Shareholders of UCO and Allahabad Bank have approved capital infusion from the government and Life Insurance Corporation (LIC) at the general meeting of the bank in Kolkata.
UCO Bank has moved up 5% at Rs 91.80 after the state-owned bank said that the board of directors have approved the proposal for the issue of 31.37 million equity shares to Life Insurance Corporation of India (LIC) on a preferential basis.
Uco Bank reported a 10.4% growth in net profit at Rs 332.5 crore for the quarter ended December 2011 as against Rs 301.2 crore in the same period a year ago.
UCO Bank today posted an increase of 10% in net profit for the quarter ended December 31, 2011 at Rs 332.55 crore as compared to Rs 301.24 crore for the corresponding quarter a year ago.
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Net profit of UCO Bank in the first quarter of FY12 increased 12.42% at Rs 292 crore as compared to Rs 260 crore in the same corresponding period last fiscal.
Public sector lender UCO Bank today said it is eyeing a two-fold growth in total business to Rs 6 lakh crore by FY16 through customer acquisition and network expansion.
After the Reserve Bank of India (RBI) upped the repo rate by 25 basis points, which also means a 25 bps rise in reverse repo rate, most banks are yet to decide whether to pass on the increased interest rates to the consumers.
To tap the high-growth potential in the small-and-medium-enterprises (SME) sector, public lender UCO Bank plans to open 37 SME hubs pan-India in FY12 to facilitate single window clearance for loans.
The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC.
