UCO Bank today reported a 32.67 per cent decline in its net profit at Rs 82.78 crore for the third quarter ending December 31, 2007 as against Rs 122.95 crore recorded during the corresponding quarter last year.
According to S K Goyel, chairman and managing director of the bank, this dip in the net profit is mainly due to restructuring of accounts, which accounted for Rs 22 crore, and Rs 34 crore provisioned for taxation.
Ironically, during the period under review, total business of the bank grew by 20.85 per cent to Rs 1,22,262 crore from Rs 1,01,167 crore reported a year ago.
This include 24.33 per cent rise in deposits to Rs 72,402 crore from Rs 58,232 crore and 16.13 per cent increase in advances to Rs 49,802 crore from Rs 42,877 crore reported a year ago.
Total income of the bank stood at Rs 1,824 crore for the quarter ended December 31, 2007, up 25.67 per cent from Rs 1,451.97crore registered in the corresponding quarter last year.
In the same period, the net NPA of the bank stood at Rs 2.37 per cent, a marginal decrease from 2.17 per cent reported in the corresponding period last year.
“This decline has been mainly due to some pockets where natural calamities hindered the recovery process. The government has approved Rs 50 crore as compensation on this count,” Goyel said.
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