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Home» Economy» Banking-Finance» Uco bank q1 net profit jumps 24 percent

UCO Bank Q1 net profit jumps 24 percent

IANS | August 04, 2012, 08:33 PM IST
uco bank q1 net profit jumps 24 percent

Kolkata : Public sector lender UCO Bank Saturday reported a jump of almost 24 percent in net profit for the quarter ended June 30, 2012 at Rs.3.62 billion against Rs.2.93 billion in the same period last year.


Net interest income of the Kolkata-headquartered bank grew by 29 percent to Rs.10.44 billion for the period under review as compared with Rs.8.08 billion during the same period last year.

Other income of the bank during the first quarter this fiscal saw a decline of 15 percent to Rs.2.33 billion from Rs.2.75 billion for the corresponding period the previous fiscal.

"This year our treasury trading profit was down by about 17 percent. This dragged down our other income," UCO Bank chairman and managing director Arun Kaul told reporters after announcing the results.

Advances during the first quarter increased by 24 percent to Rs.1,191.63 billion from Rs.960.92 billion during the same period the previous fiscal.

Net interest margin (NIM) of the state-run bank stood at 2.60 percent as on June 30, 2012 against 2.58 percent as on June 30, 2011.

The bank would aim to achieve NIM of three percent by the end of this financial year, Kaul said.

Percentage of gross non-performing assets (NPA) to advances increased to 3.88 percent as on June 2012 against 3.50 percent as on June, 2011, while net NPA increased to 2.23 percent during the quarter under review against 2.15 percent for the corresponding period previous fiscal.

"We had legacy issues on NPA front and we have been able to do away with most of that," Kaul added.



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