Page 7 - Uco Bank

UCO Bank appoints Sujoy Dutta as CFO; JK Bank gets govt nominee director

UCO Bank on Wednesday said it has designated Sujoy Dutta as the new chief financial officer with immediate effect. "Sujoy Dutta, deputy general manager of our bank, has been designated as new Chief Financial Officer (CFO) of the bank with immediate effect in place of Shashi Kant Kumar, general manager of the bank," UCO Bank said in a regulatory filing. Dutta holds a bachelor degree in commerce from Calcutta University and he is a member of the Institute of Chartered Accountant of India (ICAI). Prior to his present position as deputy general manager (Finance) at bank's head office, Kolkata, he was zonal head of bank's New Delhi zonal office, the state-owned lender said. Another lender J&K Bank said that government of Jammu & Kashmir vide an order dated May 17, 2022 has nominated Vivek Bhardwaj, additional chief secretary, Finance Department as government nominee director on the board of directors of the bank, in place of Atal Dulloo, (additional chief secretary) with effect ...

UCO Bank Q4 net profit up 290%, says will open new branches across India

The company says it seeks a loan growth of 15 per cent this fiscal and it has managed to reduce its NPA.

UCO Bank Q4 net profit jumps over 3-fold to Rs 312 cr as bad loans fall

State-owned UCO Bank on Friday posted an over three-fold jump in net profit at Rs 312.18 crore for the quarter ended March 2022 as a fall in bad loans lowered the provisioning requirement. The lender had posted a net profit of Rs 80 crore in the corresponding quarter a year ago. Total income during the fourth quarter of 2021-22 was, however, down at Rs 4,362 crore, as against Rs 4,637 crore in the year-ago period, UCO Bank said in a regulatory filing. For the full fiscal FY22, the bank's net profit grew more than five times to Rs 930 crore from Rs 167 crore in FY21. Total income during the year was at Rs 18,082 crore, up from Rs 17,870 crore in the preceding fiscal. The lender brought down its bad assets portion significantly as the gross non-performing assets (NPAs) came in at 7.89 per cent by end of March 2022, as against 9.59 per cent by end of March 2021. Value-wise, the gross NPAs fell to Rs 10,237 crore from Rs 11,352 crore. Similarly, the net NPAs were down at 2.70 per ce

E-commerce platform ONDC gets fund infusion of Rs 157.5 cr, more to follow

DPIIT e-commerce brainchild expects to raise Rs 42.5 cr more

Ukraine crisis: UCO, SBI meet RBI today on payments to Russian firms

The meeting between the banks and RBI comes amid reports that the government is exploring the option of reactivating the rupee-ruble trade between the two countries

UCO Bank extends tie up with Fisdom; to offer demat, stockbroking services

State-owned UCO Bank has extended the fintech partnership with Fisdom to include demat account and stockbroking services, pension funds and tax filing

Stocks to Watch: IRCTC, Airtel, SBI Cards, DLF, Tata Power, Lupin, Escorts

IRCTC and Bharti Airtel could be in focus owing to negative news flow, apart from the stocks that are likely to react to corporate earnings

UCO Bank logs multifold jump in Q2 net profit at Rs 205 crore

UCO Bank on Thursday reported a multifold jump in net profit at Rs 205.39 crore for the second quarter ended September 2021 as bad loans fell. The Kolkata-headquartered public sector lender had registered a net profit of Rs 30.12 crore in the year-ago period. Total income in July-September 2021-22 rose to Rs 4,655.86 crore from Rs 4,327.13 crore in the year-ago period, the lender said in a regulatory filing. Reserve Bank of India (RBI) had recently removed UCO Bank from its prompt corrective action (PCA) framework following improvement in various parameters. The bank came under the purview of PCA restrictions in May 2017. "This is the best result in the last three years. This shows that the bank is on the growth path", UCO Bank MD and CEO A K Goel said. Operating profit of the lender during the second quarter of the current fiscal increased by 24 per cent to Rs 1,334 crore as compared to Rs 1,075 crore in the same period last year. The capital adequacy ratio at 14.31 per cent a

UCO Bank logs multi-fold jump in second quarter profit at Rs 205 cr

The bank improved on its bad assets significantly

SBI, UCO Bank agree to invest Rs 450 crore in Amrapali projects, SC told

The Supreme Court on Monday was told that the SBI and the UCO Bank have agreed to invest Rs 450 crore in Amrapali projects, but other banks, who were part of a consortium, are delaying the process

PSBs may get capital support in Q4 to meet regulatory requirements

The capital position of banks will be reviewed in the next quarter for infusion requirement

All eyes on Central Bank, Indian Overseas Bank after UCO exits PCA

Central Bank in its annual report for 2020-21 said it was complying with the PCA framework norms meticulously

Fag-end buying drives Sensex higher after two-day hiatus, up 55 points

Airtel, Nestle India, TCS and ITC contributed the most to gains for the benchmark indices

UCO Bank zooms 16% on heavy volume after RBI lifts PCA curbs

UCO bank had requested the regulator to remove the PCA tag after it had successively posted profits for three quarters in FY21

Stocks to watch: UCO Bank, SBI Life, TCS, ONGC, Blue Dart Express, Infosys

State-owned Bank of Baroda on Wednesday announced the launch of its digital banking platform 'bob World', aimed at providing all banking services under one roof

RBI takes UCO Bank out of PCA framework over improved finances

The Kolkata-based lender was placed under PCA in May 2017 on account of high net NPAs and negative RoA

Government extends tenure of UCO Bank's MD, CEO for 2 years

State-owned UCO Bank on Saturday said the government has extended the term of its MD and CEO Atul Kumar Goel for two years. The central government, through a notification dated August 26, extended the term of office of Atul Kumar Goel as UCO Bank's managing director and chief executive officer (MD & CEO), for a period of two years or until further orders, whichever is earlier, the bank said in a regulatory filing. Goel's current term was to expire on November 1, 2021. On Friday, Punjab National Bank and Bank of Maharashtra had also informed about extensions given to their MD & CEOs. The government has also extended the terms of two executive directors each in Punjab National Bank and Union Bank of India, and one executive director of Central Bank of India.

Govt banks continue to have truncated boards, 10 don't even have a chairman

Meeting quorum of board sub-committees becomes difficult sometimes, say bankers

UCO Bank net profit jumps over 4-fold to Rs 102 crore in first quarter

The Kolkata-headquartered lender trimmed its gross non-performing assets (NPAs or bad loans) significantly

Finance Ministry suggests extending terms of CEOs, EDs at state-owned banks

Leaders of Punjab National Bank, UCO Bank and Bank of Maharashtra likely to get more time at their jobs.