Uco Bank posts 61% rise in net

CORPORATE SCORECARD

Uco Bank today posted 61.22 per cent increase in net profit to Rs 316 crore for 2006-07 against Rs 196 crore in the same period previous fiscal. Announcing the financial results, bank chairman and managing director V Sridar said that total business grew 21.62 per cent and touched Rs 1,12,331 crore over the same period previous fiscal.

Sridar said the bank was aiming to increase business by 19.6 per cent during the current financial year, with 17.37 per cent and 22.65 per cent growth in deposits and advances respectively. During 2006-07, deposits touched Rs 64,860 crore while advances were at Rs 47,471 crore.

The bank was in the process of starting on-line share trading for which it was in talks with leading stock broking firms. The new initiative would help the bank's customers trade on the NSE and the BSE. Apart from this, the bank would also launch derivative products for corporates.

"We are in the process of evolving a risk system to deal with derivative products. We will approach the RBI for approval in the next 3-4 months," he said.

The bank will establish a separate cell for introducing corporate advisory services like loan syndication and forex operations. Capital adequacy ratio of the bank stood at 11.56 per cent at the end of March 31, 2007.