Uco Bank posts 30% net gain

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Uco Bank on Monday posted a 30% increase in its net profit for the full year, ending with a 177%increase in profit after tax for the quarter to March 31, 2008 on lower provisioning and higher recoveries.

Kolkata-based Uco said net profit was Rs 412 crore for 2007-08, against Rs 316 crore in 2006-07. However, net profit for the last quarter of the year was Rs 86 crore against Rs 31 crore for the same period of the previous fiscal.

“The bank has recovered Rs 740 crore of bad debt in 2007-08 apart from Rs 102 crore under recovery from return of accounts. The yield on advances has also jumped from 8.65% in 2006-07 in 9.96% in 2007-08,” Uco bank’s chairman and managing director SK Goel Said.

Gross advances increased by 17% to Rs 55,627 crore during the year against Rs 47,471 crore the previous fiscal. Total deposits have also grown, by 23%, to Rs 79,909 crore in 2007-08 from Rs 64,860 crore in 2006-07. Uco is eyeing a growth of 20% in advances and 22% in deposits this fiscal.