UCO Bank Q1 net rises 41%, treasury profits boost

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

Making money. Andrew Middleton/Flickr[/caption]

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 percent as against 2.44 percent in the previous similar quarter.

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

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Kaul said that the bank had approached the government for a capital infusion of Rs 2,000 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 percent at the end of first quarter as compared to 3.88 percent in the previous similar quarter.

PTI