UCO BANK
PRESS RELEASE
UCO Bank a nationalized Bank has reduced the base rate to 9.95% with effect from 01-05-2015.
Bank's performance during the QE & FY ending Mar'2015.
Total business
Total business as on 31st Mar'2015 stood at Rs. 366149 cr. as compared to Rs. 352,696 cr. a year ago, showing a growth of 3.81% Y-o-Y. It was Rs. 347,177 cr. on 31.12.2014.
Advances
Total Advances stood at Rs. 151,812 cr. as at the end of Mar'15 remaining almost at the same level as compared to March 2014. It was Rs. 146,515 cr. as on 31.12.2014 thereby showing a growth of 3.6% over 3rd Qtr of
2015.
However with our continuous and conscious focus on Retail Business
Bank could show a growth of 20% in retail loans y-o-y basis as of March
31, 2015. The growth in retail portfolio was on the back of 35.42 %
growth in Home Loan portfolio.
Agriculture business grew by a healthy 18.30 % during the year 2014-15.
Deposits
Bank's Deposits was Rs. 214,337 cr. as at the end Mar'15 grew by 7.4 %
from a year-ago figure of Rs. 199,533 cr. It was Rs. 200,661 cr. as on
31.12.2014. Bank's focus was on low cost CASA.
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CASA deposits, the bank continues to see healthy momentum in CASA deposit mobilization. CASA deposits as on Mar'15 stood at Rs. 62,375 cr. which was 32.23 % of domestic deposit. Bank's core deposits grew by
10.8% YoY to reach a figure of Rs. 145,424 cr. Core deposits form 75.1%
of our Total Domestic Deposits as on March 2015.
Net of bulk deposits and Iran deposits, the core deposits of the bank which was Rs 131179 cr in March 2014 increased to Rs. 145424 cr in March 2015 showing a growth of 10.8%.
Treasury
Bank has been able to take advantage of market opportunities and has benefited from strong treasury operations.
Profit from sale of investments and exchange income from Forex treasury operations during the 4th Qtr was Rs. 458.85 cr. compared to 94.30 cr. in the corresponding Qtr last year while it was Rs. 534.93 cr. in the previous quarter i.e. Dec 14.
The corresponding figure during FY15 was Rs. 1226.50 cr. as compared to Rs. 424 cr. in FY14.
Profits
Bank's Operating Profit in Q4 of 2015 is Rs. 1227 cr. For full financial year 2015, Operating profit was Rs. 4910 cr. as against Rs. 4940 cr. of previous year. The operating profit is one of the highest in the industry comparing with the banks of the same size.
For the full financial year 2015, the Net profit declined by 24.6 % to Rs. 1138 Cr. from Rs. 1,511 Cr. in the previous fiscal. This is largely due to higher provisions.
Other income showed a healthy growth of 51.72% increasing from Rs.
1320 Crs to Rs. 2003 Crs.
Total income in the 4th Qtr. declined by 0.90% YoY to Rs. 5263 cr. as against Rs. 5,311 cr.. Total Income in Q4 declined 3.39 % over the preceding quarter (Rs. 5,448 cr.).
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Total income in the current fiscal rose by 9.27% YoY to Rs. 21362 cr. as against Rs. 19,550 cr. in previous year.
Net Interest Income was at Rs. 1275 cr. as against Rs. 1,560 cr. in the corresponding quarter of last FY, while it was Rs. 1,421 cr. in the previous qtr.
The return on average assets has reduced from 0.70% in fiscal 2014 to
0.48% in fiscal 2015.
Asset Health
The NPA additions during the year were at higher level mainly because of difficulties being faced in respect of some large borrowal accounts.
As on 31st Mar'15, our GNPA ratio stood at 6.76% with Gross NPAs at Rs.
10,265.05 Cr. while NNPA ratio stood at 4.30 % with Net NPAs at Rs.
6330.58 cr. Bank's NPA Provision coverage ratio stood at 52.65% as on
31st Mar, 2015.
During the 4th quarter, there was gross NPA addition of Rs. 2074.28 cr. out of which 46.3% are restructured assets amounting to Rs. 961.33 cr. that have slipped, with maximum slippages in Power & distribution, Iron
& Steel and other Infra sectors..
There was Rs. 1339.86 cr. Recovery/Reduction in NPAs during the quarter.
Bank has sold Rs. 114.98 cr. NPAs to ARCs during the quarter. During the year 2014-15, Bank sold assets worth Rs. 483.77 cr. to ARCs as against Rs. 1869.06 cr. in the previous year.
Total provisions of Rs. 1019 cr. were made in the 4th Qtr as against Rs.
1089 cr. in the corresponding quarter last fiscal, and Rs. 1121 cr. in the
3rd quarter of FY2015.
During fiscal 2014-15, the net additions to NPAs was Rs. 3644 cr.. Fresh NPA additions for the same period was Rs. 7551 cr. of which slippages from restructured loans to the NPA category were Rs. 2559 Cr..
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Other Ratios/Parameters
Moving on to cost, Cost to income ratio for the year increased to 37.74% compared to 33.05 % last year. For the 4th quarter, operating expenses increased by 10.13% on a y-o-y basis. For the full year 2015, operating expenses grew by 8.8 % y-o-y.
The bank's capital adequacy ratio as per Reserve Bank of India's guidelines on Basel III norms, continues to remain strong. The bank's capital adequacy ratio as of March 31, 2015, was 12.18% (Basel III).
As of March 31, 2015, the bank had a branch network of 3020 branches and 2096 ATMs. Bank shall continue to strengthen alternate delivery channels for increasing the customer convenience.
Bank will continue to launch new digital banking propositions in the days ahead.
Bank has recently launched UCO SMART Kids, a liability product for the children of 10 years and above. Bank also recently launched a new loan product called UCO Yatra. It also introduced several technological changes for the convenience of the customers and introduced UCO Bank Rewards Loyalty Program for its customers using Alternate Delivery channels and for prompt repayment of loans.
During financial year 2015 bank recruited 2723 employees in various categories, while the employee base has decreased by about 1958 people due to retirement, resignations etc. In the process, average age of employees as on Mar'2015 has come down to 43.75 from 46.01 a year ago and that of officers Rs. to 41.58 from 43.79 as on Mar'14. In the days ahead Bank will continue to strive for bringing about improved efficiency and productivity of the employees while expanding the touch point's distribution network in order to drive growth.
Based on the performance of the bank in FY2015, the Board of Directors has recommended a dividend of Rs. 2 per equity share of face value of Rs.10 each to shareholders.
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