Uco Bank

RBI imposes penalty of Rs 2.68 cr on UCO Bank violation of provisions

Reserve Bank of India on Friday said it has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification. The RBI has also imposed a penalty of Rs 2.1 lakh on Cent Bank Home Finance Ltd for non-compliance with certain provisions of Know Your Customer (KYC) directions. In both cases, the central bank said penalties are based on regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the entities with their customers.

SBI raises MCLR by 10 basis points for all tenors; 3rd hike in 3 months

The latest increase in MCLR by SBI comes days after the RBI left the repo rate unchanged at 6.5 per cent

11 public banks charge Rs 2,331 cr for non-maintenance of minimum balance

For the recovery of this charge from account holders, public sector banks have formulated slab structures based on different geographies and segments

UCO Bank Q1 net profit more than doubles to Rs 551 cr on improved NIMs

QIP likely in Q2 or Q3 for capital raise

Uco Bank Q1 result: Net profit jumps 147% to Rs 551 cr, deposits rise 7.39%

State-owned UCO Bank on Monday reported a 147 per cent year-on-year jump in net profit to Rs 551 crore in the April-June quarter. The lender's bottomline in the corresponding period a year ago stood at Rs 223 crore. Operating profit in the reporting quarter was Rs 1,321 crore, registering a growth of 9.81 per cent over the year-earlier period. The Kolkata-based bank's total business grew 11.46 per cent on-year to Rs 4,61,408 crore, while gross advances increased 17.64 per cent to Rs 1,93,253 crore, it said in a statement. Total deposits rose 7.39 per cent year-on-year to Rs 2,68,155 crore in the three months ended June. Advances in retail, agriculture and MSME (RAM) sectors were up 18.65 per cent at Rs 1,01,986 crore, it said. The bank also managed to reduce its Gross NPA in April-June by 116 basis points to 3.32 per cent, while net NPA declined by 40 basis points to 0.78 per cent. The statement said capital adequacy ratio stood at 17.09 per cent at the end of the first quarter,

PNB, UCO Bank submit Rs 1,527 crore dividend cheques to Finance Ministry

Earlier, four public sector banks, including Canara Bank and Indian Bank, presented dividend cheques worth Rs 6,481 crore to Finance Minister Nirmala Sitharaman for the financial year 2023-24

IOB, UCO Bank likely to raise funds through QIP route next month

Another public sector bank, Punjab & Sind Bank, is planning to raise Rs 2,000 crore this year. The government holds 98.25 per cent in the state-owned bank

Bullish on PSU Banks, CPSE stocks? UCO Bank, SJVN look strong on charts

Stock market outlook on Nifty PSU Banks, Nifty CPSE stocks: Technical chart suggests up to 22 per cent upside for UCO Bank, SJVN, NHPC and Bank of Maharashtra; here's why.

Draft infra norms good for industry: UCO Bank MD & CEO Ashwani Kumar

Our spending on IT infrastructure will be in the range of Rs 1,000 crore, including capital expenditure, Ashwani said

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Processing fees and rules of top lenders listed to help you make a decision

Uco Bank to spend Rs 1,000 crore in FY25 to boost digital infrastructure

The tech spending of the lender was Rs 700 crore in the financial year 2023-24

Uco Bank aims to bring down govt stake to 75% this fiscal: MD Aswani Kumar

UCO Bank on Tuesday said it aims to reduce the government's stake in the bank from the current 95.39 per cent to 75 per cent in several tranches by fiscal 2024-25, to comply with the minimum public shareholding norms set by SEBI. The lender has time until August to comply with this but it hopes to receive a further extension, a top bank official said. Four other public sector banks have also laid out plans to pare down government holdings to meet SEBI regulations. "We don't need equity for growth as our capital adequacy is at 16.98 per cent. However, we must reduce the government's stake to 75 per cent to meet listing regulations, and we aim to do so within this fiscal year. The board has approved the issuance of 400 crore equity shares for this purpose. We will execute this in tranches," said UCO Bank MD & CEO Aswani Kumar. He said various options will be explored as issuance plans get firmer. "To comply, the issuance of 330-340 crore equity shares at Rs 10 each would have been .

UCO Bank Q4 results: Standalone net profit down 9.5% to Rs 525 crore

UCO Bank on Monday said that its board has approved the issuance of fresh equity shares with a face value of Rs 4,000 crore in the current fiscal year. The Kolkata-based bank also reported a standalone net profit of Rs 525.77 crore for the fourth quarter ended March 2024, a decrease of 9.5 per cent compared to the corresponding period last year. Subject to shareholder approval, the lender will explore various methods like QIP (Qualified Institutional Placement), FPO (Follow-on Public Offer), etc, for issuing 400 crore equity shares of Rs 10 each, the bank informed bourses. This issuance may occur in multiple tranches during FY25. The capital infusion is expected to support the bank's growth plans. UCO Bank's total income for the quarter grew by 17.44 per cent to Rs 6,984.61 crore. The bank also witnessed an improvement in asset quality, with gross NPA falling to 3.46 per cent compared to 4.78 per cent a year ago. The lender further declared a dividend of Rs 0.28 per share for FY24

5 PSU banks to reduce govt shareholding to meet Sebi's MPS norms: DFS Secy

Five public sector lenders, including Bank of Maharashtra, IOB and UCO Bank are planning to reduce government stake to less than 75 per cent to comply with Sebi's minimum public shareholding (MPS) norms, Financial Services Secretary Vivek Joshi has said. Out of 12 public sector banks (PSBs), four were complying with MPS norms as on March 31, 2023. "As part of an ongoing effort, three more PSBs have complied with minimum 25 per cent public float during the current financial year. Remaining five PSBs have laid out action plans to meet MPS requirement," he told PTI in an interaction. Currently, government holding in Delhi-based Punjab & Sind Bank is 98.25 per cent. It is followed by Chennai-based Indian Overseas Bank at 96.38 per cent, UCO Bank 95.39 per cent, Central Bank of India 93.08 per cent, Bank of Maharashtra at 86.46 per cent. As per the Securities and Exchange Board of India (Sebi), all listed companies must maintain an MPS of 25 per cent. However, the regulator had given .

Rs 820 crore Uco bank scam: CBI conducts second round of searches

The CBI has conducted searches at 67 locations in seven cities of Rajasthan and Maharashtra in connection with the Rs 820-crore IMPS scam in UCO bank, officials said Thursday. The case pertains to over 8,53,049 IMPS (Immediate Payment System) transactions that took place between November 10 and November 13 last year in the bank. "IMPS inward transactions initiated from around 14,600 account holders of seven private banks were wrongfully posted in the accounts of over 41,000 UCO Bank account holders. This resulted in Rs. 820 crore being credited to UCO Bank accounts without actual debiting from the originating banks," the CBI Spokesperson said. The searches in Rajasthan and Maharashtra on Wednesday focused on people who received the money and withdrew it rather than returning it to the bank, officials said. This is the second round of searches. "Earlier in December 2023, searches were conducted at 13 locations involving private individuals and UCO Bank officials in Kolkata and ...

SBI, BoI, IOB: 5 PSU bank stocks that look good on the technical charts

Even as the charts suggests that the Nifty PSU Bank index may exhibit some volatility in the near-term, select shares can potentially rally up to 13 per cent from current levels.

Govt appoints non-executive chairmen in Bank of India, IOB, Uco Bank

Ex-LIC head MR Kumar appointed as non-exec chairman of Bank of India

UCO Bank Q3 profit declines 23% to Rs 505 crore on wage provisions

State-owned UCO Bank on Wednesday reported 23 per cent decline in net profit at Rs 503 crore for December quarter 2023-24. The Kolkata-based lender had logged a net profit of Rs 653 crore in the same quarter a year ago. Operating profit was almost flat at Rs 1,119 crore as against Rs 1,354 crore in December 2022 quarter. Total income increased to Rs 6,413 crore from Rs 5,451 crore in the same period last year, UCO Bank said in a regulatory filing. Interest income also rose to Rs 5,552 crore over Rs 4,627 crore. On the asset quality front, the bank's gross Non-Performing Assets (NPAs) declined to 3.85 per cent of gross loans by the end of December 2023 from 5.63 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.98 per cent as compared to 1.66 per cent in 2022. As a result, provisions for bad loans declined to Rs 116 crore from Rs 220 crore a year ago. The capital adequacy ratio rose to 16.01 per cent from 14.32 per cent at the end of December quarter FY22.

Bull run extends on D St! Sensex leaps 353 pts, Nifty nears 20,950

Closing Bell on December 6, 2023: The benchmarks on the BSE and NSE, along with the MidCap index, hit fresh lifetime highs today

Stocks to Watch today, Dec 6: Canara Bk, Somany, Zee Learn, Patanjali Foods

Stocks to Watch on Wednesday, December 6, 2023: Axis Bank has initiated Corporate Insolvency Resolution Process against Digital Ventures Private Limited, wholly-owned subsidiary of Zee Lear