PRESS RELEASES 2008

UCO Bank’s Q4 net zooms by 177%

5^th May, 2008

UCO Bank recorded a Net Profit of Rs.86 Crore during the 4th Quarter of the FY 2007-08, which is higher by 177.42% than what it made during the corresponding Quarter of the previous year. The Bank’s Q4 Net Profit last year stood at Rs.31 Crore. During the full year 2007-08, Operating Profit of the Bank stood at Rs.954 Crore (Rs.945 Crore in FY 2006-07), and  Net Profit at Rs.412 Crore, 30.38% higher than Rs.316 Crore made during the previous year.  

The Bank achieved a Total Business of Rs.1,35,536 Crore, which is higher by 20.66% compared to the previous year. During the beginning of the year, the Bank had committed to the Ministry of Finance a business level of Rs.1,34,765 Crore, which it has comfortably surpassed. Total Deposit of the Bank increased by 23.20% to Rs.79,909 Crore, whereas its Advances grew by 17.18% to Rs.55,627 Crore as on 31st March, 2008. Overseas Operations of the Bank were also impressive, where the Deposits grew by 18.14% and Advances by 8.83%. The Bank has also fully complied with the newly introduced minimum Asset Maintenance Requirement (AMR) at its Singapore Centre.

The Bank also for the first time brought down its Net NPA to less than 2% level. As on 31st March, 2008, Bank’s Gross NPA and Net NPA stood at 2.97% and 1.98% respectively.

The Bank has made itself Basel-II compliant during the year. As per Basel-II, the CRAR was 11.02%, and as per Basel-I, it was 10.09%. The Bank had to add approximately Rs.3300 Crore to its Risk Weighted Assets to take care of Operational Risk as per requirements under Basel-II.

Priority Sector Advances of the Bank on 31st March, 2008 stood over 47% of its advances, against the minimum stipulation of 40%. The Bank now plans to allocate 3% of its credit for the farmers to enable them to liquidate their debts owed to money lenders, for which it is soon going to introduce a scheme called “UCO Kishan Wrin Mukti Yojna”. Earlier, the Bank had introduced a scheme named “UCO Samagra Kishan Samridhi Yojna” to comprehensively take care of farmers’ needs. The Bank is also planning to enter into a strategic alliance in order to open a new outlet in Dubai to expand its operations in the Middle East Region.

Place: Kolkata

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