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

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UCO Bank Press Meet
UCO Bank Press Meet

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

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