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PRESS RELEASES
The performance highlights of the Bank for the quarter ended June 2007 are as under: Business Total business of the Bank reached Rs.1,06,166.36 Crore as on 30.06.2007 from Rs.92,980.59 Crore as at 30.06.2006, registering a year–on–year growth of 14.18%. Deposits Deposits increased from Rs.55,966.78 Crore as at 30.06.2006 to Rs.63,056.37 Crore as at 30.06.2007 with a year-on-year growth of 12.67%. Advances Gross advances of the Bank recorded a growth of 16.47% and reached Rs.43,109.99 Crore as on 30.06.2007 from Rs.37,013.81 Crore as at 30.06.2006. Operating Profit & Net Profit Operating Profit for the quarter amounted to Rs.217.02 Crore. Net Profit of the Bank rose from Rs.61.50 Crore as of June, 2006 to Rs.132.87 Crore as of June, 2007, recording a healthy growth of 116.05% during the quarter ended June, 2007. Total Income Total income of the Bank for the quarter ended June 2007 reached Rs.1,668.48 Crore from Rs.1,308.68 Crore as of 30.06.2006, recording a growth of 27.49%. Interest Income Interest income recorded a jump of 26.98% and increased from Rs1,223.03 Crore as of June 2006 to Rs.1,552.99 Crore as of June, 2007. Net Interest Income Net Interest Income of the Bank improved to Rs.415.73 Crore for the quarter ended 30th June, 2007 vis-à-vis Rs.408.01 Crore for June 2006 quarter. Priority Sector Advances Bank’s portfolio of priority Sector advances as on 30-6-2007 reached Rs.16,734 Crore, registering an increase of 19.36% on year-on-year basis. The total Agricultural Advances also rose by 12.65%. SME Advances increased by 46.93% from Rs. 3089.15 Crore as of June, 2006 to Rs.4,539.00 Crore as of June, 2007. NPA Management Total recoveries during the quarter ended 30.06.2007 amounted to Rs.96 Crore as against Rs.71 Crore in the corresponding quarter of the previous year. However, the Gross NPA ratio has gone up to 3.88% as on 30.06.2007 from 3.42% as on 30.06.2006. The corresponding Net NPA ratios are 2.54% and 2.09% respectively. Capital Adequacy Ratio Capital Adequacy Ratio of the Bank which was 11.91% as at 30-6-2006 stands at 12.82% as on 30.06.2007. Business per employee Business per employee of the Bank which was at Rs. 3.94 Crore as of 30.06.2006 rose to Rs.4.36 Crore as of June, 2007, thereby showing a growth rate of 10.65% in the last twelve months. Major Initiatives of the Bank The Bank has given thrust to introduction of automation and in the process introduced CORE Banking Solution in 258 branches. The number of ATMs has gone up to 210 and orders have been placed for 134 more ATMs. A Representative Office in Guangzhou in China has been opened on 4-4-2007 with an ultimate aim to open a full fledged branch there in course of time. The Bank has commenced ACU operations in Singapore, which would provide incentives to the Singapore operations in the form of lower taxes and reserve requirements. Targets and Future Plans For the current financial year, the Bank has set a business target of Rs. 1,34,350 Crore consisting of Rs.76,125 Crore of Deposit and Rs.58,225 Crore Advances. The targeted growth for deposit is 18% and advances 22%.
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UCO BANK’S NET PROFIT RECORDS A JUMP OF 116.05%