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UCO Bank targets Rs.1,350 crore net profit in 2010-11

Kolkata, July 12 (Calcutta Tube) Public sector UCO Bank is targeting a net profit of Rs.1,350 crore in fiscal 2010-11 (April-March), a top company official said here Monday.

The bank posted a profit of Rs.1,012 crore a year ago.

‘We expect to achieve 19 percent growth in both credit as well as deposit and a net interest margin of 2.6 percent in the first quarter of the current fiscal (April-June),’ Ajai Kumar, executive director of the bank, told reporters on the sidelines of the bank’s annual general meeting.

About the bank’s follow-on public offer (FPO), Kumar said the bank would take a call on it only after it received Rs.375 crore fund infusion.

‘We are interested in the FPO but we are not in a hurry, first we are looking at the government to put in Rs.375 crore, which we think will come shortly and then we will decide on it,’ Kumar said.

UCO Bank in February got board approval to issue 60 million shares via a follow-on offer or a Qualified Institutional Placement and later said that the bank planned to come out with the FPO in May.

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