OREANDA-NEWS. May 03, 2011. UCO Bank announced financial results for financial year ended March 31.

Performance Highlights for the FY'11 ended March 2011

Profit

Operating Profit for the FY11 at 2695 crore (Rs. 1706 crore)  registers 58 % growth

Net Profit of the Bank at Rs. 907 crore recorded a decline of 10% YoY with the Provision Coverage Ratio as on Mar’11 going up to 51.60%  from 50% as on Mar’10

Business

Deposits at the end of Mar’11 amounted to Rs.145278 crore as compared to Rs.122416 crore in Mar’10, exhibiting a growth of 18.68 % on YoY basis.

CASA deposits increased to Rs.31668 crore in Mar’11 from Rs.27322 crore in Mar’10, recording a growth of 16 %. Current Deposit increased by20%  to 7360 cr & Savings by 15% to Rs.24308 crore.

Advances of the Bank at Rs. 100561 crore at the end of Mar’11 grew by robust 21% % (YoY) from Rs.83371 crore at the end of Mar’10.

Credit Deposit Ratio improved to 69.22% as at Mar’11 from 68.10 % in Mar’10.

Income

Total income during FY’11 increased to Rs.12297 crore, recording a growth of 17 % on the back of 19% rise in Interest Income to Rs.11372 crore.

Net interest income in FY’11 at Rs.3845 crore showed YoY growth of 65%.

Non-Interest Income at Rs.833 crore for FY’11 (Rs.723 crore) showed a 15.21 % Y-o-Y growth).

Important Ratios

Gross NPA ratio stood at 3.13% as at Mar’11whereas Net NPA ratio was 1.84 %.

Provision Coverage Ratio as on Mar’11 stood at 51.60 % as against 50.0 % on 31.3.2010.

Net Interest Margin (NIM) improved to 3.07% for the FY ended Mar’11 (as against 2.19% for FY ended Mar’10).

Cost of Deposit stood at 5.74 % for FY’11 as against 6.44% for FY’10.

CAR of the bank was comfortable at 13.80% under BASEL-II (Tier-I Capital: 8.61%; Tier-II Capital:5.19%).

Delivery Channels

Bank’s branch network stands at 2202 domestic and 4 overseas branches as on 31.03.11.

608 ATMs facilitating around 13.32 lakh card holders( from 12.10 lacs as on Dec’10).

Transaction based mobile phone banking launched on Bank’s foundation day on 6th. Jan’11.

More than 59 thousand retail customers and around 17 thousand corporate customers registered under e-banking facility.

Empowerment Initiatives

Launched "UCO Utthaan" scheme for raising standard of living of BPL families in select villages. Pokatunga Village in Angul District of Orissa was identified and the Bank adopted all the 319 BPL families for upgradation over a period of 3 years under the Scheme.

"UCO Bank on Wheels" has been a very successful endeavour towards Financial Inclusion. Presently, the Bank is having 24 such Mobile Vans taking banking at the door steps of the unreached. 

New Initiatives in the pipeline

Online booking of railway tickets

Self service customer lobby with pass book printer, transaction kiosk & bulk cash depositor