File picture of UCO Bank Managing Director and CEO Soma Sankara Prasad.
| Photo Credit: NAGARA GOPAL
While the UCO Bank has been uncovered to Adani Group of firms, this publicity is proscribed and, due to this fact, the establishment stays “fairly insulated”, its Chief Executive Officer and Managing Director Soma Sankara Prasad mentioned.
Speaking to The Hindu, Mr. Prasad mentioned: “We do have exposure, but it is less than 1% of our loan book. It is about ₹ 1,400 crore exposure. Our loan book is about ₹1.5 lakh crore.”
Mr. Prasad mentioned that loans are towards underlying belongings with sturdy money flows. “They are generating cashflows, I am getting repayment regularly and underlying solid assets are there. There is nothing to worry about as such. I have nothing to do with the share price. I have not given a loan against the stock of the company,” he mentioned.
Sharing the efficiency, Mr. Prasad mentioned that the UCO Bank has seen a development in advances by about 21% and deposits by round 11%. He added mentioned that the gross NPA final March went down from 7.89 to 5.63 and web NPA was down from 2.7 to 1.66.
“The reason why we are doing well is that we have very good growth in business which is giving us good income. The second thing is, our recovery has been more than say slippage in accounts,” he mentioned.
Last yr was the primary time that the UCO Bank made a “substantial profit” of ₹930 crore as towards March 2021 when the financial institution noticed a revenue of a little over ₹ 100 crore. Now, as towards a goal of ₹ 1,500 crore, the financial institution by finish of the December, has ₹ 1,281 crore. “That means we will be overshooting the target. Our December quarter, we achieved a profit of ₹653 crore, which is the highest ever quarterly profit in the 80-year history of the bank,” he mentioned.
The financial institution is now within the course of of rising the quantity of branches to 200 with 110 branches already opened.
