 7
  Total Income from operation 205329 728069
2) Segment Results    
  i) Treasury Operations 8442 1082
  ii) Corporate/Wholesale Banking (5294) 14827
  iii) Retail Banking 4617 25924
  iv) Other Banking Operations 1436 3029
  v) Unallocated (2033) (6980)
  Total Profit Before Tax 7169 37882
3) Capital Employed    
  i) Treasury Operations 37024 37024
  ii) Corporate/Wholesale Banking 115603 115603
  iii) Retail Banking 106415 106415
  iv) Other Banking Operations 0 0
  v) Unallocated 44179 44179
  Total Capital Employed 303221 303221

  PART : B  GEOGRAPHIC SEGMENT

(Amount in Lakh)
Particulars   3 Months Ended 31.03.2008 (Audited) Year Ended 31.03.2008 (Audited)
Domestic    
i) Revenue 196799 694069
ii) Assets 8381513 8381513
International    
i) Revenue 8530 34000
ii) Assets 597981 597981
Global    
i) Revenue 205329 728069
ii) Assets 8979494 8979494

 

NOTES

  1. The above results for the year ended 31.03.2008, have been approved by the Board of Directors at its meeting held on 5th May, 2008.

  2. The working results for the year ended 31.03.2008 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 estimated basis.

  3. The financial results have been arrived at–

    1. on adoption of the Accounting Standard (AS)–15 (Revised 2005) relating to ‘Employee Benefits’ w.e.f  01.04.2007. As a result,  the Bank has recognised Rs.443.43 crore as the increase in transitional liability over the pre revised AS-15 liability for Pension, Gratuity, Leave Encashment, Sick Leave, LFC/LTC, etc to be amortised over 5 years from the financial year 2007-08.  Accordingly, for the said benefits, Rs.88.68 crore has been charged to Profit & Loss Account for amortisation and Rs. 71.97 to meet the current liability.

    2. by amortising the premium in respect of securities held in ‘Held to Maturity’ category based on the Effective Interest Method  instead of Straight Line Method hitherto followed.

  4. The Bank has recognised a MAT Credit to the extent of Rs. 91.20 crore under section 115JAA of Income Tax Act, 1961 pertaining to 2005-06 Rs.13.99 crore, 2006-07 Rs.35.47 crore and for current year Rs 41.74 crore and treated the MAT Credit Entitlement as an Asset that can be set off in future as per the provisions of IT Act 1961.

  5. Deferred Tax Assets are not recognised as a matter of prudence.

  6. 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.

  7. With effect from 31.03.2008, the Bank has adopted RBI’s revised guidelines on segment reporting in terms of which the reporting segments have been divided into Treasury, Corporate/Wholesale banking, Retail Banking and Other Banking Operations. Segment results relating to the corresponding period of the previous year have been disclosed based on the reportable segments then in force, and hence are not comparable with figures for the current year ended 31.03.2008.

  8. The Board of Directors recommended dividend of 10% i.e. Re1/- per equity share of Rs.10/- each for the year 2007-08.

  9. Number of Investor Complaints received and disposed of during the quarter ended on: 31.03.2008 –
      
    a)  pending at the beginning of the quarter – Nil, 
    b) received during the quarter – 55, 
    c)  disposed of during the quarter -  55 and 
    d)  pending as at the end of the quarter – Nil.

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

 
   
   
 

For UCO Bank

Subodh Kumar Goel
(Chairman & Managing Director)

Place: Kolkata
 Date: 05.05.2008
Brij Mohan Mittal
Executive Director
Virendra Kumar Dhingra
Executive Director

 

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