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

Unaudited Financial Results for Nine Months ended 31st December, 2005
(Amount in lakhs)
Particulars	Three Months ended 31.12.2005	Three Months ended 31.12.2004	Nine Months ended 31.12.2005	Nine Months ended 31.12.2004	Year Ended 31.03.2005
	(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)
I. Interest earned (a)+(b)+(c)+(d)	1137 00	901 49	3184 01	2634 58	3562 15
(a) Interest/discount on advances / bills	688 24	497 60	1900 12	1420 37	1922 11
(b) Income on investments	400 11	386 91	1154 30	1113 21	1497 10
(c) Interest on balances with Reserve Bank of India and other inter-bank funds	37 99	16 98	105 33	91 67	131 53
(d) Others	10 66	5 76	24 26	9 33	11 41
2. Other Income	104 32	135 25	305 76	393 62	515 56
A. TOTAL INCOME(1+2)	1241 32	1036 74	3489 77	3028 20	4077 71

3. Interest Expended	733 38	534 25	2010 87	1557 91	2140 49
4. Operating Expenses (e) + (f)	306 52	294 33	951 65	818 41	1118 56
(e) Payments to and provisions for employees	216 36	234 10	676 49	637 68	859 41
(f) Other operating expenses	90 16	60 23	275 16	180 73	259 15
B. TOTAL EXPENDITURE (3+4)	1039 90	828 58	2962 52	2376 32	3259 05
(excluding Provisions and Contingencies)

C. OPERATING PROFIT (A-B)	201 42	208 16	527 25	651 88	818 66
(Profit before Provisions and Contingencies)
D. Provisions and Contingencies	81 44	157 99	248 26	260 55	440 03
( Of which provisions for Non-performing assets)	16 39	2 60	13 04	49 34	183 51
E. Provision for Taxes	7 47	52	23 60	52 92	32 98
… of which provisions for Fringe Benefit Tax (FBT)	3 50		7 05
F. Net Profit(C-D-E)	112 51	49 65	255 39	338 41	345 65

5. Paid -up equity share capital	799 36	799 36	799 36	799 36	799 36
6. Reserves excluding revaluation reserves	996 49	722 29	996 49	722 29	996 49
(As per balance sheet of previous accounting year)
7. 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	10.23%	12.63%	10.23%	12.63%	11.26%
(iii) Earning per share in Rs.(Not annualised)	1.41	0.69	3.19	4.23	4.32
(iv) (a) Amount of gross non- performing assets	1306 00	1266 14	1306 00	1266 14	1399 35
(b) Amount of net non-performing assets	811 80	701 80	811 80	701 80	810 74
(c) % of gross NPA to gross Advances	3.69	5.25	3.69	5.25	4.96
(d) % of net NPA to net Advances	2.33	2.98	2.32	2.98	2.93
(v) Return on Assets (Annualised)	0.76%	0.47%	0.61%	0.98%	0.73%
8. Aggregate of Non-Promoter Shareholding
Number of shares ( in lakhs)	2000	2000	2000	2000	2000
Percentage of shareholding	25.02	25.02	25.02	25.02	25.02

SEGMENT REPORTING AS ON 31.12.2005

PART A BUSINESS SEGMENT
(Amount in Crores)
Particulars	Three Months ended 31.12.2005	Three Months ended 31.12.2004	Nine Months ended 31.12.2005	Nine Months ended 31.12.2004	Year Ended 31.03.2005
	(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)
a) Segment Revenue
I) Treasury Operation	455.45	472.34	1339.06	1404.23	1842.43
ii) Other Banking Operaton	785.68	570.14	2149.63	1623.85	2235.15
Total	1241.13	1042.48	3488.69	3028.08	4077.58
b)Segment Result
I) Treasury Operation	87.17	158.04	242.07	475.04	606.14
ii) Other Banking Operaton	125.50	64.39	315.55	200.40	247.95
Total	212.67	222.43	557.62	675.44	854.09
Unallocated Revenue	0.19	0.02	1.08	0.12	0.13
Unallocated Expenses	11.44	8.53	31.45	23.68	35.56
Operating Profit	201.42	213.92	527.25	651.88	818.66
Provision & Contingencies	81.44	158.00	248.26	260.56	440.03
Income Tax (including FBT,DT)	7.47	0.52	23.60	52.92	32.98
Net Profit	112.51	55.40	255.39	338.40	345.65
c) Other Information
Segment Assets
I) Treasury Operation	23841.55	23955.41	23841.55	23955.41	25764.39
ii) Other Banking Operaton	35736.62	24397.31	35736.62	24397.31	28415.74
iii) Unallocated Assets	405.60	395.66	405.60	395.66	409.33
Total Assets	59983.77	48748.38	59983.77	48748.38	54589.46
Segment Liabilities
I) Treasury Operation	22976.57	22394.42	22976.57	22394.42	25086.60
ii) Other Banking Operaton	34673.23	24193.40	34673.23	24193.40	27426.38
iii)Unallocated Liabilities	275.42	282.47	275.42	282.47	280.62
Total	57925.22	46870.29	57925.22	46870.29	52793.60
Capital & Reserves	2058.55	1878.09	2058.55	1878.09	1795.86
Total Liabilities	59983.77	48748.38	59983.77	48748.38	54589.46

PART B GEOGRAPHICAL SEGMENT

(Amount in Crores)
Particulars	Three Months ended 31.12.2005	Three Months ended 31.12.2004	Nine Months ended 31.12.2005	Nine Months ended 31.12.2004	Year Ended 31.03.2005
	(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)
DOMESTIC
Revenue	1194.39	1012.51	3364.54	2945.98	3965.28
Assets	56269.22	46241.15	56269.22	46241.15	51815.70
INTERNATIONAL
Revenue	46.93	29.99	125.23	82.22	112.43
Assets	3714.55	2507.23	3714.55	2507.23	2773.76
Global
Revenue	1241.32	1042.50	3489.77	3028.20	4077.71
Assets	59983.77	48748.38	59983.77	48748.38	54589.46

Notes forming integral part of the Financial Result, as per our report of even date.

Notes:

The working results for the quarter-ended 31.12.2005 have been arrived at after making requisite provision for Non Performing Assets / Non Performing Investments / Standard Assets as per prudential norms. Net non-performing assets has been arrived at after deducting provision including floating provision of NIL (Rs.50 crores). In the current quarter ended 31.12.05 an additional provision of Rs.42.94 crores on Standard Assets has been made as per the revised directions of RBI. In respect of gratuity, pension, leave encashment, income tax, fringe benefit tax, etc., necessary provisions have been made on an estimated and proportionate basis subject to adjustment at the year-end.
Reconciliation of outstanding entries in Suspense Accounts and Inter Branch / Office accounts, is in progress. In the opinion of the Management the impact of such reconciliation on the accounts will not be material.
Payments to and provision for employees for the quarter ended 31.12.2005 include amortisation of Rs.15.56 crores (Rs.33 crores), being the remaining part of Voluntary Retirement Scheme expenses. Balance amount to be amortised as at the close of 31.12.2005 is Nil (Rs. 114.54 crores).
In terms of RBI’s instructions, Rs. 5.90 crores (pertaining to entries originated in Inter Branch Account upto 31.3.99) has been accounted for as Miscellaneous Income in the current quarter and will be transferred to General Reserve in the current year.
Consequent upon transfer of certain SLR Securities from Available for Sale Category (AFS) to Held to Maturity Category (HTM) as permitted by RBI, depreciation amounting to Rs. 166.29 crores (Nil) was charged to Profit & Loss Account during the first quarter ended 30th June, 2005 of the current year. Similar exercise was done last year during the third quarter ended 31st December, 2004 and depreciation amounting to Rs. 180.95 crores was charged to Profit & Loss Account. To this extent, figures of the corresponding periods are not comparable. Additionally, on account of such transfer, Bank has to provide Rs.66.98 Crores in the nine months ended 31.12.05 (Rs.8.22 Crores) towards amortisation of HTM category securities.
Necessary provision for Income Tax Liability has been made in terms of Accounting Standard (AS) 22 issued by the Institute of Chartered Accountants of India (ICAI). No deferred tax asset has been recognized in view of uncertainty of adjustments of past-accumulated losses in terms of tax laws.
There has been no change in the Accounting Policies adopted during the quarter-ended 31.12.2005 to those followed in the previous year.
The above results have been subjected to review by the Auditors of the Bank and taken on record by the Board at its meeting held on 25th January 2006.
The previous period figures have been regrouped / rearranged wherever necessary. Figures in bracket represent figures of corresponding period of the last year.
Number of Investor Complaints-Outstanding at the beginning of the quarter-NIL, Received and Disposed off during the quarter -1401, Lying unresolved as at the end of the quarter-NIL.

	For UCO BANK
Place : New Delhi Date : 25.01.2006		(V.SRIDAR) Chairman & Managing Director