Latest news with #UCOBank
Business Standard
4 hours ago
- Business
- Business Standard
UCO Bank down for fifth straight session
UCO Bank is quoting at Rs 30.99, down 2.05% on the day as on 13:19 IST on the NSE. The stock tumbled 6.27% in last one year as compared to a 3.07% rally in NIFTY and a 2.7% fall in the Nifty PSU Bank index. UCO Bank is down for a fifth straight session today. The stock is quoting at Rs 30.99, down 2.05% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.41% on the day, quoting at 25163.2. The Sensex is at 82549.91, up 0.44%.UCO Bank has added around 4.27% in last one Nifty PSU Bank index of which UCO Bank is a constituent, has increased around 0.87% in last one month and is currently quoting at 7006.35, down 0.1% on the day. The volume in the stock stood at 53.06 lakh shares today, compared to the daily average of 111.67 lakh shares in last one month. The PE of the stock is 16.24 based on TTM earnings ending March 25.
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Business Standard
21 hours ago
- Business
- Business Standard
Higher FDI cap won't affect PSBs' financial inclusion goals: UCO Bank CEO
We are conducting a saturation drive for inoperative PMJDY accounts, meeting customers one-on-one to encourage them to operate their accounts, says Ashwani Kumar New Delhi Listen to This Article The government's guarantee mechanism for startups is likely to improve lending to the sector in the coming years, says UCO Bank Managing Director and Chief Executive Officer (MD&CEO) Ashwani Kumar. In a telephonic interview with Harsh Kumar, he also discusses the expansion plans of the bank. Edited excerpts: How is your bank addressing inoperative accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY)? We are conducting a saturation drive for inoperative PMJDY accounts, meeting customers one-on-one to encourage them to operate their accounts. The main issue we face is that some customers have multiple accounts across different banks, and are receiving
Time of India
2 days ago
- Business
- Time of India
UCO Bank net rises 10% in first quarter
1 2 3 Kolkata: UCO Bank registered a 10.1% jump in net profit to Rs 607 crore in the first quarter of this fiscal compared to Rs 551 crore during the same period last year. This was driven by higher interest income and a sharp increase in other income, even as expenses and provisions rose during the period. Ashwani Kumar, MD and CEO of the bank, said gross NPA went down to 2.6% during the quarter from 3.3% in the year-ago period. There was a 23.4% growth in the RAM (retail, agri and MSME) book to Rs 1,25,927 crore. However, fresh slippages during Q1 went up to Rs 631 crore from Rs 462 crore in the year-ago period. Kumar said the fresh slippages were on account of retail, MSME and agriculture. This was Rs 368 crore for MSME, followed by Rs 150 crore for retail and Rs 91 crore for agriculture. Overall, NPA in retail was Rs 369 crore out of a total loan book of Rs 56,000 crore. In Q1 last fiscal, retail NPA was Rs 122 crore. "The retail slippages are well within our limit," he added. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Speaking on the capital raising programme, Kumar said that during the last AGM, approval was taken from shareholders to sell 270 crore shares to raise over Rs 2,700 crore at face value, which would be at a premium at current prices. "This quarter we have no plans, but in the next quarter, we may go for that," he said.
The Print
2 days ago
- Business
- The Print
UCO Bank Q1 net profit up 10 pc to Rs 607 cr
UCO Bank MD and CEO Ashwini Kumar said the growth is primarily attributed to a rise in both total interest income and non-interest income. The lender had posted a profit of Rs 551 crore in the year-ago period. Kolkata, Jul 21 (PTI) State-run UCO Bank on Monday reported a 10.16 per cent year-on-year rise in net profit to Rs 607 crore for the April-June quarter of the 2025-26 financial year, driven by strong growth in advances and improved asset quality. 'Interest income from advances alone increased from around Rs 6,000 crore to Rs 6,400 crore year-on-year. Additionally, operating expenses increased by only 4 per cent, disproportionately lower than required, further contributing to profitability,' he said. The guidance for net interest margin (NIM) has been revised downwards to a range of 2.9-3 per cent from the earlier projection of 3-3.10 per cent due to 'front-loading' loan repricing, he said. The bank's operating profit for the June quarter in the current fiscal rose 18.24 per cent to Rs 1,562 crore, while net interest income (NII) increased by 6.61 per cent to Rs 2,403 crore during the period, the lender said in a statement. The total business grew 13.51 per cent to Rs 5,23,736 crore as of June 30, 2025, supported by a 16.48 per cent jump in gross advances to Rs 2,25,101 crore. Deposits rose 11.37 per cent to Rs 2,98,635 crore, the Kolkata-headquartered bank said. Net Interest margin for the quarter stood at 2.96 per cent, it said. The growth in the retail, agriculture, and MSME (RAM) segment remained strong, with advances in this category rising 23.47 per cent year-on-year to Rs 1,25,927 crore, the lender said. Retail advances grew 30.73 per cent to Rs 56,195 crore, led by home and vehicle loans, which increased 17.92 per cent and 66.94 per cent, respectively. The bank expects retail slippages to remain controlled and range-bound in the coming quarters, with no significant increase anticipated, the official said. The domestic corporate advances stood at Rs 74,051 crore, a year-on-year growth of 14.61 per cent. The bank intends to grow its corporate loan book in the range of 12-14 per cent in the upcoming quarters, Kumar said. He stated that lending for startups is expected to gain traction with clarity on guarantee. The asset quality saw an improvement with gross non-performing assets (NPA) declining to 2.63 per cent from 3.32 per cent a year ago, while net NPA fell to 0.45 per cent from 0.78 per cent. The provision coverage ratio stood at 96.88 per cent. The bank's capital adequacy ratio stood at 18.39 per cent, with Tier-I capital at 16.36 per cent. As of June 30, 2025, the lender operated 3,305 branches, including two overseas branches in Hong Kong and Singapore, and had 16,803 customer touchpoints comprising ATMs and business correspondents. PTI BSM BDC This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
2 days ago
- Business
- Time of India
UCO Bank Q1 Net Rises 10.2% on higher net interest income
Mumbai: UCO Bank reported a 10.16% year-on-year (YoY) rise in standalone net profit at Rs 607 crore for the quarter ended June 30, 2025, driven by higher interest income and a sharp increase in other income, even as expenses and provisions also rose during the period. At the end of the quarter, the bank's deposits grew 11.4% YoY to Rs 2.98 lakh crore while gross advances rose 16.5% to Rs 2.25 lakh crore. 'The profit is because of the increase in interest and non-interest income, coupled with the containment of operating expense increase at 4%,' said Ashwani Kumar, MD & CEO, UCO Bank. Net interest income for the quarter ended June 25 stod at Rs 2403 crore, an increase of 6.61% year on year from Rs 2254 crore in the corresponding period last year. Gross NPAs fell 69 basis points to 2.63%, while net NPAs dropped 33 bps to 0.45%. Provision coverage ratio stood at 96.88%. The credit-deposit ratio was 75.4%, while the capital adequacy ratio was 18.39%, with Tier 1 capital at 16.36%. Business per employee improved to Rs.24.64 crore. The bank was awarded second position in digital payments for FY25 and named second runner-up under the 'top improvers' category in the EASE 7.0 index. As of June 2025, the bank had 3,305 domestic branches, 2 overseas branches (in Hong Kong and Singapore), and a representative office in Iran. It operated 2,575 ATMs and 10,920 business correspondent points. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
