Tag: UCO Bank

UCO Bank Q1 loss widens to Rs 663 cr

UCO Bank Q1 loss widens to Rs 663 cr

02/08/2017 16:30

Government-controlled UCO Bank on Wednesday reported widening of standalone net loss to Rs 663.02 crore for the first quarter ended June 30, 2017.

“The public sector lender had posted standalone net loss of Rs 440.56 crore in the same period last year,” said UCO Bank in a filing to the Bombay Stock Exchange.

Interest income of the bank declined by 10.10 per cent at Rs 3766.58 crore for the quarter ended June 30, 2017 as against Rs 4189.64 crore in the corresponding period last year.

During the April-June quarter, total income dipped moderately by 10.38 per cent to Rs 4,237.04 crore from Rs 4,727.93 crore in the year ago period.

Meanwhile, operating expenses dropped by 7.40 per cent to Rs 3,627.96 crore from Rs 3,917.77 crore in the same period last year.

Operating profit slipped 24.82 per cent to Rs 609.08 crore from Rs. 810.16 crore.

Provisions and Contingencies surged by 1.73 per cent at Rs 1,272.10 crore from Rs 1,250.50 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, slipped by 14.61 per cent at Rs 841.47 crore versus Rs 985.45 crore in the year ago period. Non-interest income too dipped 12.60 per cent year-on-year to Rs 470.46 crore.

On the asset side, gross non- performing assets (NPAs) rose to 19.87 per cent of the gross advances as at the end of June 30, 2017 from a level of 17.19 per cent year earlier. Its net NPAs or bad loans too increased to 10.63 per cent of net advances on June 30, 2017 from 10.04 per cent a year ago.

Meanwhile, shares of the bank closed day’s trade at Rs 33.20 apiece, down 1.04 per cent, on the BSE.

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UCO Bank revises MCLR

10/01/2017 15:28

UCO Bank said that it has revised Marginal Cost of Funds based Lending Rate (MCLR) for One year period to 8.60 per cent per annum (p.a.) with effect from January 10, 2017.

The Bank has also revised the overnight, 1 month, 3 month and 6 month MCLR to 8.25 per cent p.a., 8.35 per cent p.a., 8.40 per cent p.a. and 8.50 per cent p.a. respectively, the Bank said in a filing to the Bombay Stock Exchange.

UCO Bank is a commercial bank and a Government of India Undertaking. The bank offers wide range of services includes Personal Banking, Corporate Banking, International Banking, Rural Banking and other services.

UCO Bank to raise Rs 270 cr via preferential shares to LIC

07/11/2016 15:06

UCO Bank will raise over Rs 270.59 crore by issuing shares to state-owned life insurer LIC on preferential basis, reported PTI.

At extraordinary general meeting of the state-owned bank held on Saturday, shareholders approved issuing 7,17,00,000 equity shares to Life Insurance Corporation of India (LIC) at an issue price of Rs 37.74 per share, UCO said in a regulatory filing.

LIC holds 10.38 per cent in UCO Bank and after the preferential allotment of additional 7.17 crore shares, its shareholding in the bank will increase to 14.50 per cent of the total equity capital, said the PTI report.

“Subsequent to the present issue to the LIC, the public shareholding will increase from 19.64 per cent 23.33 per cent and the shareholding of Government will reduce from 80.36 per cent to 76.67 per cent,” it said in the filing.

On the intent of preferential allotment of shares to LIC, the Managing Director & Chief Executive Officer R K Takkar informed shareholders that the bank requires capital for meeting Basel III norms and also to comply with minimum public shareholding norms.

In 2014, Finance Minister Arun Jaitley had said the government would bring down its stake in public sector banks to 52 per cent so as to meet Rs 3 lakh crore capital requirement of the banks and to better serve the agenda of financial inclusion.