Advances drive UCO Bank net profit up 36%

Robust growth in income from advances helped UCO Bank to post a 36 per cent rise in net profit at Rs 61.50 crore for the first quarter ended June 31, 2006 as against Rs 45 crore a year ago.

Total income for the reporting quarter rose to 1,336 crore from Rs 1,084 crore in the April-June 2005. Interest income rose by 22.18 per cent to Rs 1,223 crore from Rs 1,001 crore.

Kolkata-based public sector bank's income from advances clocked 35.11 per cent growth at Rs 204.36 crore. The non-interest income increased by 34.44 per cent to Rs 23.26 crore.

The deposit grew by 17.6 per cent to Rs 55,595 crore. The growth in advances was more robust at 29.02 per cent. They grew at Rs 37,014 crore from Rs 28,687 crore.

The net non-performing assets of the bank declined to 2.09 per cent from a 2.95 per cent at the end of June 2005. The capital adequacy ratio of the bank improved to 11.91 per cent for 10.5 per cent.