Unaudited Financial Results for the quarter ended June 30, 2004

(Rs. in Lakhs)

309628

44663

38738

161636

35552

32385

135326

3818

1200

SEGMENT REPORTING

(Rs. in crore)

1. The working results for the Quarter ended 31.12.2003 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, leave encashment, income tax and other usual and necessary provisions on an estimated and proportionate basis and is subject to adjustment at the year end.
2. 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 the accounts will not be material.
3. Claims pending with ECGC amounting to Rs.12.99 crores have been considered as realizable for the purpose of computing provisions for non-performing assets.
4. Payments to and provision for employees include an amount of Rs.33 crores for the quarter (Rs.99 crores for the nine months) ended 31.12.2003, on account of Voluntary Retirement Scheme, amortised on prorate basis. The balance amount to be amortised is Rs.246.54 crores.
5. In view of uncertainty of adjustments of past accumulated losses in terms of tax laws, no deferred tax assets is being recognized in terms of AS-22 issued by the Institute of Chartered Accountants of India.
6. There has been no change in the Accounting Policies adopted during the Quarter ended 31.12.2003 to those followed in the previous year. Other Operating expenses [(item no.4(f)] for the quarter ended 31.12.2003, include Rs.0.58 crores being amortised portion of IPO expense, which the management has decided to amortise over a period of five years.
7. 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 Chartered Accountants of India.
8. The above results for the Quarter ended 31st December, 2003 have been subjected to review by the Auditors of the Bank.
9. The above results have been taken on record by the Board at its meeting held on 22nd January, 2004.
10. The previous period figures have been regrouped/rearranged wherever necessary.
11. Number of Investor Complaints
    Outstanding at the beginning of the quarter              NA
    Received during the quarter                                  10559
    Disposed off during the quarter                             10379
    Lying unresolved as at the end of the quarter           180

For UCO BANK

(B.K. DATTA)
Executive Director

(V.P. SHETTY)
Chairman & Managing Director

(Rs. in Lakhs)

Sl. No.

PARTICULARS

Quarter
ended
30.09.2003

Quarter
ended
30.09.2002

Half-year
ended
30.09.2003
(Reviewed)

Half-year
ended
30.09.2002
(Reviewed)

Previous Accounting Year ended 31.03.2003 (Audited)

135158

65865

2098

60929

92026

47562

20532

6161

22472

1702

100%

9.95%

130036

143463

143463

4.18

1. The working results for the half-year ended 30.09.2003 have been arrived at after considering the provision for non-performing assets, standard assets and investment depreciation as per prudential norms issued by the Reserve Bank of India and provision for gratuity, pension, leave encashment, income-tax and other usual and necessary provisions on proportionate basis and is subject to adjustment at the year end.
2. In respect of outstanding entries in Inter Branch/Office and other accounts, reconciliation is in progress. In the opinion of the management, the impact of such reconciliation on accounts will not be material.
3. Claims pending with ECGC amounting to Rs.34.39 crores have been considered as realizable for the purpose of computing provisions for non-performing assets.
4. Payments to and provision for employees include an amount of Rs.66 crores, on account of Voluntary Retirement Scheme, amortised on prorata basis. The balance amount to be amortised is Rs.279.54 crores.
5. In view of uncertainty of adjustments of accumulated losses in terms of tax laws no deferred tax assets is being recognized in terms of Accounting Standard 22 issued by the Institute of Chartered Accountants of India.
6. There has been no change in the Accounting Policies adopted during the half-year ended 30.09.2003 to those followed in the previous year including those covering income recognition and asset classification aspects.
7. Unallocated Liabilities include Rs.4104.75 crores collected against Initial Public Offer of Rs.240 crores made by the Bank, allotment of which was made on 1^st October, 2003.
8. 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-11 on the subject issued by the Institute of Chartered Accountants of India.
9. The above results for the half-year ended 30^th September, 2003 have been subjected to review by the Auditors of the Bank.
10. The prior period figures have been regrouped/rearranged wherever necessary.
11. The above results have been taken on record by the Board at its meeting held on 28^th October, 2003.