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PRESS RELEASES 2005
UCO Bank has recorded a healthy growth of 26.65% in its Total Business as on 30.6.2005, compared to the corresponding Quarter last year when it had achieved a year-on-year growth of 23.55%. In the results announced for the period ended 30th June 2005, it has achieved a total business figure of Rs.75,447 crore, as against Rs.59,570 crore as on 30th June 2004. While Deposits have increased from Rs.38,881 crore to Rs.47,277 crore (having grown by 21.59% year-on-year), the growth in Advances has been still more impressive at 36.16% y-o-y from Rs.20,689 crore to Rs.28,170 crore. The corresponding rates of growth last year were 22.71% and 29.34% respectively. Buoyed by this sound growth in its business, UCO Bank's market share too has registered a corresponding increase. With respect to Deposits, its market share has gone up to 2.38% as on 30th June 2005 from 2.24% as of 30th June 2004. In Advances, the increase in market share is from 2.24% to 2.26%. For the Quarter ended June 2005, the Bank has posted an Operating Profit of Rs.158.73 crore and a Net Profit of Rs.45.01 crore. The Operating Profit for the Quarter recorded a decline from Rs.212 crore as of June 2004 primarily on account of reduced profit on sale of investments. Similarly, the decline in Net Profit (from Rs.142 crore as of June 2004) is due to higher depreciation provided on transfer of Securities from AFS category to HTM category. The Bank has recorded an impressive increase in its Interest Income from Advances which, at Rs.582 crore, represents an improvement of more than 30% over Rs.447 crore during the corresponding Quarter last fiscal. The Gross NPA Ratio stands at 4.75% as on 30.6.2005 (as against 6.49%) and the Net NPA Ratio is down from 3.35% as of 30.6.2004 to 2.97% as on 30.6.2005. The Gross NPA has also come down in absolute terms. Amongst the current initiatives of the Bank, selection of vendors for Core Banking Solution (CBS) project is at a final stage. Launching of "Any-Branch-Banking" at 250 branches is also on the anvil. The Bank has set its eyes on overseas branch expansion during the current year at identified centers in China, Malaysia, Thailand, Sri Lanka and Bangladesh. The Bank also has plans to recruit 600 professionally qualified officers during the year.
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Results for the Quarter ended 30.6.2005