UCO Bank Q1 net profit at Rs 133.44 crore

UCO Bank has posted a marginal increase of 0.42 per cent in net profit for  the first quarter of the current fiscal, at Rs 133.44 crore, against Rs 132.87 crore as on June 30, 2007.

However, in the domestic market, the bank recorded a net profit of about Rs 101 crore for the present quarter, against Rs 119 crore for the same quarter last year, a fall of 15.13 per cent in the net profit.
According to S K Goel, Chairman and Managing, UCO Bank, the fall in profit in the domestic market was  due to provisioning of Rs 107 crore as loss in treasury operations in the first quarter of the current fiscal.

 

The total business of the bank increased from Rs 1,06,166 crore in the quarter ended June 2007, to about Rs 1,33, 960 crore in the present quarter, an increase of 26.18 per cent. The total deposit of the bank increased Rs 63,056 crore in the first quarter of last year, to about Rs 78,236 crore in the present quarter, an increase of 24.07 per cent. Goel said, the bank was able to maintain its profit at the same level that of last year, due to good recovery and increase in other income.

The other income of the bank increased from Rs 141 crore in Q1 of 2007, to Rs 162 crore in the present quarter, an increase of 14.89 per cent.

The total recovery of the bank increased from Rs 96 crore in the quarter ended June 2007, to Rs 231 crore in the present quarter.
Meanwhile UCO Bank has also decided to issue “pre-funded cheque books”, which will enable a customer to issue demand drafts, gift cheque and traveller's cheque on the basis of amount deposited in the respective account.

The board of directors of the bank on Saturday also approved the proposal to float a separate subsidiary for its fee-based operations. The subsidiary will be floated in six month's time.