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

The Year

UCO Bank was the first Bank in the country to raise Perpetual Bond (Teri I) of Rs. 150 crore. It was also credited of being the first bank in the country to raise Upper Tier II Bonds of Rs. 300 crore. These issues helped the bank to improve its capital Adequecy Ratio. Uco Bank records a year-on-year growth of 18.86 percent in Business by reaching to Rs. 92.361 crore. Bank's credit business surged by 33.94 percent
to Rs. 37,817 crore in 2005-06. Total deposits was raised by 10.26 per cent to Rs. 54,544 crore.

The Facts

Total Business	:	Rs. 92,361 crore
Operating Profit	:	Rs. 852.11 crore
Capital Adequacy Ratio	:	11.12%
Business per Employee	:	Rs. 3.87 crore
Net NPA Ratio	:	2.10%

The Future

•	Implementation of CBS in Five Pilot branches by June 2006 and extending it to 125 branches by March 2007
•	Implementation of Organisational Restructuring Plan of M/s Boston Counselling Group
•	Increase in branch and ATM network
•	Introduction of 8am to 8pm banking
•	Introdution of Toll Free Help Line
•	Introduction of additional Retail Sales Task Force in ten more centres

Audited Financial Results For The Year Ended 31st March, 2006

(Amount in lakhs)

Quarter ended

Year ended

PARTICULARS

31.03.2006
(Audited)

31.03.2005
(Audited)

31.03.2006
(Audited)

31.03.2005
(Audited)

1. Interest Earned [(a)+(b)+(c)+(d)]

1170 57

914 95

4354 58

3549 53

(a) Interest/Discount on Advances/Bills

730 98

501 74

2631 10

1922 11

(b) Income on Investments

402 87

368 60

1557 17

1481 81

19 50

39 86

124 83

131 53

(d) Others

17 22

4 75

41 48

14 08

2. Other Income

157 97

121 94

463 73

515 56

A. TOTAL INCOME (1+2)

1328 54

1036 89

4818 31

4065 09

3. Interest Expended

777 97

582 58

2788 84

2140 49

4. Operating Expenses [(e)+(f)]

292 70

275 92

1177 37

1086 11

(e) Payments to and provisions for employees

203 45

221 73

879 94

859 41

(f) Other Operating expenses

89 25

54 19

297 43

226 70

B. TOTAL EXPENDITURE (3+4)
(excluding Provisions and Contingencies)

1070 67

858 50

3966 21

3226 60

C. OPERATING PROFIT (A-B)
(Profit before Provisions and Contingencies)

257 87

178 39

852 10

838 49

D. Provisions and Contingencies

326 42

191 08

641 66

459 86

{Of which provisions for Non-Performing Assets

170 63

134 17

183 67

183 51

E. Provision for Taxes
-

-981

-1994

13.79

32.98

of which provisions for Fringe Benefit Tax(FBT)

-424

2.81

F. NET PROFIT (C-D-E)

-58 74

7 25

196 65

345 65

5. Paid-up equity share capital

799 36

6. Reserves excluding revaluation reserves (As per Balance Sheet of previous accounting year)

1187 77

996 49

1187 77

996 49

7. Analytical Ratios:

(i) Percentage of shares held by Govt. of India

74.98%

(ii) Capital Adequacy Ratio

11.12%

11.26%

11.12%

11.26%

(iii) Earning per share(in Rs.) (Not Annualized)

-0.73

0.09

2.46

4.32

(iv) (a) Amount of Gross Non-Performing Assets

1234 74

1399 35

1234 74

1399 35

(b) Amount of Net Non-Performing Assets

785 98

810 74

785 98

810 74

3.27

4.96

3.27

4.96

(d) % of Net NPA to Net Advances

2.10

2.93

2.10

2.93

(v) Return on Assets (Annualized)

-0.38%

0.06%

0.34%

0.73%

8. Aggregate of Non-Promoter shareholding

- Number of shares (in lakhs)

2000

- Percentage of shareholding

25.02

SEGMENT REPORTING FOR THE YEAR ENDED 31.03.2006
PART A - BUSINESS SEGMENT
(Amount in Crores)
Particulars	Quarter ended 31.03.2006 (Audited)	Quarter ended 31.03.2005 (Audited)	Year Ended 31.03.2006 (Audited)	Year Ended 31.03.2005 (Audited)
a) Segment Revenue
i) Treasury Operations	460.12	438.20	1799.18	1842.43
ii) Other Banking Operations	865.11	613.97	3014.74	2237.82
Total	1325.23	1052.17	4813.92	4080.25
b) Segment Results
i) Treasury Operations	209.77	138.17	518.82	621.43
ii) Other Banking Operations	56.37	52.09	371.92	252.49
Total	266.14	190.26	890.74	873.92
• Unallocated Revenue	3.31	0.01	4.39	0.13
Unallocated Expenses	11.58	11.88	43.03	35.56
• Operating Profit	257.87	178.39	852.11	838.49
Provision & Contingencies	326.42	191.08	641.66	459.86
• Income Tax (including FBI,DT)	-9.81	-19.94	13.79	32.98
Net Profit	-58.74	7.25	196.65	345.65
c) Other Information
Segment Assets
i) Treasury Operation	23191.90	25764.39	23191.90	25764.39
ii) Other Banking Operaton	38036.09	28415.74	38036.09	28415.74
iii) Unallocated Assets	611.41	409.33	611.41	409.33
Total Assets	61839.40	54589.46	61839.40	54589.46
Segment Liabilities
i) Treasury Operations	23293.16	25086.60	23293.16	25086.60
ii) Other Banking Operations	36083.71	27426.38	36083.71	27426.38
iii)Unallocated Liabilities	475.40	280.62	475.40	280.62
Total	59852.27	52793.60	59852.27	52793.60
Capital & Reserves	1987.13	1795.86	1987.13	1795.86
Total Liabilities	61839.40	54589.46	61839.40	54589.46

PART B GEOGRAPHICAL SEGMENT

PARTICULARS	Quarter ended 31.03.06 (Audited)	Quarter ended 31.03.05 (Audited)	Year Ended 31.03.06 (Audited)	Year Ended 31.03.05 (Audited)
DOMESTIC
Revenue	1273.37	1021.97	4637.91	3967.95
Assets	58394.61	51815.70	58394.61	51815.70
INTERNATIONAL
Revenue	55.17	30.21	180.40	112.43
Assets	3444.79	2773.76	3444.79	2773.76
Global
Revenue	1328.54	1052.18	4818.31	4080.38
Assets	61839.40	54589.46	61839.40	54589.46

NOTES:

The working results for the year ended 31.03.06 have been arrived at after making provision for i) non-performing assets, standard assets and investment depreciation on the basis of prudential norms issued by the Reserve Bank of India (RBI), ii)provision for gratuity, pension and leave encashment on actuarial basis and iii)income tax and other necessary provisions.

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 of accounts will not be material.

The entire payment made by the bank under Voluntary Retirement Scheme aggregating to Rs. 660.01 crores has been amortised over a period of 5 years ending with the current year. Accordingly, Rs. 81.57 crores has been charged to the current year's Profit & Loss account.

During the year, an amount of Rs. 176.97 crores has been paid towards wage arrears to employees as against a provision of Rs. 152.00 crores held as on 31-03-05.

Deferred tax Assets are not recognized in view of the uncertainty of adjustment/computation of carry forward losses and their realization.

Depreciation of Rs. 166.73 crores (Rs. 182.95 crores) consequent upon transfer of certain Government Securities from Available for Sale category (AFS) to Held to Maturity category (HTM), and amortisation of premium on HTM securities Rs. 89.42 crores (Rs. 15.29 crores) have been charged to Profit and Loss account during the year.

The Bank during the year raised Rs. 400 crores as Tier-II Capital subordinated dept, Rs. 300 crores as Upper Tier II capital and Rs. 150 crores Innovative Perpetual Debt Instrument as Tier I capital.

The above results have been taken on record by the Board at its meeting held on 29th April 2006.

The previous period figures have been regrouped/reclassified wherever necessary.

Number of Investor Complaints:

Outstanding at the beginning of the year: NIL

Received during the year: 4343

Disposed off during the year: 4335

Lying unresolved as at the end of the year: 8

For UCO BANK

Place: New Delhi
Date: 29.04.2006 Sd/- S.A.Bhatt
(Executive Director) Sd/- V.Sridar
(Chairman & Managing Director)