UCO net jumps on lesser provisioning

Kolkata-based UCO Bank's net profit rose 116 per cent to Rs 132.8 crore in the first quarter ended June 30 compared with Rs 61.5 crore a year earlier on account of write-backs on provisions made for taxes earlier and reduced provisioning.

Net interest income and other income registered a 1.88 per cent and 2.5 per cent rise to Rs 415.7 crore and Rs 115.4 crore, respectively.

Capital adequacy ratio stood at 12.82 per cent (11.91 per cent).

While total income grew 24.9 per cent to Rs 1,668 crore at the end of the first quarter, total expenditure increased by 31.7 per cent to Rs 1,451.4 crore.

The bank wrote back Rs 45 crore of provisions for taxes during the quarter compared to provisions of Rs 7 crore a year earlier. Provisions and contingencies fell by 21.6 per cent to Rs 129.1 crore (Rs 164.8 crore).