UCO Bank - FY08 Results - by mittar_b
Hi friends I have reviewed the performance of Public sector Bank UCO Bank in quarter ended March,2008.UCO Bank formerly known as "The United Commercial Bank, Ltd" was incorporated in 1943.The Bank was nationalized in July 1969 and 100 per cent ownership was taken over by the Government of India and is now a Public Sector Bank constituted under the Banking Companies (Acquisition & Transfer of Undertaking) Act, 1970.In 1985, the name of the Bank was changed to UCO BANK by an Act of Parliament. Today, UCO Bank has nearly 2000 branches and 34 regional offices spread all over India and also have branches in overseas countries like Hongkong .Bank also operates Foreign Exchange Business in more than 50 Centres in India. UCO Bank has been particularly involved in financing activities in the agricultural, industrial, trade and commerce, service, and infrastructure sectors. Bank has strong capital base, high proportion of long term liabilities, and a well diversified asset portfolio. It’s headquarter is situated in Kolkata.
Its Products & Services are as follows:-
- NRI Banking
- Foreign Currency Loans
- Finance /Services to Exporters
- Finance /Services to Importers
- Forex & Treasury Services
- Resident Foreign Currency (Domestic) Deposits
- Correspondent Banking Services
- All General Banking Services
UCO Bank has registered a a phenomenal rise of 177.83 per cent in its standalone net profit at Rs 85.99 crore for the quarter ended March 31,2008 as against Rs 30.95 crore over the same period a year ago i.e quarter ended March 31,2007 .Net sales of the company in the quarter Jan-March,2008 quarter increased to Rs 1778.19 crores as against Rs 1452.04 crores in the corresponding period last year. Total income has increased from Rs 1616.43 crore for the quarter ended March 2007 to Rs 2053.29 crore for the quarter ended March 2008, registered a jump of 27.02 per cent while Expenditure of the company in this period was increased from Rs 591.64 crores to Rs 593.77 crores. However, the net interest income declined by 10.32 per cent to Rs 391 crore from Rs 436 crore in the corresponding period last year. The bank posted earnings of Rs 1.08 a share in the quarter, registering 2.77 times growth over prior year period. The stock has had a tremendous run gaining over 25% in the past one week and 50% over the past one month.
As far as Yearly results are concerned the bank's posted 30.38 percent increase in its net profit to Rs 412 crore from Rs 316 crore reported in the corresponding period last year i.e year ended March 31, 2007. Total income has increased from Rs 5760.48 crore for the year ended March 2007 to Rs 7280.69 crore for the year ended March 2008, thus clocking a 26.39 growth. In the same period, total business of the bank surged by 20.66 per cent to Rs 1,35,536 crore when compared with Rs 1,12,331 crore a year ago while bank's deposits were shot up by 23.20 per cent to Rs 79,909 crore from Rs 64,860 in the corresponding period last year and advances rose by 17.18 per cent to Rs 55,627 crore from Rs 47,471 crore in the previous year. Board of Directors of the Bank recommended a dividend of 10 percent for financial year 2007-08 for its share holders.
