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PRESS RELEASES 2005
UCO Bank's total business has touched Rs.77704 crore as at the end of March, 2005 with a growth rate of 28.25 per cent as against Rs.60587 crore as of March, 2004. During the year 2004-05 the Bank has added an incremental busisness of Rs.17117 crore as against the incremental business of Rs.12661 crore during the year 2003-04. The growth in business of the Bank which was 28.25 per cent in the year 2004-05 has been higher than the growth of 26.42 per cent in the year 2003-04. The total deposits of the Bank reached Rs.49470 crore with total advances at Rs.28234 crore as of March, 2005. In respect of both deposits and advances, the growth rates in 2004-05 at 26.06 per cent and 32.29 per cent respectively have been much higher than that achieved in the year 2003-04, when the growth rates were 25.21 per cent for deposits and 28.70 per cent for advances. The improvement reflected by the Bank in total deposits and total advances led to increase in market share of the Bank from 2.23 per cent as of March, 2004 to 2.48 per cent in respect of deposits and from 2.29 per cent as of March, 2004 to 2.34 per cent in respect of advances as of March, 2005. The Bank has demonstrated itself as one of the fastest growing banks and the growth rates during the year 2004-05 both in deposits and advances have been much higher than that of industry level. In line with the trend in the banking industry, the net profit of the Bank has also been on the lower side, mainly on account of fall in treasury profit, which stood at Rs.346 crore. However, the operating profit of the Bank has improved during the year 2004-05 and stood at Rs.819 crore. The net interest income of the Bank has shown considerable improvement during the year 2004-05 and improved from Rs.1195 crore in 2003-04 to Rs.1406 crore during 2004-05, thereby reflecting a year-on-year growth of 17.66 per cent. The Capital Adequacy Ratio (CAR) of the Bank as at March, 2005 stood at 11.26 per cent. The Business per Employee has shown considerable improvement during the year 2004-05 and improved from Rs.2.49 crore as of March, 2004 to 3.21 crore as of March, 2005. The gross NPA ratio of the Bank has considerably come down during the year 2004-05 to 4.96 per cent from 6.93 per cent in 2003-04. The net NPA ratio has also come down from 3.65 per cent as of March, 2004 to 2.93 per cent as of March, 2005. There has also been a decrease of Rs.80 crore in absolute terms in the amount of gross NPAs which went down from Rs.1479 crore as on 31.03.2004 to Rs.1399 crore as on 31.03.2005. The present Book Value per share stood at Rs.22.20 as of March, 2005 from Rs.18.70 a year ago. The other highlights of the performance of the Bank during the year 2004-05 have been - a 54.66 per cent rise in agricultural advances, finance being extended to 1,33,370 new farmers during the year, 98 per cent of the Bank's business has been computerized and implementation of single-window services at 275 branches. In the year 2005-06, the Bank has planned for several initiatives which include 'anywhere banking' for 250 branches by September, 2005, more emphasis on sale of insurance and MF products and increase in fee-based income business, more emphasis on SMEs, accelerated growth in farm credit, focussed strategy on export credit, introduction of innovative insurance-linked savings and loan products, continuous innovation of Mid Market products aimed at becoming a retail giant, expanding overseas operations through Representative Offices in China, Malaysia, Thailand, Sri Lanka and Bangladesh, agency arrangement for payment of foreign remittances, etc. The Bank has set a target of Rs.1,00,000 crore for total business to be achieved by 31.03.2006 (deposits Rs.61,500 crore plus advances Rs.38500 crore).
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UCO Eyes Rs. 1,00,000 Cr. Total Business This Fiscal - May 5, 2005 - Results for the
Financial Year ended 31st March 2005