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| UCO Bank Q1 net rises 34.03 per cent |
| Press Trust of India / Kolkata Jul 30, 2009, 18:46 IST |
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State-run UCO Bank today posted a net profit of 34.03 per cent in the first quarter of 2009-10 touching Rs 178.85 crore as compared to the same period in the last fiscal.
The operating profit of the bank grew 36.10 per cent at Rs 310.27 crore during the quarter, over the previous corresponding quarter.
Chairman and Managing Director UCO Bank S K Goel said that the rise in net profit is due to 55 per cent rise in fee-based income.
Non-interest income of the bank during the quarter touched Rs 252 crore.
On raising of capital, Goel told reporters here today that the bank have a headroom of raising Rs 800 crore as Tier II capital.
However, he said that the bank was expecting Rs 750 crore from the government.
Global business of the bank touched Rs 1,68,808 crore.
Goel said that the bank had set an internal target of earning a net profit of Rs 750 crore during the quarter.
The expected net interest margin (NIM) for the year was 2.25 per cent, he said.
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