UCO Bank may cut interest rate on deposits next month

Kolkata-based UCO Bank is planning to cut interest rate on deposits by 50-100 basis points across different maturities by next month. 

The bank expected about 15-20 per cent increase in net profit in the first quarter of the present fiscal, mainly driven by good treasury income, non-interest income and recovery, said S K Goel, chairman and managing director, UCO Bank, on the sidelines of Ficci Banking Conclave here on Monday.

The bank expected a treasury income of about Rs 105 crore in the present quarter, against Rs 65 crore in the same period last fiscal, added Goel.

This apart, the bank could consider a follow on public offer in the third quarter of the fiscal to raise about Rs 600 crore, Goel said.