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

Unaudited Financial Results for the Quarter Ended 31st December,2004
(Rs in lakhs)
Particulars	Quarter Ended 31.12.2004	Quarter Ended 31.12 2003	Nine Months Ended 31.12.2004	Nine Months Ended 31.12.2003	Year Ended 31.03.2004
	(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)
I. Interest Earned [(a)+(b)+(c)+(d)]	90075	76851	262593	228987	309628
(a) Interest/discount on advances / bills	49760	39507	142037	118656	161636
(b) Income on investments	38084	34623	110499	100488	135326
(c) Interest on balances with Reserve Bank	1907	2201	7873	6444	9167
of India and other inter-bank funds
(d) Others	324	520	2184	3399	3499
2. Other Income	13525	12806	39362	47417	62528
A. TOTAL INCOME(1+2)	103600	89657	301955	276404	372156

3. Interest Expended	53382	46695	155748	142521	190169
4. Operating Expenses [(e) + (f)]	22526	21737	67319	63617	87147
(e) Payments to and provisions for employees	17110	16840	50068	49812	66747
(f) Other operating expenses	5416	4897	17251	13805	20400
B. TOTAL EXPENDITURE (3+4)	75908	68432	223067	206138	277316
(excluding Provisions and Contingencies)

C. OPERATING PROFIT (A-B)	27692	21225	78888	70266	94840
(Profit before Provisions and Contingencies)
D. Provisions and Contingencies	22152	7333	40148	25429	47997
( Of which provisions for Non-performing assets)	259	3500	4934	9689	33504
E. Provision for Taxes	0	500	4900	2202	3302
F. Net Profit(C-D-E)	5540	13392	33840	42635	43541

5. Paid -up equity share capital	79936	79936	79936	79936	79936
6. Reserves excluding revaluation reserves	69557	31034	69557	31034	69557
(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	12.63%	13.27%	12.63%	13.27%	11.88%
(iii) Earning per share ( not annualized)	0.69	1.68	4.23	6.40	6.23
(iv) (a) Amount of gross non- performing assets	126614	132470	126614	132470	147912
(b) Amount of net non-performing assets	70180	72130	70180	72130	75293
(c) % of gross NPAs	5.25	7.22	5.25	7.22	6.93
(d) % of net NPAs	2.98	4.06	2.98	4.06	3.65
(v) Return on Assets (Annualised)	0.47%	1.41%	0.98%	1.53%	1.13%
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
9.Number of investor Complaints
Outstanding at the begining	Nil	Nil	Nil	Nil	Nil
Received	283	10559	1636	10559	2523
Disposed off	283	10379	1636	10379	2523
Lying unresolved	Nil	180	Nil	180	Nil
Notes forming integral part of the Financial Result as per our report of even date.

Segment reporting For The Quarter Ended 31st December, 2004

(Amount in Crores)
Particulars	Three Months ended 31.12.2004	Three Months ended 31.12.2003	Nine Months ended 3112.2004	Nine Months ended 31.12.2003	Year Ended 31.03.2004
	(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)
a) Segment Revenue
I) Treasury Operation	468.36	433.91	1383.07	1367.46	1816.69
ii) Other Banking Operatons	567.62	461.45	1636.36	1395.30	1904.73
Total	1035.98	895.36	3019.43	2762.76	3721.42
b) Segment Result
I) Treasury Operation	95.41	81.96	269.23	236.16	434.05
ii) Other Banking Operatons	190.02	136.35	543.21	484.96	538.91
Total	285.43	218.31	812.44	721.12	972.96
Unallocated Revenue	0.02	0.00	0.12	0.00	0.14
Unallocated Expenses	8.53	6.06	23.68	18.46	24.70
Operating Profit	276.92	212.25	788.88	702.66	948.40
Provisions & Contingencies	221.52	73.33	401.48	254.29	479.97
Income Tax	0.00	5.00	49.00	22.02	33.02
Net Profit	55.40	133.92	338.40	426.35	435.41
c) Other Information
Segment Assets
i) Treasury Operations	23955.41	19143.59	23955.41	19143.59	21735.06
ii) Other Banking Operations	24397.31	18599.03	24397.31	18599.03	21677.42
iii) Unallocated Assets	395.66	382.89	395.66	382.89	385.34
Total Assets	48748.38	38125.51	48748.38	38125.51	43797.82
Segment Liabilities
i) Treasury Operations	22394.42	17727.00	22394.42	17727.00	20416.94
ii) Other Banking Operations	24220.11	18523.85	24220.11	18523.85	21597.82
iii) Unallocated Liabilities	282.47	289.94	282.47	289.94	288.12
Total	46897.00	36540.79	46897.00	36540.79	42302.88
Capital & Reserves	1851.38	1584.72	1851.38	1584.72	1494.94
Total Liabilities	48748.38	38125.51	48748.38	38125.51	43797.82
GEOGRAPHIC SEGMENT (Amount in Crores)
Particulars	Three Months ended 31.12.2004	Three Months ended 31.12.2003	Nine Months ended 31.12.2004	Nine Months ended 31.12.2003	Year Ended 31.03.2004
	(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)
DOMESTIC
i)Revenue	1006.01	874.06	2937.33	2695.71	3634.03
ii)Assets	46241.15	35755.20	46241.15	35755.20	41426.59
INTERNATIONAL
i)Revenue	29.99	21.30	82.22	67.05	87.53
ii)Assets	2507.23	2370.31	2507.23	2370.31	2371.23
Global
i)Revenue	1036.00	895.36	3019.55	2762.76	3721.56
ii)Assets	48748.38	38125.51	48748.38	38125.51	43797.82

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

Notes:

The working results for Quarter the half year ended 31.12.04 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 and provision for gratuity, pension, tax liability and other usual and necessary provisions on an estimated and propotionate basis and is subject to adjustment at the year end.
In respect of outstanding entries in Suspense Accounts and Inter Branch /office accounts reconciliation of these accounts is in progress.In the opinion of the management the impact of such reconciliation on theaccountswill not be material
Payments to and provision for employees include an amount of Rs.33 crores for the quarter ended 31.12.04 (Rs.33 crores for the quarter ended 31.12.03), on account of Voluntary Retirement Scheme, amortised on prorata basis. The balance amount to be amortised is Rs.114.54 crores.
Necessary provision for deferred tax liability has been made in terms of AS-22 issued by the Institute of Chartered Accountants of India. No deferred tax assets 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 31.12.04 to those followed in the previous year.
In respect of accounting foreign exchange transactions and translation of financial statements of foreign branches the bank follows FEDAI and RBI guidelines in preference to Accounting Standard-II on the subject issued by the institute of Chartard Accountants of India.
Consequent upon transfer of certain Government Securities from Available for Sale Category(AFS) to held to Maturity Category(HTM) as permitted by RBI, depriciation amounting to Rs. 180.95 crores has been charged to Profit and Loss Account quarter during this quarter .
Pending finalisation of Salary Revision an ad-hoc provision of Rs 70 crores have been made in respect there of in the accounts for nine months ended 31st December2004 over and above Rs 56 crores provided in the last financianl year.
The above results for the quarter ended 31.12 04 have been subjected to review by the Auditors of the Bank.
The above results have been taken on record by the Board at its meeting held on 25th January, 2005.
The previous period figures have been regrouped /rearranged wherever necessary.
Number of Investor Complaints

Outstanding at the beginning of the quarter	-	NIL
Received during the quarter	-	283
Disposed Off during the quarter	-	283
Lying Unresolved as at the end of the quarter	-	NIL

	For UCO BANK
Place: New Delhi Date: 25.01.2005.	(B.K. DATTA) Executive Director	(V.SRIDAR) Chairman & Managing Director