UCO Bank net profit rises over 100 percent

Kolkata, Jan 21 (IANS) The city-based UCO Bank has posted a net profit of Rs.1.72 billion (Rs.171.64 crore) in the quarter ended Dec 31, as against Rs.827 million (Rs.82.78 crore) in the corresponding quarter last fiscal, reflecting an increase of over 100 percent, a top company official said here Wednesday.

'The net profit in this quarter jumped by 107.35 percent. The total net profit (for the nine months April-December) of the bank in the current financial year stood at Rs.455.17 crore (Rs.4.55 billion),' UCO Bank chairman and managing director S.K. Goel told reporters.

Profit from gilts increased to Rs.1.56 billion (Rs.156 crore) in the third quarter (October-December) of the current fiscal compared to Rs.150 million (Rs.15 crore) in the corresponding period last fiscal, he said.

The gross non-performing asset (NPA) of the bank has come down from Rs.16.6 billion (Rs.1,660 crore) in December 2007 to Rs.14.75 billion (Rs.1,475 crore) last month.

The advance and deposit growth target of the bank for the current financial year is 22 percent and 20 percent, respectively, Goel said.