UCO Bank targets ₹3,000cr recovery by end of fiscal

Kolkata: Public sector lender UCO Bank is anticipating a recovery exceeding Rs 1,000 crore in the third and fourth quarters, aiming to conclude the fiscal year with a total recovery of Rs 3,000 crore. This was disclosed by UCO Bank MD and CEO Ashwani Kumar.In a conversation with TOI, Kumar said that the bank had a total recovery of Rs 1,695 crore in the first half of this fiscal of which about Rs 479 crore was derived from NCLT accounts. The bank’s total recovery in the second quarter amounted to Rs 1,017 crore, with NCLT contributing Rs 414 crore, primarily from two significant accounts. The bank’s total advance book stands at Rs 1.9 lakh crore, with the total recovery in the previous year being Rs 3,127 crore.Kumar elaborated that retail, MSME and agriculture sectors constitute 62% of the bank’s credit portfolio, while the remaining 38% is attributed to corporate lending. The retail sector alone accounts for 27% of the loan book, with housing being the single largest segment at 54%. Although the vehicle loan book comprises only 7%, it has been experiencing robust double-digit growth for the past six quarters. “Our vehicle loan book has expanded by 38%, from Rs 2,500 crore to Rs 3,500 crore, over the last year,” Kumar added.

UCO Bank plans to raise Rs 2,000 crore via QIP in Q3

State-owned UCO Bank plans to raise up to Rs 2,000 crore through share sale in the December quarter to meet minimum public shareholding norms. The governments stake will decrease by 2-3 per cent post-QIP. UCO Bank's capital adequacy ratio stood at 16.84 per cent at the end of September.

UCO Bank posts 50% jump in net profit to Rs 603 crore in Q2

UCO Bank reported a 50% increase in net profit to Rs 603 crore for the September quarter, driven by improved interest income. Total income rose to Rs 7,071 crore, while net interest income reached Rs 2,301 crore. The bank's gross NPAs decreased to 3.18%, and net NPAs fell to 0.73%.

Indian Bank raises Rs 5,000 crore

Indian Bank successfully raised Rs 5,000 crore via long-term infrastructure bonds aimed at fostering credit growth and infrastructure project refinancing. With 90 bids totaling Rs 15,925 crore against a Rs 5,000 crore issue, bids at a 7.1% annual coupon were accepted. These 10-year bonds are exempt from SLR and CRR mandates, with allotment concluded on Friday.

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