Kolkata-based UCO Bank has reported a 38.40 per cent rise in net profit to Rs 207.72 crore for the second quarter compared to Rs 150.09 crore in the same period last year.
In this period, the bank shed about 30 per cent of high-cost deposits and interest income rose about 19.55 per cent to Rs 2,384 crore. The net interest income rose 27.74 per cent to Rs 525 crore while the non-interest income rose 16.49 per cent to Rs 266 crore. The bank’s net interest margin stood at 1.88 per cent in the quarter as against 2.20 in the same period last year.
The treasury income rose 116 per cent to Rs 65 crore while the bank’s total income rose from Rs 2187.98 crore in the second quarter of 2008-2009 to Rs 2609.82 crore, a rise of 19.28 per cent. The bank expects about 40 per cent growth in current account and savings account deposits by the end of the year. However, net profit from overseas operations stood at Rs 16 crore in the quarter as against Rs 33 crore in the same period of 2008-2009.
UCO bank offers the full complement of loans including home loans (UCO Shelter) and Car Loans (UCO car).