UCO bank's net profit down 10 pc at Rs 907 cr | india | Hindustan Times
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UCO bank's net profit down 10 pc at Rs 907 cr

Net profit of city-based UCO Bank at Rs 907 crore recorded a decline of 10% on the year-on-year basis during 2010-11 because of large slippage in NPA and pension liabilities.

india Updated: Apr 29, 2011 19:23 IST

Net profit of city-based UCO Bank at Rs 907 crore recorded a decline of 10% on the year-on-year basis during 2010-11 because of large slippage in NPA and pension liabilities.

"The 10% decline YoY in net profit is due to large slippage in NPA and pension and gratuity liabilities," UCO Bank chairman and managing director Arun Kaul said in Kolkata on Friday.

Detailing the financial results for the quarter and during last fiscal, Kaul said that operating profit for FY11 registered 58% growth.

"Net profit of the Bank at Rs 907 crore recorded a decline of 10% YoY with the provision coverage ratio as on March, 2011, going up to 51.60% from 50% as on March, 2010," he added.

About the bank's business, Kaul said deposits at end of March 2011 amounted to Rs 1,45,278 crore registering a growth of 18.68% on YoY basis.

He said that CASA (current account savings account) deposits increased to Rs 31,668 crore in March, 2011 from Rs 27,322 crore in March, 2010, recording a growth of 16%.

The CMD said that gross NPA ratio stood at 3.13% as at March, 2011 whereas net NPA ratio was 1.84%.

Kaul said that under the "UCO Utthan" scheme for raising standard of living of BPL families in select villages, like Pokatunga in Orissa, the bank adopted 319 families for upgradation over a period of three years."

UCO bank has 24 mobile vans taking banking to the doorsteps of the people.