UCO Bank’s Q3 net jumps 10 percent (Second Lead)
February 1st, 2012 - 9:04 pm ICT by IANSKolkata, Feb 2 (IANS) Public sector UCO Bank Wednesday reported a 10 percent jump in its net profit for the quarter ended December 2011 at Rs.3.33 billion from Rs.3.01 billion during the same period of 2010.
The Kolkata-headquartered bank’s total income in the third quarter this fiscal stood at Rs.39.73 billion from Rs.31.08 billion during the same period a year ago, registering a growth of 27.8 percent.
Net interest income of the bank, however, dipped by 2.7 percent to Rs.10.33 billion during the period under review from Rs.10.62 billion for the corresponding period previous fiscal.
“Our cost of deposits has gone up by 180 basis points compared to last year. That has impacted our net interest income and net interest margin,” UCO Bank chairman and managing director Arun Kaul told reporters here.
Gross non-performing assets (NPA) of the bank during the quarter increased to 3.49 percent from 2.57 percent during the corresponding period the previous fiscal, while net NPA during the quarter has also swelled to 2.04 percent from 1.13 percent during the similar period the previous fiscal.
Net interest margin (NIM) of the bank as on Dec 31, 2011 was 2.89 percent against 3.11 percent for the similar period the previous fiscal. NIM for the domestic operations was 3.08 percent, while that for the bank’s international operations was 2.86 percent.
Fresh slippage of the bank during the third quarter was Rs.5.37 billion of which Rs.2.91 billion was due to its exposure in the cash-strapped Kingfisher Airlines.
“We started the cleaning up of our balance sheet from last year. There are legacy issues which we are facing,” Kaul said.
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Tags: balance sheet, basis points, domestic operations, feb 2, interest income, interest margin, international operations, kaul, kingfisher, legacy issues, managing director, net interest, net profit, nim, non performing assets, q3, quarter ended december, rs 2, slippage, uco bank