Page 2 - Uco Bank

UCO Bank net profit up 145% at Rs 504 cr in July-September quarter

Net NPA reduced to Rs 2,700.29 crore in Q2FY23 from Rs 3,854.33 crore as on Q2FY22 and from Rs 3,103.82 crore as on Q1FY23

UCO Bank Q2 net rises 145% to Rs 504 crore, gross NPA declines to 6.58%

Post-tax profit of public sector UCO Bank increased 145 per cent at Rs 504.52 crore during the second quarter of the current fiscal against Rs 205.4 crore in the similar previous similar period. The Kolkata-based lender said in a regulatory filing that the operating profit of the bank during the quarter decreased to Rs 1,190 crore as compared to Rs 1,334.2 crore in the previous similar period. Domestic revenues of the bank during the second quarter stood at Rs 4,794.76 crore while international revenues stood at Rs 170.08 crore. The capital adequacy ratio of the bank at the end of the second quarter stood at 14.02 per cent, registering a marginal decline from 14.31 per cent in the corresponding previous period. The Gross NPA of the lender declined to 6.58 per cent at the end of the second quarter from 8.98 per cent, while the net NPA stood at 1.99 per cent from 3.37 per cent in the previous similar period. UCO bank restructured MSME accounts 25,255 with an outstanding amount of Rs

Rupee trade with few nations may start, internationalisation will take time

Negotiations are on with Russia, Cuba and Sudan among others to do so. Officials are hopeful that Saudi Arabia, UAE and Luxembourg would also come on board

Rupee trade with few nations may start, internationalisation will take time

Rupee trade with few nations may start, internationalisation will take time

UCO Bank, Yes Bank in talks with Russia to finalise trade mechanism: Report

Indian lenders UCO Bank and Yes Bank are in talks with their Russian counterparts over a payment mechanism for trade between the two countries

Banks offer over 3-year high interest rate to raise funds through CDs

Call mkt rates at higher end of rate corridor as liquidity shrinks rapidly

UCO Bank, used by India for Iran payments, plans rupee trade with Russia

UCO Bank will put in place operational modalities before opening the account with the Russian counterpart, Prasad said, adding that there is no clear time line on when transactions can begin

Stocks to Watch: Tata Steel, Fortis, Hero MotoCorp, Bombay Dyeing, McLeod

Stocks to Watch Today: UCO Bank became the first bank to get RBI nod for Rupee trade settlement a/c with Russia; The Central Bank warns M&M Finance against outsourcing recovery agents.

UCO Bank becomes first lender to get RBI's approval for rupee trade

Many banks in India are planning to open such special vostro accounts for settling trade transactions with other nations

We find some stress in restructured accounts, says UCO Bank MD & CEO

'Corporate demand is for both working capital and term loans'

Jammu and Kashmir to Kerala, SBI executives are at every corner office

At least three PSBs have former SBI executives as MD & CEO at present - Sanjiv Chadha of Bank of Baroda, Partha Pratim Sengupta of Indian Overseas Bank and Soma Sankara Prasad of UCO Bank.

UCO Bank net profit rises 22% to Rs 123.61 crore in June quarter

State-owned UCO Bank on Friday posted a 22 per cent rise in its net profit at Rs 123.61 crore for the first quarter ended June 30, helped by fall in bad loans. The bank had reported a net profit of Rs 101.81 crore in the same quarter of financial year 2021-22. However, the total income declined to Rs 3,796.59 crore, as against Rs 4,539.08 crore in the first quarter of the previous fiscal, UCO Bank said in a regulatory filing. "The bank has registered healthy growth in the first quarter. Going forward, we expect more traction in credit offtake in both retail and corporate (segments). We expect a credit growth of 12-13 per cent in the September quarter," UCO MD & CEO Soma Shankar Prasad said. He also said there is no capital raising plan in this fiscal as we have a Capital Adequacy Ratio (CAR) of 14.13 per cent. Interest income during the quarter under review increased to Rs 3,851.07 crore, from Rs 3,569.57 a year ago. The Kolkata-headquartered lender trimmed its gross ...

UCO Bank gets nod to raise equity capital by issuing up to 1 bn shares

The bank would raise equity capital at appropriate time in the current fiscal to support growth, according to a regulatory filing on Tuesday.

Indian PSBs plan to exit Hong Kong as strict regulations, Covid woes pinch

State Bank of India (SBI) will likely be the only PSB in Hong Kong, alongside private sector banks ICICI and HDFC

UCO Bank appoints Sujoy Dutta as CFO; JK Bank gets govt nominee director

UCO Bank on Wednesday said it has designated Sujoy Dutta as the new chief financial officer with immediate effect. "Sujoy Dutta, deputy general manager of our bank, has been designated as new Chief Financial Officer (CFO) of the bank with immediate effect in place of Shashi Kant Kumar, general manager of the bank," UCO Bank said in a regulatory filing. Dutta holds a bachelor degree in commerce from Calcutta University and he is a member of the Institute of Chartered Accountant of India (ICAI). Prior to his present position as deputy general manager (Finance) at bank's head office, Kolkata, he was zonal head of bank's New Delhi zonal office, the state-owned lender said. Another lender J&K Bank said that government of Jammu & Kashmir vide an order dated May 17, 2022 has nominated Vivek Bhardwaj, additional chief secretary, Finance Department as government nominee director on the board of directors of the bank, in place of Atal Dulloo, (additional chief secretary) with effect ...

UCO Bank Q4 net profit up 290%, says will open new branches across India

The company says it seeks a loan growth of 15 per cent this fiscal and it has managed to reduce its NPA.

UCO Bank Q4 net profit jumps over 3-fold to Rs 312 cr as bad loans fall

State-owned UCO Bank on Friday posted an over three-fold jump in net profit at Rs 312.18 crore for the quarter ended March 2022 as a fall in bad loans lowered the provisioning requirement. The lender had posted a net profit of Rs 80 crore in the corresponding quarter a year ago. Total income during the fourth quarter of 2021-22 was, however, down at Rs 4,362 crore, as against Rs 4,637 crore in the year-ago period, UCO Bank said in a regulatory filing. For the full fiscal FY22, the bank's net profit grew more than five times to Rs 930 crore from Rs 167 crore in FY21. Total income during the year was at Rs 18,082 crore, up from Rs 17,870 crore in the preceding fiscal. The lender brought down its bad assets portion significantly as the gross non-performing assets (NPAs) came in at 7.89 per cent by end of March 2022, as against 9.59 per cent by end of March 2021. Value-wise, the gross NPAs fell to Rs 10,237 crore from Rs 11,352 crore. Similarly, the net NPAs were down at 2.70 per ce

E-commerce platform ONDC gets fund infusion of Rs 157.5 cr, more to follow

DPIIT e-commerce brainchild expects to raise Rs 42.5 cr more

Ukraine crisis: UCO, SBI meet RBI today on payments to Russian firms

The meeting between the banks and RBI comes amid reports that the government is exploring the option of reactivating the rupee-ruble trade between the two countries

UCO Bank extends tie up with Fisdom; to offer demat, stockbroking services

State-owned UCO Bank has extended the fintech partnership with Fisdom to include demat account and stockbroking services, pension funds and tax filing