UCO Bank’s net profit up marginally

July 26th, 2008 - 9:19 pm ICT by IANS  

Kolkata, July 26 (IANS) City-based UCO Bank posted a marginal increase of 0.42 percent in net profit during the first quarter of the current fiscal at Rs.1.33 billion, against Rs.1.32 billion over the same period last year. Announcing the first quarter results Saturday, bank chairman-cum-managing director S.K. Goel said: “Deposits increased by 24.07 percent and advances by 29.26 percent. The total business of the bank stood at Rs.1.34 trillion with deposits at Rs.782.35 billion and advances at Rs.557.25 billion at the end of June, 2008.”

The total business of UCO Bank grew by 26.18 percent in the April-June quarter compared to the corresponding period of the previous fiscal.

The board of directors of the bank approved the proposal to float a subsidiary within the next six months for its fee-based operations.

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