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

Reviewed Financial Results for the quarter ended on 30th June, 2007
(Amount in Lacs)
Particulars	Quarter Ended 30.06.2007 (Reviewed)	Quarter Ended 30.06.2006 (Reviewed)	Year ended 31.03.2007 (Audited)
1. Interest earned (a)+(b)+(c)+(d)	155298	122303	531784
(a) Interest/discount on advances / bills	111194	78639	353970
(b) Income on investments	39667	38639	157845
(c) Interest on balances with Reserve Bank of India and other inter-bank funds	1776	4268	16270
(d) Others	2661	757	3699

2. Other Income	11549	8565	44265
A. TOTAL INCOME (1+2)	166847	130868	576049

3. Interest Expended	113725	81502	362317

4. Operating Expenses (e) + (f)	31420	28682	119257
(e) Payments to and provisions for employees	21931	20280	83313
(f) Other operating expenses	9489	8402	35944
B. TOTAL EXPENDITURE (3+4)	145145	110184	481574
(excluding Provisions and Contingencies)
C. OPERATING PROFIT (A-B)	21702	20684	94475
(Profit before Provisions and Contingencies)
D. Provisions and Contingencies	12919	13802	58706
..of which provisions for Non-performing assets	10946	7480	29024
E. Provision for Taxes	-4504	732	4159
..of which provision for Fringe Benefit Tax (FBT)	57	52	164
..of which MAT Credit	-5571	0	0
F. Net Profit (C-D-E)	13287	6150	31610
5. Paid-up equity share capital	79936	79936	79936
6. Reserves excluding revaluation reserves	141189	118777	141189
(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%
(ii) Capital Adequacy Ratio	12.82%	11.91%	11.56%
(iii) Earning per share (in Rs.) (Not annualised)	1.66	0.77	3.95
(iv) (a) Amount of gross non-performing assets	167252	126738	150623
(b) Amount of net non-performing assets	107895	76327	100606
(c) % of gross NPAs	3.88	3.42	3.17
(d) % of net NPAs	2.54	2.09	2.14
(v) Return on Assets (annualised)	0.72%	0.39%	0.47%
8.Aggregate of Non-promoter Shareholding
(i) No. of Share (in lakhs)	2000	2000	2000
(ii) Percentage of Shareholding	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 30th June, 2007
PART : A BUSINESS SEGMENT
(Amount in Crores)
	Particulars	Quarter Ended 30.06.2007 (Reviewed)	Quarter Ended 30.06.2006 (Reviewed)	Year ended 31.03.2007 (Audited)
a)	Segment Revenue
	i) Treasury Operations	415.60	429.28	1722.22
	ii) Other Banking Operations	1252.33	878.73	3990.46
	Total	1667.93	1308.01	5712.68
b)	Segment Results
	i) Treasury Operations	-58.51	24.33	160.61
	ii) Other Banking Operations	290.35	193.35	796.89
	Total	231.84	217.68	957.50
	Unallocated Revenue	0.54	0.67	47.81
	Unallocated Expenses	15.36	11.51	60.56
	Operating Profit	217.02	206.84	944.75
	Provisions & Contingencies	129.19	138.02	587.06
	Income Tax (including FBT)	10.67	7.32	41.59
	MAT Credit	-55.71	0.00	0.00
c)	Net Profit	132.87	61.50	316.10
	Other Information
	Segment Assets
	i) Treasury Operations	25296.57	26506.04	25916.54
	ii) Other Banking Operations	47142.45	37364.86	48280.58
	iii) Unallocated Assets	661.90	626.63	666.78
	Total Assets	73100.92	64497.53	74863.90
	Segment Liabilities
	i) Treasury Operations	25799.97	26544.77	26590.23
	ii) Other Banking Operations	44531.26	35419.99	45611.58
	iii) Unallocated Liabilities	448.30	473.18	450.84
	Total	70779.53	62437.94	72652.65
	Capital & Reserves	2321.39	2059.59	2211.25
	Total Liabilities	73100.92	64497.53	74863.90
PART : B GEOGRAPHIC SEGMENT
	Particulars	Quarter Ended 30.06.2007 (Reviewed)	Quarter Ended 30.06.2006 (Reviewed)	Year ended 31.03.2007 (Audited)
	Domestic
	i) Revenue	1586.89	1253.61	5483.99
	ii) Assets	67357.00	61000.74	69335.42
	International
	i) Revenue	81.58	55.07	276.50
	ii) Assets	5743.92	3496.79	5528.48
	Global
	i) Revenue	1668.47	1308.68	5760.49
	ii) Assets	73100.92	64497.53	74863.90

NOTES

1. The working results for the quarter ended 30.06.07 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. Pending guidelines from RBI on Revised AS-15 issued by the Institute of Chartered Accountants of India (ICAI), bank has provided Rs. 34.26 crores on pro-rata basis for Employees Benefits such as Pension, Gratuity, Leave Encashment etc. for the quarter ended 30.06.2007 based on actuarial valuation estimated as on 31.03.2008 as per revised AS-15. The aforesaid provision includes an amount of Rs. 20.83 crores being the pro-rata of total estimated transitional liability over the pre-revised AS-15 liability. The excess of transitional liability over the pre-revised AS-15 liability has not been reduced from the opening reserves and will be accounted for on receipt of RBI guidelines.

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. The bank has recognised MAT Credit to the extent of Rs. 55.71 crores under section 115JAA of Income Tax Act, 1961 pertaining to AY 2006-07 Rs.15.76 crores and AY 2007-08 Rs.39.95 crores and treated the MAT Credit Entitlement as an Asset.

4. There has been no change in the Accounting Policies, except for estimates as per revised AS-15 adopted during the quarter ended 30.06.2007 to those followed in the immediately preceding financial year.

5. The above results for the quarter ended 30.06.07 subjected to review by the Auditors of the Bank have been taken on record by the Board at its meeting held on 28th July, 2007.

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

7. Number of Investor Complaints : Outstanding at the beginning of the quarter � Nil; Received during the quarter � 44; Disposed off during the quarter � 44; Lying unresolved as at the end of the quarter � Nil.

	For UCO BANK
Place : Kolkata Date : 28.07.2007	V. K. Dhingra Executive Director	V. Sridar Chairman & Managing Director