UCO Bank Financial Results for the quarter & nine month ended December 2019

Anando Sangbad:Shri. Charan Singh (Executive Director), Shri. A. K. Goel (Managing Director & CEO) and Shri. Ajay Vyas (Executive Director) of United Commercial Bank (UCO Bank) addressing a press conference in connection with declaration of Bank’s Financial Result for the quarter ended 31st December 2019 in Kolkata.

Financial Parameters :

*Operating Profit of the Bank for the quarter ended 31.12.2019 has increased to 1210.52 Crore from 381.41 Crore for the quarter ended 31.12.2018 registering a growth of 217.38% .

*Net Interest Income of the Bank for the quarter ended 31.12.2019 has increased to 1236.59 Crore from 826.60 Crore for the quarter ended 31.12.2018 registering a growth of 49.60%.

*Other Income of the Bank for the quarter ended 31.12.2019 has increased to 743.47 Crore from 248.24 Crore for the quarter ended 31.12.2018 registering a growth of 199.50 %.

*Net Loss for the quarter ended 31.12.2019 has reduced to 960.17 Crore from 998.74 Crore for the quarter ended 31.12.2018.

*Total Business of the Bank has increased to 302241.63 Crore as on 31.12.2019 from 291515.62 Crore as on 31.12.2018 registering a growth of 3.68%.

*Total Deposits of the Bank has increased to 188436.99 Crore as on 31.12.2019 from 177905.44 Crore as on 31.12.2018 registering a growth of 5.92%.

*Savings Deposits of the Bank has increased to 61221.49 Crore as on 31.12.2019 from 56886.70 Crore as on 31.12.2018 registering a growth of 7.62 %.

*Current Deposits of the bank has increased to 14455.05 Crore 31.12.2019 from 9322.02 Crore as on 31.12.2018 registering a growth of 55.06%.

*CASA of the Bank has increased to 40.16 % as on 31.12.2019 from 37.22 % as on 31.12.2018.

*Gross NPA of the Bank has reduced to 22139.65 Crore (19.45%) as on 31.12.2019 from 31121.79 Crore (27.39%) as on 31.12.2018 and from ` 25665.14 Crore (21.87%) as on 30.09.2019.

*Net NPA of the Bank has reduced to 6199.65 Crore (6.34%) as on 31.12.2019 from 11755.61 Crore (12.48%) as on 31.12.2018 and from ` 7238.33 Crore (7.32%) as on 30.09.2019.

*Provision Coverage Ratio of the Bank has increased to 83.71% as on 31.12.2019 from 69.49% as on 31.12.2018 and from 81.19% as on 30.09.2019.

*Capital Adequacy Ratio of the Bank stood at 10.27 % and CET-I Ratio at 7.21 % as on 31.12.2019.

Bank has also taken initiatives for reduction of RWA and reduced its RWA to 98982 Crore as on 31.12.2019 from 100699 Crore as on 30.09.2019 and from ` 99957 Crore as on 31.12.2018.

Bank has raised Basel-III compliant Tier-II Bonds of ` 500 Crore to strengthen the Tier-II capital of the bank.

Government of India has infused capital of ` 2142 Crore towards equity capital on 03/01/2020.

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