Page 3 - Uco Bank

Stocks to Watch: IRCTC, Airtel, SBI Cards, DLF, Tata Power, Lupin, Escorts

IRCTC and Bharti Airtel could be in focus owing to negative news flow, apart from the stocks that are likely to react to corporate earnings

UCO Bank logs multifold jump in Q2 net profit at Rs 205 crore

UCO Bank on Thursday reported a multifold jump in net profit at Rs 205.39 crore for the second quarter ended September 2021 as bad loans fell. The Kolkata-headquartered public sector lender had registered a net profit of Rs 30.12 crore in the year-ago period. Total income in July-September 2021-22 rose to Rs 4,655.86 crore from Rs 4,327.13 crore in the year-ago period, the lender said in a regulatory filing. Reserve Bank of India (RBI) had recently removed UCO Bank from its prompt corrective action (PCA) framework following improvement in various parameters. The bank came under the purview of PCA restrictions in May 2017. "This is the best result in the last three years. This shows that the bank is on the growth path", UCO Bank MD and CEO A K Goel said. Operating profit of the lender during the second quarter of the current fiscal increased by 24 per cent to Rs 1,334 crore as compared to Rs 1,075 crore in the same period last year. The capital adequacy ratio at 14.31 per cent a

UCO Bank logs multi-fold jump in second quarter profit at Rs 205 cr

The bank improved on its bad assets significantly

SBI, UCO Bank agree to invest Rs 450 crore in Amrapali projects, SC told

The Supreme Court on Monday was told that the SBI and the UCO Bank have agreed to invest Rs 450 crore in Amrapali projects, but other banks, who were part of a consortium, are delaying the process

PSBs may get capital support in Q4 to meet regulatory requirements

The capital position of banks will be reviewed in the next quarter for infusion requirement

All eyes on Central Bank, Indian Overseas Bank after UCO exits PCA

Central Bank in its annual report for 2020-21 said it was complying with the PCA framework norms meticulously

Fag-end buying drives Sensex higher after two-day hiatus, up 55 points

Airtel, Nestle India, TCS and ITC contributed the most to gains for the benchmark indices

UCO Bank zooms 16% on heavy volume after RBI lifts PCA curbs

UCO bank had requested the regulator to remove the PCA tag after it had successively posted profits for three quarters in FY21

Stocks to watch: UCO Bank, SBI Life, TCS, ONGC, Blue Dart Express, Infosys

State-owned Bank of Baroda on Wednesday announced the launch of its digital banking platform 'bob World', aimed at providing all banking services under one roof

RBI takes UCO Bank out of PCA framework over improved finances

The Kolkata-based lender was placed under PCA in May 2017 on account of high net NPAs and negative RoA

Government extends tenure of UCO Bank's MD, CEO for 2 years

State-owned UCO Bank on Saturday said the government has extended the term of its MD and CEO Atul Kumar Goel for two years. The central government, through a notification dated August 26, extended the term of office of Atul Kumar Goel as UCO Bank's managing director and chief executive officer (MD & CEO), for a period of two years or until further orders, whichever is earlier, the bank said in a regulatory filing. Goel's current term was to expire on November 1, 2021. On Friday, Punjab National Bank and Bank of Maharashtra had also informed about extensions given to their MD & CEOs. The government has also extended the terms of two executive directors each in Punjab National Bank and Union Bank of India, and one executive director of Central Bank of India.

Govt banks continue to have truncated boards, 10 don't even have a chairman

Meeting quorum of board sub-committees becomes difficult sometimes, say bankers

UCO Bank net profit jumps over 4-fold to Rs 102 crore in first quarter

The Kolkata-headquartered lender trimmed its gross non-performing assets (NPAs or bad loans) significantly

Finance Ministry suggests extending terms of CEOs, EDs at state-owned banks

Leaders of Punjab National Bank, UCO Bank and Bank of Maharashtra likely to get more time at their jobs.

State-owned UCO Bank looks to raise up to Rs 500 crore

The board of directors will consider the proposal for raising tier-II capital of up to Rs 500 crore at its meeting scheduled to be held on June 23

Good show by banks but can they sustain it?

Till March, banks could hold on but not all of them will be in a position to stomach the impact of the second wave of the pandemic

Hopeful to come out of PCA framework very soon, says UCO Bank MD

The government in the last round had infused Rs 14,500 crore of equity in Central Bank of India, Indian Overseas Bank, Bank of India, and UCO Bank

UCO Bank aims 7-10% growth in FY22, allots shares to government

City-based UCO Bank on Friday said it was aiming at a growth of 7-10 per cent in the current fiscal amid the second round of restructuring guidelines from the regulator due to the second wave of COVID-19 disruptions. The bank also allotted 203.76 lakh shares to the government at Rs 12.76 per share against Rs 2,600 crore infusion in the bank. The bank board had also approved a further capital raising plan of Rs 3,000 crore in 2021-22. "We are hopeful for a business growth of 7-10 per cent in the current fiscal. We will do better in the current fiscal as our provisioning will be lower going forward and maintain net interest margin (NIM) target of 2.7-2.75 per cent," the bank's MD and CEO A K Goel said. He said based on the restructuring demand for the first wave of COVID-19 "we expect the demand for restructuring may be between Rs 750-1,000 crore even though we will not decline anyone eligible." "In the previous round, the total demand was less than Rs 400 crore. In thi

UCO Bank allots 203 cr preferential shares to govt for capital infusion

UCO Bank on Friday said it has allotted over 203 crore preferential shares to the government in lieu of Rs 2,600 crore capital infusion for 2020-21. "We hereby inform that the competent authority this day allotted 203,76,17,554 equity shares of Rs 10 each to Government of India at an issue price of Rs 12.76 per share against capital contribution of Rs 2,600 crore received by the Bank on 31.03.2021," UCO Bank said in a BSE filing. On Thursday, the bank said its board has approved a proposal to raise up to Rs 3,000 crore equity capital in 2021-22 through various means including preferential issue, follow on public offer or qualified institutional placement. UCO Bank stock closed 2.81 per cent up at Rs 13.52 on BSE.

UCO Bank gets board nod for Rs 3,000-cr equity capital raise in FY22

State-owned UCO Bank on Thursday said its board has approved raising Rs 3,000 crore equity capital for the current fiscal year.