UCO Bank net drops 58%

BS 200 SCORECARD

Kolkata based UCO bank registered a 58 per cent decline in net profit to Rs 55 crore during the third quarter of the current fiscal against Rs 134 crore in the corresponding period of the previous fiscal.

Operating profit, however, increased from Rs 212 crore in the previous period to Rs 277 crore in the current period, a 30 per cent rise.

Decline in profits was partly owing to transfer of a part of investment to the held-to-maturity category during the third quarter resulting in a depreciation of Rs 181 crore.

UCO has also made higher provisioning of Rs 40 crore on account of wage revision of its employees against Rs 10 crore in the previous period.

Meanwhile, deposit base at the bank stood at Rs 43,341 crore, 29 per cent higher than its deposit a year ago. The bank's advances during the same period increased 33 per cent to Rs 24,098 crore.

This resulted in a 30 per cent jump in business to Rs 67,439 crore against Rs 51,498 crore in the previous corresponding period.