The state-owned bank is aiming to recover bad loans of around Rs 4,000 crore this fiscal, UCO Bank MD and CEO R K Takkar said on the sidelines of its AGM.
Around 19 of the 21 state-run banks reported losses for the fiscal, including country's largest lender SBI, while the otherwise resilient private sector banks were also not immune, with Axis Bank reporting its first quarterly loss.
The market breadth was in favour of the declines with 697 stocks advancing while 1006 declined and 347 remained unchanged. On the other hand, in the BSE, 1011 stocks advanced and 1486 declined and 167 remained unchanged.
Shares of UCO Bank plunged nearly 18 percent in morning trade after the CBI booked Arun Kaul, former chairman-cum-managing director of the lender, and others in connection with an alleged Rs 621-crore loan fraud.
The Nifty PSU banking index jumped 3.66 percent led by Bank of India which zoomed over 9 percent intraday on the back of recovery of Rs 7,000 crore from other banks. Punjab National Bank was up 4.3 percent while Andhra Bank zoomed over 5 percent.
PSBs have in the recent past expedited their loan recovery process, specifically against those loans that have turned bad.
UCO Bank in its filing on Saturday said its Hong Kong branch granted loans against letters of credit issued by PNB and was "fully confident" of receiving payment from PNB.
As on December-end, LIC's stake in the bank stands at 12.12 percent while that of government stands at 80.50 percent
These recap bonds can be part of held-to-maturity (HTM) portfolio without any limit but are non-transferable and cannot be converted into any other securities.
The market breadth was in favour of the advances on Thursday morning with 804 stocks advancing as against 782 declines while 418 remained unchanged. On the other hand, 1051 stocks advanced and 948 stocks declined while 85 remained unchanged on the BSE.
The government had on October 24 unveiled a Rs 2.11 lakh crore two-year road map for strengthening NPA-hit public sector banks, which includes re-capitalisation bonds, budgetary support and equity dilution.
The dacoits broke into the Damanpur branch of UCO bank last night and looted the money, they said.
It is the 8th consecutive quarter of net loss for UCO Bank, net interest income (NII) is shrinking rapidly. In an interview to CNBC-TV18, Ravi Krishan Takkar, MD & CEO of UCO Bank discussed about the same in details.
Total income of the bank decreased to Rs 3,757.51 crore during the quarter under review, from Rs 4,941.41 crore over the same period of 2016-17.
In an interview to CNBC-TV18, Ravi Krishan Takkar, MD & CEO of UCO Bank spoke about government's capital infusion plan.
The government has time till August 2018 to bring down its stake below 75 percent in these banks to comply in order to comply with minimum public holding requirement.
Ashwani Gujral of ashwanigujral.com is of the view that one can buy UCO bank and Dena Bank and can sell DLF.
The bank, which is currently under the Reserve Bank of India's prompt corrective action, has invited expressions of interest from asset reconstruction companies and other financial institutions.
LIC’s demand comes after its stake in Kolkata-based bank increased to 17 percent
UCO Bank said its net losses widened to Rs 663.02 crore for the first quarter ended June 30, as asset quality deteriorated in the period.
Vishal Malkan of malkansview.com recommends buying Zuari Agro Chemicals with a target of Rs 425 and Deepak Fertilisers with a target of Rs 330.
Ashwani Gujral of ashwanigujral.com is of the view that one may buy UCO Bank, Larsen and Toubro and Edelweiss Financial Services.
In an interview to CNBC-TV18, Ravi Krishan Takkar, MD & CEO of UCO Bank spoke about the latest happenings in his organisation.
Banking stocks like Union Bank, Allahabad Bank, Andhra Bank, Syndicate Bank & UCO Bank will get astro support, says Satish Gupta of astrostocktips.
According to Ashwani Gujral of ashwanigujral.com, one can keep holding Maruti Suzuki as the stock may head to Rs 7500 while he prefers Union Bank of India and Bank of India.