UCO Bank’s third quarter net interest margin rises
January 6th, 2010 - 8:34 pm ICT by IANS ( Leave a comment )Kolkata, Jan 6 (IANS) City-based UCO Bank’s net interest margin (NIM) for the October-December quarter has gone up sequentially to 2 percent from 1.76 percent in July-September this fiscal, a top bank official said here Wednesday.
“Our NIM has gone up as we have disposed of all our high cost bulk deposits,” chairman and managing director S.K. Goel said on the sidelines of an event to mark the bank’s foundation day.
NIM is a measure of the difference between the interest income generated by banks or other financial institutions and the amount of interest paid out to lenders.
The bank is yet to announce its October-December results with the board slated to meet Jan 15 to finalise the accounts.
UCO’s advances went up 22.05 percent to Rs.74300 crore during third quarter while deposits were up 19.77 percent to Rs.104,000 crore, Goel said.
“We expect to end the year with a net profit of around Rs.1,000 crore if the trend of credit growth and profitability continues till March,” he added.
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Tags: banks, crore, financial institutions, foundation day, goel, growth and profitability, interest income, interest margin, kolkata, lenders, managing director, net interest, net profit, nim, rs 1, sidelines, uco bank
