UCO Bank announces Financial Results for the Quarter / Half Year Ended 30th Sept 2019

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UCO Bank Press Meet
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Press Release UCO Bank announces Financial Results for the Quarter / Half Year Ended 30th Sept 2019

Kolkata, 07-November -2019

When UCO management started the meeting today it was obvious that they are in a recovery path a definite body language of confidence shown. Though the red areas are still their but declining in a steady manner with NPA and net realization is on improvement side. CASA element is also looks attractive from a banker’s point of view.

Amid the merger threats and loss making warnings for nationalized banks a strong will force for turnaround to a profit making unit is promised by the Bank management.

HIGHLIGHTS OF PERFORMANCE

(A)Financial Parameters :

 Operating Profit of the Bank for the quarter ended 30.09.2019 has increased to ` 1207.04 Crore from ` 506.10 Crore for the quarter ended 30.09.2018 registering a growth of 138.50%.

Net Interest Income of the Bank for the quarter ended 30.09.2019 has increased to ` 1266.20 Crore from ` 964.58 Crore for the quarter ended 30.09.2018 registering a growth of 31.27%.

Other Income of the Bank for the quarter ended 30.09.2019 has increased to ` 728.87 Crore from ` 269.48 Crore for the quarter ended 30.09.2018 registering a growth of 170.47%.

Net Loss for the quarter ended 30.09.2019 has reduced to ` 891.98 Crore from ` 1136.44 Crore for the quarter ended 30.09.2018.

Total Business of the Bank has increased to ` 306914.01 Crore as on 30.09.2019 from ` 298822.75 Crore as on 30.09.2018 registering a growth of 2.71%.

Gross Advances of the Bank has increased to ` 117329.10 Crore as on 30.09.2019 from ` 116596.41 Crore as on 30.09.2018 registering a growth of 0.63%.

Total Deposits of the Bank has increased to ` 189584.91 Crore as on 30.09.2019 from 182226.35 Crore as on 30.09.2018 registering a growth of 4.04%.

Savings Deposits of the Bank has increased to ` 60411.52 Crore as on 30.09.2019 from ` 56342.44 Crore as on 30.09.2018 registering a growth of 7.22 %.

Current Deposits of the bank has increased to ` 16464.56 Crore 30.09.2019 from ` 11003.14 Crore as on 30.09.2018 registering a growth of 49.64%.

CASA of the Bank has increased to 40.55 % as on 30.09.2019 from 36.96 % as on 30.09.2018.

Gross NPA of the Bank has reduced to ` 25665.14 Crore (21.87%) as on 30.09.2019 from ` 29581.49 Crore (25.37%) as on 30.09.2018 and from ` 29431.60 Crore (24.85%) as on 30.06.2019.

Net NPA of the Bank has reduced to ` 7238.33 Crore (7.32%) as on 30.09.2019 from ` 11820.21 Crore (11.97%) as on 30.09.2018 and from ` 8781.97 Crore (8.98%) as on 30.06.2019.

Provision Coverage Ratio of the Bank has increased to 81.19% as on 30.09.2019 from 67.61% as on 30.09.2018 and from 77.12% as on 30.06.2019.

Capital Adequacy Ratio of the Bank stood at 11.44 % and CET-I Ratio at 8.93% as on 30.09.2019.

Bank has also taken initiatives for reduction of RWA and reduced its RWA to ` 100699 Crore as on 30.09.2019 from ` 101830 Crore as on 30.09.2018

About Post Author

Editor Desk

Antara Tripathy M.Sc., B.Ed. by qualification and bring 15 years of media reporting experience.. Coverred many illustarted events like, G20, ICC,MCCI,British High Commission, Bangladesh etc. She took over from the founder Editor of IBG NEWS Suman Munshi (15/Mar/2012- 09/Aug/2018 and October 2020 to 13 June 2023).
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