UCO Bank Q1 net rises 41 per cent

KOLKATA: Net profit of UCO Bank increased 41 per cent to Rs 511 crore in the April-June period this fiscal compared to Rs 362 crore in previous similar period.

Operating profit of the bank increased 62 per cent at Rs 1,264 crore as compared to Rs 780 crore in the previous corresponding period.

Chairman and managing director of UCO Bank Arun Kaul said that the modest rise in net profit had been largely due to rise in treasury profits during the quarter.

He said that global net interest margin (NIM) of the bank at the end of first quarter stood at 2.27 per cent as against 2.44 per cent in the previous similar quarter.

Domestic NIM of the bank at the end of current first quarter stood at 2.42 per cent as compared to 2.58 per cent in the corresponding previous quarter.

Kaul said that the bank had approached the government for a capital infusion of Rs 2000 crore.

Requirement of funds would depend on the extent of credit growth, which was expected to grow by 13 per cent to 14 per cent in the current fiscal.

Gross NPA increased to 5.58 per cent at the end of first quarter as compared to 3.88 per cent in the previous similar quarter.