UCO Bank reported Q3 earnings and losses continue to widen. Asset quality also deteriorates. In an interview with CNBC-TV18, Ravi Krishan Takkar, MD and CEO of the bank spoke about the results and his outlook for the company.
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.
In conversation with CNBC-TV18, Ravi Krishan Takkar, MD & CEO of the bank, said net non-performing assets (NPA) have come down from 10.04 percent as on June to 8.83 percent. This is due to good recovery and the bank was able to upgrade few account during this quarter.
In comparison to the March quarter of FY16 when the loss figure was Rs 1,716 crore, the bank has managed to cut down losses, said Chief Executive and Managing Director RK Takkar.
During the quarter, slippages were Rs 2,074 crore and the production non-performing asset (NPA) were Rs 1,340 crore. The net addition into gross NPAs and the reissue has moved up from 6,150 to 6,176.
With the cost of fund coming down, Arun Kaul, CMD, UCO Bank is hopeful of seeing net interest margin (NIM) improvement by 10-20 basis points in the fourth quarter from the current 2.58 percent.
Despite UCO Bank disappointing the street on Tuesday with its fourth quarter result, S Chandrasekharan, ED of the Bank sees strong recoveries in this quarter.
UCO Bank's operating profits went up, but the net profit came down in Q3. Arun Kaul, Chairman, UCO Bank in an interview to CNBC-TV18 said that it was because they made fairly large provisions due to large slippages.
Angel Broking has come with its September`12 quarterly earning estimates for banking sector. According to the research firm banking stocks remained under stress on increased asset quality concerns.
Angel Broking has come out with its June quarterly earning estimates for banking sector. The research firm expects margins to come under pressure in 1HFY2013.
Angel Broking has come with its March quarterly earning estimates for banking sector.
Public sector lender UCO Bank delivered mixed third quarter numbers. Its profits rose 10% while net interest income (NII) declined 3% year-on-year (Y-o-Y) on an quarter on quarter basis (Q-o-Q) it was flat.
In an interview to CNBC-TV18, Vaibhav Agrawal, banking analyst of Angel Broking speaks about UCO Bank’s and ICICI Bank’s Q3 numbers and gives his outlook going forward.
Angel Broking has come with its quarterly earning estimates for banking sector.
UCO Bank reported a strong set of second quarter numbers for FY12. Arun Kaul, Chairman of the bank breaks down the second quarter results.
Public sector lender UCO Bank has posted a 12% rise in its net profit for the first quarter of fiscal year 2012. In an interview with CNBC-TV18, Arun Kaul, chairman of UCO Bank said, he expects credit growth of 19-20% in FY12.
Top lender State Bank of India will likely be alone among major Indian banks to post a fall in profit for the June quarter, on slower credit growth and higher provisions, but margins for most banks may shrink on higher deposit rates.
In an interview with CNBC-TV18, Arun Kaul, chairman of UCO Bank, spoke about the banks results and his outlook.
UCO Bank posted a significant increase in its net profit for the third quarter of fiscal year 2011. Its PAT for the quarter came in at Rs 301 crore versus Rs 246 crore. The bank’s net interest income for the quarter also increased by 69.11% to Rs 1,062 crore from Rs 628 crore.
Angel Broking has come out with its earning estimates on banking sector for the quarter ended December 2010. According to the research firm, UCO Bank December quarter operating income are expected to go up by 42.4% to Rs 1227 crore, Year-on-Year, (Y-o-Y) basis.