UCO Bank's net profit up marginally

UCO Bank's net profit up marginally

Sunday, 27 July 2008, 07:00 Hrs
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Kolkata: City-based UCO Bank posted a marginal increase of 0.42 percent in net profit during the first quarter of the current fiscal at 1.33 billion, against 1.32 billion over the same period last year.

Announcing the first quarter results Saturday, bank chairman-cum-managing director S.K. Goel said: "Deposits increased by 24.07 percent and advances by 29.26 percent. The total business of the bank stood at 1.34 trillion with deposits at 782.35 billion and advances at 557.25 billion at the end of June, 2008."

The total business of UCO Bank grew by 26.18 percent in the April-June quarter compared to the corresponding period of the previous fiscal.

The board of directors of the bank approved the proposal to float a subsidiary within the next six months for its fee-based operations.
Source: IANS
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