Page 4 - Uco Bank

UCO Bank recovers 79% of wrongly credited amount after technical glitch

UCO Bank on Thursday said the bank has retained or recovered Rs 649 crore or 79 per cent of the amount erroneously credited to some accounts of the bank via Immediate Payment Service (IMPS). By taking various proactive steps, the bank blocked the recipients' accounts and has been able to recover Rs 649 crore out of Rs 820 crore which is about 79 per cent of the amount, UCO Bank said in a regulatory filing. The state-owned bank is yet to clarify whether this technical glitch was due to human error or a hacking attempt. It is to be noted that the IMPS platform is operated by National Payments Corporation of India (NPCI). The bank has initiated requisite actions to recover the balance amount of Rs 171 crore, it said, adding, the matter has also been reported to the law enforcement agencies for necessary action. Uco Bank shares dropped by 1.1 per cent to Rs 39.39 on BSE in afternoon trade.

UCO Bank recovers 79% of wrongly credited amount after IMPS glitch

UCO Bank on Thursday said that it has initiated requisite actions to recover the remaining Rs 171 crore

Technical snag hits UCO Bank's IMPS; impact yet to be ascertained

As a precautionary measure the bank has made the IMPS channel offline

Govt may disinvest 5-10% in select PSBs to realise share market gains

As things stand, the govt has over 80% ownership in six banks: Bank of India, Indian Overseas Bank, Punjab & Sind Bank, Bank of Maharashtra, Central Bank of India, and Uco Bank

Uco Bank Q2FY24 result: Net profit falls 20.3% to Rs 401.67 crore

Uco Bank Q2 result: The bank's gross non-performing assets fell to 4.14 per cent in the July-September quarter as compared to 4.48 per cent in the previous quarter

Uco Bank Q2 net profit falls 20% to Rs 402 cr, total income at Rs 5,866 cr

State-owned UCO Bank on Friday reported a 20 per cent decline in its net profit to Rs 402 crore for the quarter ended September 2023. The bank had reported a net profit of Rs 505 crore in the corresponding quarter a year ago. Total income of the Kolkata-headquartered lender during the July-September period rose to Rs 5,866 crore from Rs 4,965 crore in the year-ago period, UCO Bank said in a regulatory filing. Interest income during Q2 FY24 rose to Rs 5,219 crore as against Rs 4,185 crore. There was an improvement in the bank's asset quality as the gross NPAs dipped to 4.14 per cent of the gross advances as of end-September 2023 over 6.58 per cent in the previous fiscal. Net NPAs too came down to 1.11 per cent as compared to 1.99 per cent a year ago. The bank's total provisioning for the latest September quarter stood at Rs 336 crore, down from Rs 400 crore earlier, as per the filing.

Uco Bank realigns growth strategy with focus on profitable lending

State-owned lender UCO Bank is implementing a strategic shift in its growth plan, concentrating on the pursuit of a "profitable" corporate loan portfolio expansion while identifying retail, MSME, and agriculture as its key drivers of growth in the coming quarters. This shift in perspective concerning the bank's corporate loan portfolio coincides with the delayed rate cut expectations, attributed to global inflation and geopolitical uncertainties. Furthermore, the bank has adopted a less aggressive approach to term deposits, choosing to prioritise CASA accounts to manage its cost of funds. It intends to utilise its surplus Statutory Liquidity Ratio (SLR) deposits to fuel its growth initiatives, according to a senior bank official. The bank presently holds an excess SLR of Rs 23,400 crore. "We are not chasing corporate loan growth merely for the sake of expansion. Our focus is on sustainable and profitable growth," UCO Bank MD and CEO Ashwani Kumar said. Addressing a post-results .

Uco Bank Q2FY24 results: Net profit declines 20.4% to Rs 402 crore

The operating expenses, including staff expenses, grew by 16.3 per cent Y-o-Y to Rs 1,582 crore in Q2FY24

BFSI Summit 2023: Steady growth to continue, CEOs of public banks say

Ashwani Kumar, MD and CEO at UCO Bank said that the growth will be there due to budgetary push by the government, the G20 Summit and the production-linked incentive scheme

Nifty struggling to cross 20-DEMA; UCO Bank, Lemon Tree top technical picks

As per Vinay Rajani, Nifty's 20 DEMA is placed at 19,700 odd levels. A sustainable level above this could result in a bullish trend reversal in Nifty

PSB shares rally; IOB, PSB, Central Bank, Uco Bank surge over 40% in 4 days

Nifty PSU Bank index hit a new high today, and was the top gainer among sectoral indices, up nearly 4 per cent

As India pushes to make rupee international, UCO Bank is in a sweet spot

State-owned lender aims to use its experience in facilitating trade with Iran

UCO Bank opens 4 special rupee vostro accounts, gets RBI nod for 8 more

"In addition, four more banks have approached us to open SRVA accounts. After completing their formalities, we will be approaching RBI seeking approval," he added

UCO Bank's net profit jumps by 80% to Rs 223 crore in Apr-June quarter

State-owned UCO Bank on Friday posted an 80 per cent jump in net profit to Rs 223 crore in the April-June quarter, mainly due to a decline in bad loans. The Kolkata-based lender had posted a net profit of Rs 124 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to Rs 5,857 crore against Rs 3,797 crore, UCO Bank said in a regulatory filing. The lender's interest income also increased to Rs 5,224 crore from Rs 3,851 crore in the same quarter a year ago. On the asset quality side, the bank witnessed improvement with the gross non-performing assets (NPAs) easing to 4.48 per cent of the gross advances by June 2023 from 7.42 per cent a year ago. The net NPA too declined to 1.18 per cent against 2.49 per cent in the same period of the previous year. However, provisions for bad loans increased to Rs 389 crore compared to Rs 268 crore in the same quarter a year ago. Provision Coverage Ratio of the bank increased to 94.88 per cent as of June 20

UCO Bank, Bank of Maharashtra without chairpersons since April 2015

State-run UCO Bank and Bank of Maharashtra are working without chairpersons since April 2015, the Lok Sabha was told on Monday. Bank of India, Central Bank of India, Indian Bank, and Indian Overseas Bank, also do not have chairpersons. The posts of chairpersons have been vacant in UCO Bank and Bank of Maharashtra since April 22, 2015, Minister of State for Finance Bhagwat Karad said in the Lok Sabha in a written reply. The top post in Indian Bank has been vacant since August 2018, while Bank of India is without a chairperson since August 2020, Indian Overseas Bank since February 2020, and Central Bank of India since May 2021. The country has 12 public sector banks (PSBs). The provision to separate posts of chairpersons and managing directors in PSBs was made in April 2015. Subsequently, non-executive chairpersons have been appointed in nine banks, the minister said. The government, which appoints chairpersons of state-owned banks, has constituted Financial Services Institutions

CBI files charge sheet against Era Housing in Rs 331 cr cheating case

A special court has given the go-ahead to start the trial in the Rs 331-crore loan fraud in IFCI against builder Era Housing and Developers and its directors after the CBI filed a charge sheet, officials said Tuesday. The CBI had filed the charge sheet against the company and its authorised representative Delhi-based industrialist Hem Singh Bharana besides 13 other entities including companies and individuals, they said. Taking cognisance of the charge sheet filed by the CBI, the special court has summoned all the accused for August 14 for initiating the trial, they said. The central probe agency has charged Bharana and the other accused under IPC sections related to criminal conspiracy, cheating and others. The agency has alleged that all the accused dishonestly induced IFCI Ltd. to disperse the term loan by submitting misleading facts and wrong CA Certificates. It alleged that as part of the conspiracy, they diverted the term loan funds for a purpose other than it was ...

Ashwani Kumar appointed as the new MD & CEO of UCO Bank, to succeed Prasad

Ashwani Kumar has been appointed as the new MD and CEO of city-based public sector UCO Bank with effect from June one. Prior to this, he was the executive director of the state-owned Indian Bank and is a qualified chartered accountant, a statement by the bank said on Saturday. Kumar, an experienced banker, succeeds S S Prasad as the MD and CEO of UCO Bank. He had earlier worked in Bank of Baroda, Corporation Bank, Oriental Bank of Commerce, Punjab National Bank and Indian Bank.

UCO Bank Q4 net profit zooms 86% at Rs 581.24 cr on improvement in margins

Board nod for Rs 2,000 cr equity offering

UCO Bank Q4 net profit rises 86% to Rs 581.24 cr, NPA down to 4.78%

The loan Book of UCO Bank also reached its highest-ever level of Rs 11.6 trillion against a loan book of Rs 12.9 trillion last year

From Ambuja Cements to Tata Steel: Q4 results to watch out for today

Q4 Results of Adani group companies are important to look at the fundamentals of the group after the rout its companies had to face post the Hindenburg Research report