UCO Bank Q1 results: Net profit jumps over 4-fold to Rs 102 cr

2021-07-27 15:25:59

NEW DELHI: State-owned on Tuesday posted over four-fold jump in its net profit to Rs 101.81 crore for the first quarter ended June 30, as bad loans fell significantly.

The bank had reported a net profit of Rs 21.46 crore in the same quarter of the previous fiscal.

Sequentially, the net profit rose 27 per cent from Rs 80.03 crore in the March 2021 quarter.

The total income during Q1 FY22 increased to Rs 4,539.08 crore, against Rs

Continue Reading

UCO Bank Q1 results: Net profit jumps over 4-fold to Rs 102 cr

2021-07-27 15:25:59

NEW DELHI: State-owned on Tuesday posted over four-fold jump in its net profit to Rs 101.81 crore for the first quarter ended June 30, as bad loans fell significantly.

The bank had reported a net profit of Rs 21.46 crore in the same quarter of the previous fiscal.

Sequentially, the net profit rose 27 per cent from Rs 80.03 crore in the March 2021 quarter.

The total income during Q1 FY22 increased to Rs 4,539.08 crore, against Rs

Continue Reading

Stocks in the news: Tata Motors, L&T, Axis Bank, Vedanta, DLF and Hudco

2021-07-27 07:24:54

Nifty futures on the Singapore Exchange traded 50 points, or 0.32 per cent higher at 15,871.50, signaling that Dalal Street was headed for a positive start on Tuesday. Here are a dozen stocks which may buzz the most in today’s trade:

Dr. Reddy’s Labs, IndusInd Bank, : Dr. Reddy’s Laboratories, IndusInd Bank, Interglobe Aviation,

, Torrent Pharmaceuticals, Dalmia Bharat, Dixon Technologies (India), The Ramco Cements, Sanofi India, , TTK Prestige, KPR Mills, Lux Industries and IIFL Finance are

Continue Reading

Banks getting ready for rise in credit demand, raising capital

2021-06-23 20:12:31

As business gets back on track with the number of Covid infections slowing down, banks have started working on their pent-up capital raising plans.

State-owned

has launched a Rs 4,000-crore share sale to institutional investors, while the country’s largest lender received its board’s approval to raise Rs 14,000 crore through issuance of additional tier 1 capital.

Kolkata-based

too received a board approval for Rs 500 crore tier 2 issue on Wednesday, over and above an earlier approval for

Continue Reading

UCO Bank looks to raise up to Rs 500 cr

2021-06-19 19:21:55

NEW DELHI: State-owned on Saturday said its board will meet next week to consider raising up to Rs 500 crore as tier-II capital.

The board of directors will consider the proposal for raising tier-II capital of up to Rs 500 crore at its meeting scheduled to be held on June 23, 2021, the lender said in a regulatory filing.

Tier-II capital of a bank consists of undisclosed reserves, revaluation reserves, general provisions and loss reserves, hybrid capital instruments,

Continue Reading

Companies offer freebies to boost India’s covid vaccination drive

2021-06-11 10:27:11

(This story originally appeared in on Jun 11, 2021)

Businesses ranging from Celio and McDonald’s to and Reliance General Insurance have jumped on the national effort to vaccinate the domestic population by offering freebies, including loyalty points, discounts and higher rates of interest on fixed deposits.

While over 24 crore people across India or around 22% of the population have already received the vaccine against Covid-19 as of June 10, showed government data, these companies are aiming to

Continue Reading

UCO Bank urges RBI to lift PCA, shares jump 6%

2021-06-08 11:17:09

New Delhi: Shares of gained as much as 6 per cent during the early trade on Tuesday as the PSU lender has again urged the Reserve Bank of India to consider taking it out of the prompt corrective action (PCA) framework.

The Kolkata based lender has requested the central bank to reconsider taking it out from the PCA after posting full year profit for the last fiscal, its MD & CEO AK Goel said.

Shares of

Continue Reading

Sterlite Copper focused on ramping up facilities to produce medical oxygen

2021-06-07 23:29:04

CHENNAI: Sterlite Copper on Monday said it has dispatched 500 metric tonnes of medical oxygen in addition to 265 oxygen gas cylinders from its facility in Tamil Nadu and was focused on ramping up facilities to serve those in need of the life saving gas.

The facility in Tuticorin, about 600 kms from here, was accorded approval to produce medical oxygen for four months by the former AIADMK government on April 26.

“Today, we have reached the milestone

Continue Reading

UCO Bank extends Rs 127 crore relief to 2,000 borrowers under recast scheme 2.0

2021-06-07 22:12:32

State-run on Monday said it has already extended relief udner RBI‘s new resolution framework to over 2,000 borrowers amounting to Rs 127 crore. The restructuring is part of its efforts to supplement the government’s effort to combat the second wave of COVID-19, an official statement said.

“As on June 7, the bank has already extended relief under Resolution Framework 2.0 to 2,314 accounts amounting Rs 127 crore,” it said.

The RBI had in May come up

Continue Reading

UCO Bank extends Rs 127 cr relief to 2,000 borrowers under recast scheme

2021-06-07 22:12:32

State-run on Monday said it has already extended relief udner RBI’s new resolution framework to over 2,000 borrowers amounting to Rs 127 crore. The restructuring is part of its efforts to supplement the government’s effort to combat the second wave of COVID-19, an official statement said.

“As on June 7, the bank has already extended relief under Resolution Framework 2.0 to 2,314 accounts amounting Rs 127 crore,” it said.

The RBI had in May come up with the

Continue Reading

UCO Bank requests RBI to lift business restrictions placed on it

2021-06-07 15:48:45

State-owned has again reached out to the Reserve Bank of India with a request to lift the business restrictions placed on it under the prompt corrective action (PCA) framework.

The bank has informed the regulator that it has met all the criteria required to get out of the PCA framework.

UCO managing director AK Goel told ET that the lender has approached the regulator after its announcement of the March quarter results in which it reported annual net

Continue Reading

UCO Bank allots over 203 cr preferential shares to govt for Rs 2,600 cr capital infusion

2021-05-28 21:57:58

NEW DELHI: on Friday said it has allotted over 203 crore preferential shares to the government in lieu of Rs 2,600 crore capital infusion for 2020-21.

“We hereby inform that the competent authority this day allotted 203,76,17,554 equity shares of Rs 10 each to Government of India at an issue price of Rs 12.76 per share against capital contribution of Rs 2,600 crore received by the Bank on 31.03.2021,” UCO Bank said in a BSE filing.

On

Continue Reading

Uco Bank Q4 results: Net profit jumps nearly five-fold to Rs 80 cr

2021-05-27 19:06:30

Kolkata: State-owned reported nearly five-fold jump in net profit at Rs 80 crore for the March quarter largely riding on treasury gains. Net profit was Rs 17 crore in the year ago period.

The bank also made Rs 167 crore net profit for the full financial year after continuous loss in the previous five financial years.

Operating profit grew 26% at Rs 1533 crore as against Rs 1217 crore over the same period. Its net interest income rose

Continue Reading