MUMBAI/KOLKATA: Public sector lender UCO Bank on Friday reported a 45.49 percent growth in net profit to Rs 260.21 crore for the first quarter ended June 30 on the back of a good showing in its domestic and global operations.
It had reported a net profit of Rs 178.85 crore for the corresponding quarter of the previous fiscal.
The bank also reported an increase of 10.80 percent in total income during the first quarter to Rs 2,862.73 crore from Rs 2,583.68 crore in the year-ago period.
"Domestic business growth has been recorded at 18.23 percent year-on-year at Rs 1,87,604 crore," Executive Director Ajai Kumar told reporters in Kolkata.
He said the bank's global business recorded a growth of 18.85 percent on an annual basis to Rs 2,00,623 crore. While global deposits increased to Rs 1,18,876 crore, advances touched a figure of Rs 81,746 crore.
The percentage of the company's gross non-performing assets (NPAs) went up to 2.36 percent during the quarter from 2.27 percent in the same period last fiscal.
UCO Bank's net NPAs, however, declined marginally to 1.14 percent in the quarter under review, as against 1.15 percent in the corresponding quarter a year-ago.
Segment-wise, UCO Bank's corporate banking operations registered a revenue of Rs 1,356.59 crore during the first quarter. This was a jump of 43.06 percent over the figure of Rs 948.27 crore it registered in the same quarter last fiscal.
UCO Bank's revenue from the retail banking business, however, slid by 22.15 percent to Rs 752.76 crore in the quarter ending June 30 from Rs 966.93 crore in the year-ago period.
Kumar said the bank plans to upgrade its overseas branches in Singapore and Hong Kong and it is also looking to open representative offices in Indonesia and some African countries with a large Indian diaspora.
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