Page 8 - Uco Bank

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.

State-owned UCO Bank looks to raise up to Rs 500 crore

The board of directors will consider the proposal for raising tier-II capital of up to Rs 500 crore at its meeting scheduled to be held on June 23

Good show by banks but can they sustain it?

Till March, banks could hold on but not all of them will be in a position to stomach the impact of the second wave of the pandemic

Hopeful to come out of PCA framework very soon, says UCO Bank MD

The government in the last round had infused Rs 14,500 crore of equity in Central Bank of India, Indian Overseas Bank, Bank of India, and UCO Bank

UCO Bank aims 7-10% growth in FY22, allots shares to government

City-based UCO Bank on Friday said it was aiming at a growth of 7-10 per cent in the current fiscal amid the second round of restructuring guidelines from the regulator due to the second wave of COVID-19 disruptions. The bank also allotted 203.76 lakh shares to the government at Rs 12.76 per share against Rs 2,600 crore infusion in the bank. The bank board had also approved a further capital raising plan of Rs 3,000 crore in 2021-22. "We are hopeful for a business growth of 7-10 per cent in the current fiscal. We will do better in the current fiscal as our provisioning will be lower going forward and maintain net interest margin (NIM) target of 2.7-2.75 per cent," the bank's MD and CEO A K Goel said. He said based on the restructuring demand for the first wave of COVID-19 "we expect the demand for restructuring may be between Rs 750-1,000 crore even though we will not decline anyone eligible." "In the previous round, the total demand was less than Rs 400 crore. In thi

UCO Bank allots 203 cr preferential shares to govt for capital infusion

UCO Bank on Friday said it has allotted over 203 crore preferential shares to the government in lieu of Rs 2,600 crore capital infusion for 2020-21. "We hereby inform that the competent authority this day allotted 203,76,17,554 equity shares of Rs 10 each to Government of India at an issue price of Rs 12.76 per share against capital contribution of Rs 2,600 crore received by the Bank on 31.03.2021," UCO Bank said in a BSE filing. On Thursday, the bank said its board has approved a proposal to raise up to Rs 3,000 crore equity capital in 2021-22 through various means including preferential issue, follow on public offer or qualified institutional placement. UCO Bank stock closed 2.81 per cent up at Rs 13.52 on BSE.

UCO Bank gets board nod for Rs 3,000-cr equity capital raise in FY22

State-owned UCO Bank on Thursday said its board has approved raising Rs 3,000 crore equity capital for the current fiscal year.

UCO Bank Mar qtr net profit jumps about five-folds to Rs 80 crore

The Kolkata-headquartered lender had posted a net profit of Rs 16.78 crore in the corresponding a year ago.

Digital banking can mask risks, say CROs at Business Standard webinar

Efforts to identify key personnel risks need to increase by many notches, given the amount of investments being made in technology, and the number of digital transactions

Stocks to watch: Muthoot Finance, RIL, UCO Bank, Prakash Industries, Airtel

Anil Agarwal-led Vedanta Resources Ltd's sweetened offer to buy back 17.5 per cent share in its Indian flagship firm was subscribed 57.5 per cent, helping it raise its stake to about 65 per cent

Govt to infuse Rs 14,500 crore in 4 banks, issue recapitalisation bonds

Special securities shall be non-interest bearing and no interest shall be payable on issue of the securities

UCO Bank logs net profit at Rs 35 cr in Q3, stock closes 1.55% higher

Its gross non-performing Assets declined to 9.8 per cent in December 2020 from 19.45 per cent a year ago.

UCO Bank reports Q3 profit at Rs 35.44 cr on low provisions for bad loans

The Kolkata-based bank had reported a net loss of Rs 960.17 crore during the October-December period of the previous fiscal year

Banks will focus on cash flow-based lending in future: UCO Bank's Ajay Vyas

Banks are likely to focus on cash flow-based lending in times to come, a top executive of UCO Bank has said

UCO Bank reports Rs 30-crore net profit in Q2, brings down bad loans

Interest income fell to Rs 3,614.61 crore during the quarter, compared with Rs 3,804.64 crore in the year-ago period.

UCO Bank yet to undertake asset quality study, cites SC order for delay

UCO Bank MD and CEO A K Goel had earlier said the lender would like to ascertain its asset quality, once the moratorium period ceases on August 31

UCO Bank reduces MCLR by 10 bps across tenors, effective August 10

The revised one-year MCLR stands at 7.40 per cent as against 7.50 per cent earlier, the bank said