Public sector UCO Bank on Friday declared a 22.35% year-on-year (YoY) growth in its net profit to Rs 301 crore in the third quarter of the current fiscal compared to Rs.246 crore in the corresponding period the previous year.
Declaring the third quarter results, UCO Bank chairman and managing director Arun Kaul said: "Operating profit for the quarter posted a growth of 65.58% to Rs 765 crore."
"Bank deposit registered 16.05% YoY growth to Rs 1.21 lakh crore for the quarter, while advances of the bank stood at Rs 0.89 lakh crore registering 20.43% YoY growth," he added.
Net interest income grew by 89.94% in nine months of FY11 to Rs 3,001 crore backed by an impressive 20.43% growth in advances, Kaul added.
CASA (current and saving account) deposits increased to Rs 27,888 crore in December 2010 from Rs 24,195 crore in December 2009, recording a growth of 15.26%. Saving deposits increased by 21.18 per cent to Rs 23,616 crore.
Gross NPA (non-performing assets) ratio stood at 2.57% as on December, 2010 whereas net NPA ratio was 1.13%.
The bank targeted 20-21% YoY growth in both deposit and credit during the financial year, Kaul said, adding about 10-11% of the bank’s total credit was in retail.