State-run UCO Bank has posted a 177.42% rise in net profit at Rs 86 crore during the fourth quarter of the fiscal ended March 31, 2008 against a net profit of Rs 31 crore for the corresponding quarter of the previous financial year.

During the financial year, the bank's deposits increased by 23 per cent to Rs 79,909 crore whereas the advances grew by 17.18 per cent to Rs 55,627 crore.

Total deposits have also grown by 23% to Rs 79,909 crore in 2007-08 from Rs 64,860 crore in 2006-07.

Recently, the bank has revealed its plans to raise Rs 325 crore through preferential issue of shares by June and convert federal government's equity worth Rs 300 crore into preference shares.

The bank also plans to raise Rs 500-600 crore through a follow-on public offer of shares. The bank is looking for a 22% and 20% growth in deposits and advances in the current year.