UCO Bank vaults on strong Q2 results

UCO Bank surged 4.86% to Rs 74.45 at 13:59 IST on BSE after the state-run bank reported 285.88% surge in net profit to Rs 400.20 crore on 5.55% increase in total income to Rs 4653.30 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced during trading hours today, 8 November 2013.

Meanwhile, the S&P BSE Sensex was down 166.61 points or 0.8% at 20,656.16

The stock gained on high volumes. On BSE, 32.59 lakh shares were traded in the counter as against average daily volume of 6.90 lakh shares in the past one quarter.

The stock hit a high of Rs 78 and a low of Rs 70.40 so far during the day. The stock had hit a 52-week low of Rs 46 on 28 August 2013. The stock had hit a 52-week high of Rs 86.65 on 9 January 2013.

 

The stock outperformed the market over the past one month till 7 November 2013, rising 14.06% compared with the Sensex's 4.66% gain. The scrip also outperformed the market in past one quarter, rising 26.45% as against Sensex's 11.56% advance.

The mid-cap state-run bank has equity capital of Rs 752.63 crore. Face value per share is Rs 10.

UCO Bank's ratio of net non-performing assets (NPAs) to net advances slightly declined to 3.13% as on 30 September 2013, from 3.15% as on 30 June 2013 but increased from 2.94% as on 30 September 2012. The ratio of gross NPAs to gross advances decreased to 5.32% as on 30 September 2013, from 5.58% as on 30 June 2013 but increased from 4.88% as on 30 September 2012.

UCO Bank's capital adequacy ratio (CAR) as Basel II norms stood at 13.23% as on 30 September 2013, as against 13.72% as on 30 June 2013 and 12.27% as on 30 September 2012. CAR as per Basel III norms stood at 12.31% as on 30 September 2013, as against 12.8% as on 30 June 2013.

The bank's provisions and contingencies jumped 27.05% to Rs 758.68 crore in Q2 September 2013 over Q2 September 2012.

The Government of India (GoI) holds 69.26% stake in UCO Bank (as per the shareholding pattern as on 30 September 2013).

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