UCO Bank posts Rs.558 crore net profit
City-based public sector bank UCO Bank posted a net profit of Rs.558 crore for the fiscal 2008-09 compared to Rs.412 crore last fiscal, a growth of 35.44 percent, a top bank official said on Friday.
By HT Correspondent | IANS, Kolkata
UPDATED ON MAY 08, 2009 08:49 PM IST
City-based public sector bank UCO Bank posted a net profit of Rs.558 crore for the fiscal 2008-09 compared to Rs.412 crore last fiscal, a growth of 35.44 percent, a top bank official said on Friday.
"The domestic operation contributed Rs.466 crore to the net profit and rest came from overseas operations," S.K. Goel, chairman and managing director of UCO Bank said at a press conference.
The fourth quarter (January-March) of 2008-09 generated a 19.26 percent growth in net profit over corresponding quarter last fiscal. The net profit for the quarter stood at Rs.103 crore compared to Rs.86 crore the year before.
There was a growth of 25.42 percent in deposits and 25.24 percent in advances in 2008-09.
"In the current fiscal we are targeting deposits and advances growth of 20 percent each," he said.
Talking about fund raising, Goel said as the market condition is improving the bank may go for follow on public offer of Rs.135 crore in face value terms this fiscal.
"We are not going for tier II capital raising as of now, though we have enough headroom of around Rs.500 crore," Goel said.
He said the bank may also go for a Benchmark Prime Lending Rate (BPLR) cut of at least 50 basis point soon adding that then simultaneous cut will happen in deposit rates also.
At present, the BPLR of the bank is at 12.5 percent.
Asked about the bank's plans to increase its branches, Goel said: "We have submitted a proposal to the RBI (Reserve Bank of India - the apex bank in India) for opening 120 more branches in FY10."
The bank is planning to open an overseas business unit in Dubai.
"It will be a joint venture project, where the infrastructure will be provided by the partner company and the technical expertise will be ours," Goel said, though he refused to divulge the name of the partner.
"The business income will be shared on 50:50 basis," he added.
UCO Bank already has two branches each in Hong Kong and Singapore and representative offices in Kuala Lumpur in Malaysia and Guangzhou in China.
In Surat, Delhi CM Kejriwal hails AAP’s poll performance
By Darshan Desai, Ahmedabad
PUBLISHED ON FEB 27, 2021 04:17 AM IST
In the recently concluded civic body polls, the AAP won 27 of 120 seats in the Surat Municipal Corporation in its debut appearance, thereby emerging the main opposition party against the Bharatiya Janata Party (BJP), which won 93 seats.
23 Cong letter writers plan drive to ‘save idea of India’
By HT Correspondent, New Delhi, Jammu
PUBLISHED ON FEB 27, 2021 03:58 AM IST
The series of rallies and public meetings will kick off on Saturday in Jammu, where former Rajya Sabha member of Parliament Ghulam Nabi Azad, one of the 23, has invited his colleagues.
India rejects United Nations panel report on Christian Michel
By Rezaul H Laskar, New Delhi
PUBLISHED ON FEB 27, 2021 03:55 AM IST
The United Nations Working Group on Arbitrary Detention (WGAD), which operates under the UN high commissioner for human rights, said that Michel, who has been held in India since December 2018 after being extradited from United Arab Emirates, should be immediately released, according to conclusions reported by AFP.
Can’t ignore complaints of sexual harassment: Supreme Court
By Abraham Thomas, New Delhi
PUBLISHED ON FEB 27, 2021 02:51 AM IST
In her complaint in March 2018, the female judicial officer had accused the former principal district judge of Sheopur of sending lewd messages on WhatsApp.
Harming reputation ground for divorce, says Supreme Court
By Utkarsh Anand, New Delhi
PUBLISHED ON FEB 27, 2021 02:48 AM IST
An SC bench, headed by justice Sanjay Kishan Kaul, held that such demeanour by a wife will certainly amount to inflicting cruelty on the man, and will be grounds for divorce under marital laws.
India out of recession as GDP expands 0.4% in Q3
By Roshan Kishore, New Delhi
PUBLISHED ON FEB 27, 2021 02:43 AM IST
India’s gross domestic product (GDP) grew at 0.4% on a year-on-year basis in the quarter ending December 2020, according to data released by the National Statistical Office (NSO) on February 26.
‘Peace on LAC must to mend ties’: Jaishankar tells Chinese counterpart
PUBLISHED ON FEB 27, 2021 02:39 AM IST
EAM Jaishankar’s blunt message was conveyed to his Chinese counterpart Wang Yi during a 75-minute phone conversation on Thursday — the first formal contact between the two ministers since they met on the margins of a Shanghai Cooperation Organisation (SCO) meeting in Moscow last September.
Business of liquor needs a major detox
By Abhishek Dey, Sweta Goswami
UPDATED ON FEB 27, 2021 02:31 AM IST
In 2019-20, the city government pegged its revenue from the liquor business at ₹5,500 crore -- roughly 11% of its total revenue of ₹51,000 crore. Among major states, an HT analysis showed only in Karnataka and Telangana, liquor revenue formed a bigger percentage of the state’s revenue.
Sops galore hours before poll schedule out
By Divya Chandrababu, Chennai, Kolkata
PUBLISHED ON FEB 27, 2021 02:10 AM IST
Most number of sops came from Tamil Nadu chief minister E Palaniswami, who is trying to beat 10 years of incumbency. The state assembly unanimously passed a bill providing 10.5% reservation for influential Vanniyar community within the existing quota of 20% for the Most Backward Classes (MBC).
Crucial election cycle in 5 states to start on March 27
By Deeksha Bhardwaj, New Delhi
PUBLISHED ON FEB 27, 2021 01:39 AM IST
Votes in Assam, West Bengal, Tamil Nadu, Kerala and Puducherry will be counted on May 2, said chief election commissioner Sunil Arora. All Covid-19 election guidelines, including limiting the number of electors, regulating physical campaigning and road shows and sanitising booths and personnel, will be in place, he added.
Five charts that explain the upcoming elections
By Abhishek Jha, Roshan Kishore
PUBLISHED ON FEB 27, 2021 01:22 AM IST
Three out of the four states going to polls; Assam, West Bengal and Kerala are also the top three states by share of Muslims in the population. With 26.7% Muslims and 16.6% Christians, Kerala has the lowest share of Hindus -- to be sure, they are still a majority – among India’s important states.
IAF adds muscle to firepower in 2 yrs since Balakot
By Rahul Singh, New Delhi
UPDATED ON FEB 27, 2021 01:06 AM IST
Indian Air Force's (IAF’s) Mirage-2000s struck targets in Balakot in response to the Pakistan-backed Pulwama suicide attack in Kashmir in which 40 CRPF troopers were killed on February 14.
When Pakistan failed to get support during Kargil
By Sunetra Choudhury, New Delhi
PUBLISHED ON FEB 27, 2021 12:54 AM IST
In a new book, Life in American Politics & Diplomatic Years in India published by Har-Anand Publications, Richard Celeste, the US ambassador to India between 1997 and 2001, reports a visit he received from Pakistan’s Ambassador to India, Ashraf Qazi.
‘Did not break any law’: Nodeep Kaur after HC grants bail
By HT Correspondent, Chandigarh/karnal
PUBLISHED ON FEB 27, 2021 12:39 AM IST
Addressing mediapersons, Kaur said, “I did not break any law and cannot think of doing so in future. But I raise voice against exploitation of labourers and farmers by the big corporate houses. Such influential people cannot tolerate this and try to suppress their voice.”
SC rejects contempt plea, says tigress Avni killed in accordance with order
By Abraham Thomas, New Delhi
PUBLISHED ON FEB 27, 2021 12:19 AM IST
The Court issued notices to Maharashtra principal secretary Vikas Kharge, principal chief conservator forests (Nagpur), deputy conservator forests (Nagpur), deputy conservator forests (Pandharkawada) and member secretary, NTCA, on February 10 on a petition filed by a wildlife activist Sangeeta Dogra.
