UCO Bank’s net profit touches Rs 380 crore

UCO Bank’s net profit touches Rs 380 croreGovernment owned leading bank of the country, UCO Bank has declared its fourth quarter financial results for the fiscal year 2009-10 and has managed to produce a three fold net profit in the quarter reviewed.

The Bank has posted a net profit of Rs 380 crore for the quarter that ended on 31st March, 2010. This net profit figure was at Rs 103 crore for the same quarter in the preceding year. The rise in profit is almost 269% this quarter against last year.

Chairman and Director of UCO Bank, Mr. S.K. Goel has informed that the bank has managed to produce such a good show in terms of net profit due to aggressive shedding of high-cost deposits and rise in yield on advances.

The net interest income of the bank has increased to Rs 744 crore in the quarter reviewed as compared to Rs 375 crore in the corresponding quarter last year. There has been a hike of 98% in the NII. The net interest margin (NIM) of the bank was found to be 2.38% in this quarter.