State-run bank, UCO Bank said on Monday that it expects to post a net profit of Rs.13 billion during the current financial year. This was said by the Executive Director of the bank, Ajai Kumar, who was talking to the shareholders today.

Ajai said that the net during the year 2009-10 stood at Rs. 10.12 billion.

The things have changed for good and looking at the current trend this time around the profit should be close to Rs. 13 billion. This amount will be supported by a good growth in both credit and deposit side.

For the April-June period, the bank sees both these sides to grow by 19 per cent, while the net interest margin is also expected to be around 2.6 per cent.

He further added that till now the credit growth has been pulled by large and mid-corporate sector. But for the coming times, UCO will be focusing on the retail segment.

When asked about the FPO, Ajai said that they were in no hurry to come out with an issue. They will rather wait for the markets to settle down and perform well.