UCO Bank | Business Upturn

UCO Bank announces revision in benchmark rates effective from 10 May 2026

Yash Agarwal — Thu, 07 May 2026 13:07:41 +0000

UCO Bank has announced a revision in its benchmark rates, effective from 10 May 2026. The bank’s Asset Liability Management Committee (ALCO) has reviewed and adjusted the rates, impacting various tenors of the Marginal Cost of Funds based Lending Rate (MCLR) and other benchmarks.

The MCLR for the overnight tenor has been set at 7.90%, while the one-month tenor is at 8.15%. The three-month MCLR stands at 8.40%, the six-month at 8.65%, and the one-year MCLR at 8.75%. These rates remain unchanged from their previous levels.

In terms of other benchmark rates, the Treasury Bill Linked Rate (TBLR) for the three-month period has been reduced from 5.35% to 5.30%. The six-month and twelve-month TBLR rates remain unchanged at 5.50% and 5.60%, respectively.

Additionally, the UCO G-Sec Rate for one year has been slightly increased from 5.72% to 5.74%. Meanwhile, the 10-year G-Sec Rate’s yield to maturity (YTM) has been adjusted from 7.24% to 7.21%.

The Repo Linked Rates, including UCO Float and UCO Prime, as well as the Base Rate and BPLR, remain unchanged. The UCO Float rate is maintained at 8.05%, UCO Prime at 5.25%, the Base Rate at 9.60%, and the BPLR at 14.25%.

These revisions reflect UCO Bank‘s response to the current financial climate and aim to align its lending rates with market conditions.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

UCO Bank reports Rs 801 crore net profit for Q4 FY26, marking 22.66% growth

Yash Agarwal — Sat, 25 Apr 2026 14:50:45 +0000

UCO Bank has announced a net profit of ₹801 crore for the quarter ending 31 March 2026, reflecting a 22.66% increase compared to ₹653 crore for the same period in the previous year. The bank’s total business reached ₹5,90,314 crore, a year-on-year growth of 14.95%. Gross advances rose by 19.44% to ₹2,62,752 crore, while total deposits increased by 11.59% to ₹3,27,563 crore.

The bank’s CASA (Current Account Savings Account) growth was notable, with total CASA standing at ₹1,17,752 crore, marking a 12.46% rise year-on-year. The CASA ratio improved by 74 basis points to 38.65%. In terms of profitability, UCO Bank‘s operating profit for the quarter was ₹1,573 crore. The Global Net Interest Margin (NIM) stood at 3.00%, with Domestic NIM at 3.19%.

The bank reported significant growth in its Retail, Agriculture, and MSME (RAM) sectors, with the RAM segment increasing by 24.23% year-on-year to ₹1,52,324 crore. Retail advances grew by 26.62%, agriculture advances by 26.24%, and MSME advances by 19.36%. Furthermore, UCO Bank achieved a reduction in its Gross NPA, which decreased by 52 basis points year-on-year to 2.17%, while Net NPA reduced by 23 basis points to 0.27%.

The bank’s capital adequacy ratio stood at 18.61% as of 31 March 2026, with a Tier I Capital Ratio of 16.59%. The credit-to-deposit ratio improved to 80.21%, up from 74.94% the previous year. UCO Bank has proposed a dividend of 4.40% for the financial year 2025-26, subject to shareholder approval.

For the full year ending 31 March 2026, UCO Bank’s net profit grew by 13.21% to ₹2,768 crore, while net interest income increased by 5.89% to ₹10,197 crore. The bank’s return on assets was 0.79%, and fee-based income rose by 25.40% to ₹1,733 crore.

UCO Bank operates 3,412 domestic branches, two overseas branches in Hong Kong and Singapore, and one representative office in Iran. The bank continues to focus on financial inclusion, with 61% of its domestic branches located in rural and semi-urban areas.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

UCO Bank reports ₹801 crore net profit for Q4 FY26

Business Desk — Sat, 25 Apr 2026 14:41:36 +0000

UCO Bank has announced its audited financial results for the quarter and year ended 31st March 2026, revealing a net profit of ₹801 crore for the fourth quarter, marking an 8.39% increase quarter-on-quarter. The bank’s overall business performance also showed significant growth, with total business reaching ₹590,314 crore, a 14.95% year-on-year increase. Deposits stood at ₹327,563 crore, up by 11.59% from the previous year.

The bank’s advances grew by 19.44% year-on-year to ₹262,752 crore, with the retail segment contributing ₹68,697 crore, a 26.62% increase. The agriculture and MSME sectors also saw substantial growth, with advances of ₹37,336 crore and ₹46,291 crore, respectively.

In terms of asset quality, UCO Bank reported a gross non-performing asset (NPA) ratio of 2.17%, a 52 basis point improvement from the previous year, and a net NPA ratio of 0.28%, down by 22 basis points. The provision coverage ratio (PCR) excluding technical write-offs improved by 352 basis points to 85.47%.

The bank’s net interest income for the year was ₹10,197 crore, reflecting a 5.89% year-on-year increase, while the operating profit stood at ₹6,429 crore, a 6.49% increase. These results underscore UCO Bank’s continued focus on enhancing profitability and maintaining robust asset quality.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

UCO Bank revises benchmark rates effective 10 April 2026

Yash Agarwal — Fri, 10 Apr 2026 07:46:09 +0000

UCO Bank has announced a revision in its benchmark rates, effective from 10 April 2026. The bank’s Asset Liability Management Committee (ALCO) reviewed and updated several rates, including the Marginal Cost of Funds based Lending Rate (MCLR) and other benchmark rates.

The MCLR rates for various tenors remain unchanged, with the overnight rate at 7.90%, one-month rate at 8.15%, three-month rate at 8.40%, six-month rate at 8.65%, and one-year rate at 8.75%. However, changes have been made to other benchmark rates.

The Treasury Bill Linked Rate (TBLR) for a three-month period has been increased from 5.30% to 5.35%, while the six-month and twelve-month TBLR rates remain stable at 5.50% and 5.60%, respectively. Additionally, the UCO G-Sec Rate for a one-year period has been adjusted from 5.58% to 5.72%.

The 10-year G-Sec Rate Yield to Maturity (YTM) has also been revised from 6.83% to 7.24%. Meanwhile, the Repo Linked Rate for both UCO Float and UCO Prime remains unchanged at 8.05% and 5.25%, respectively. The Base Rate and the Benchmark Prime Lending Rate (BPLR) are maintained at 9.60% and 14.25%, respectively.

These revisions reflect UCO Bank‘s ongoing efforts to align its lending rates with market conditions and regulatory guidelines.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

UCO Bank reports 90.95% equity shareholding by President of India as of March 2026

Kinjal — Mon, 06 Apr 2026 06:26:11 +0000

UCO Bank has disclosed that the President of India, as the promoter, held 11,404,910,524 equity shares, representing 90.95% of the bank’s total equity, as of 31st March 2026. This information was revealed in the annual disclosure under Regulation 31(4) and 31(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The bank further clarified that there were no encumbrances made by the promoter or any persons acting in concert during the financial year 2025-26.

This disclosure is part of the regulatory requirements set by the Securities and Exchange Board of India (SEBI) to ensure transparency in the substantial acquisition of shares and takeovers. The President of India’s substantial shareholding underscores the government’s significant stake in UCO Bank, a key player in the Indian banking sector.

The bank’s commitment to maintaining transparency and adhering to SEBI regulations is evident from this latest disclosure. By confirming the absence of encumbrances, UCO Bank reassures stakeholders of the stability and reliability of its management and ownership structure.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

UCO Bank reports 14.59% year-on-year growth in total business

Kinjal — Mon, 06 Apr 2026 05:06:15 +0000

UCO Bank has reported a significant increase in its total business for the financial year ending 31st March 2026, marking a 14.59% year-on-year growth. The bank’s total business reached ₹5.89 lakh crore, up from ₹5.14 lakh crore in the previous year.

The bank’s total advances also saw a substantial rise, increasing by 19.09% year-on-year to ₹2.62 lakh crore. This growth was complemented by a 7.38% quarter-on-quarter increase from ₹2.44 lakh crore as of 31st December 2025.

Deposits at UCO Bank grew to ₹3.27 lakh crore, reflecting an 11.22% increase compared to the same period last year. The quarter-on-quarter growth in deposits was 5.48%, up from ₹3.10 lakh crore at the end of December 2025.

Domestic advances experienced a notable year-on-year growth of 20.00%, reaching ₹2.34 lakh crore. The quarter-on-quarter growth for domestic advances was 8.84%, up from ₹2.15 lakh crore in December 2025.

In terms of domestic deposits, UCO Bank recorded a 10.14% year-on-year increase to ₹3.04 lakh crore, with a quarter-on-quarter growth of 4.11% from ₹2.92 lakh crore.

The bank’s CASA ratio for domestic operations slightly improved to 38.48% from 38.41% in the previous quarter. Additionally, the Credit-Deposit (CD) ratio rose to 80.12% from 78.56% as of the end of December 2025.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

UCO Bank elevates three general managers to chief general managers

Yash Agarwal — Wed, 01 Apr 2026 10:43:31 +0000

UCO Bank has announced the elevation of three of its general managers to the position of chief general managers, effective from 1 April 2026. This move is part of the bank’s strategic management restructuring under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements.

The first appointee, Mr. Saroj Ranjan Nayak, holds a Bachelor of Technology (B.Tech.) in Electronics & Telecommunication. He is also a Certified Associate of the Indian Institute of Bankers (CAIIB), a Certified Information Security Manager (CISM), and a Certified Information Systems Auditor (CISA). With over 17 years of extensive experience in the banking sector, Mr. Nayak brings a wealth of knowledge and expertise to his new role.

Mr. Prem Shankar Jha, the second appointee, holds a Bachelor of Arts (BA) and a Master of Business Administration (MBA). He also possesses the CAIIB qualification. Mr. Jha has more than 19 years of experience in the banking industry, making him a valuable addition to the bank’s senior management team.

The third appointee, Mr. Avinash Shukla, holds a Bachelor of Science (B.Sc.) and a Master of Computer Applications (MCA). He is a CAIIB, CISA, and Certified in Risk and Information Systems Control (CRISC). With over 22 years of extensive experience in the banking sector, Mr. Shukla is well-equipped to take on his new responsibilities.

These appointments reflect UCO Bank‘s commitment to strengthening its leadership team with experienced and qualified professionals.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

UCO Bank revises benchmark rates effective 10 March 2026

Business Desk — Tue, 10 Mar 2026 12:31:11 +0000

UCO Bank has announced revisions to its benchmark rates, effective from 10 March 2026. The bank’s Asset Liability Management Committee (ALCO) has reviewed and adjusted several rates, including the Marginal Cost of Funds based Lending Rate (MCLR) and Treasury Bill Linked Rates (TBLR).

The MCLR for various tenors has been set as follows: Overnight at 7.90%, One month at 8.15%, Three months at 8.40%, Six months at 8.65%, and One year at 8.75%. The TBLR for three months has been reduced from 5.35% to 5.30%, and for six months from 5.55% to 5.50%. The UCO G-Sec Rate for one year has been adjusted from 5.79% to 5.58%, while the 10-year G-Sec Rate yield to maturity has decreased from 6.89% to 6.83%.

Other benchmark rates, including the Repo Linked Rate, Base Rate, and BPLR, remain unchanged. The revised rates are intended to align with current market conditions and enhance the bank’s financial offerings.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

UCO Bank appoints Rajesh Kumar Ailawadi as shareholder director

Business Desk — Mon, 09 Mar 2026 08:36:40 +0000

UCO Bank has announced the appointment of Mr. Rajesh Kumar Ailawadi as a shareholder director, effective from 8 March 2026. Mr. Ailawadi will serve in this capacity until 9 January 2028, according to the official communication from the bank.

Mr. Ailawadi brings a wealth of experience to the role, having retired as Executive Director (Legal) from the Life Insurance Corporation of India on 31 December 2025. He holds a Bachelor of Science degree from Kirori Mal College and a Bachelor of Laws degree from Campus Law Centre, both under the University of Delhi. His career spans over 37 years at LIC, where he gained extensive experience in various functional areas including marketing, personnel and industrial relations, estates, and legal affairs.

The bank has confirmed that Mr. Ailawadi is not debarred from holding the office of director by any SEBI order or any other authority. Furthermore, he is not related to any of the current directors of UCO Bank.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article is written by Business Desk and reviewed by Aman Shukla before publication.

UCO Bank Q1 Results: Net profit jumps 10% YoY to Rs 607 crore, NII up 7%

Aman Shukla — Mon, 21 Jul 2025 07:27:41 +0000

UCO Bank has announced its Q1 results for FY26, reporting a 10% year-on-year rise in net profit to ₹607 crore, compared to ₹551 crore in the same quarter last year. The strong growth was supported by an improvement in core income and asset quality.

Net Interest Income (NII), a key indicator of a bank’s performance, rose 7% to ₹2,403 crore from ₹2,254 crore in Q1FY25. The bank also showed healthy progress on the asset quality front.

Gross Non-Performing Assets (GNPA) came down to 2.63% from 2.69% in the previous quarter, while Net NPA declined to 0.45% from 0.50% sequentially. Provisions for the quarter dropped to ₹616 crore from ₹663 crore in Q4FY25.

In the meantime, UCO Bank shares traded in a narrow range today, opening at ₹32.29 and touching a high of ₹32.40. The stock slipped to an intraday low of ₹31.70. Currently, it remains well below its 52-week high of ₹60.68 but comfortably above the 52-week low of ₹26.81.

UCO Bank shares surge 4% as Q4 NII jumps 23.3% YoY to Rs 2,698.49 crore, net profit up 24% YoY

Aman Shukla — Tue, 29 Apr 2025 04:51:10 +0000

UCO Bank shares rose 4% in morning trade on April 29 after the lender posted strong Q4 FY25 results. As of 10:19 AM, the shares were trading 4% higher at Rs 32.01.

The bank reported a 24% year-on-year (YoY) growth in standalone net profit at ₹652.43 crore, up from ₹525.77 crore in Q4 FY24.

Total income climbed to ₹8,136.79 crore from ₹6,984.61 crore a year earlier, while interest earned rose 15% YoY to ₹6,744.59 crore. Importantly, Net Interest Income (NII) grew by 23.3% to ₹2,698.49 crore, indicating strong core operational performance.

UCO Bank’s operating profit (before provisions) stood at ₹1,698.77 crore for the quarter, up from ₹1,272.87 crore in the previous year.

Asset quality also saw notable improvement. The Gross Non-Performing Assets (GNPA) ratio declined to 2.69% from 3.46%, and Net NPA dropped to 0.50% from 0.89% YoY, showing better recovery efforts.

For FY25, the bank’s Return on Assets (ROA) improved to 0.77%, compared to 0.56% in FY24. UCO Bank’s net worth reached ₹21,107 crore by the end of March 2025, reflecting a stronger balance sheet.

On a full-year basis, UCO Bank reported a net profit of ₹2,444.96 crore in FY25, a robust 47% increase from ₹1,653.74 crore in FY24.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

UCO Bank Q3 FY25 Results: Net Profit up 27% YoY to Rs 638.83 Crore; NII Jumps 19.6%

Aditya Bhagchandani — Tue, 21 Jan 2025 08:39:03 +0000

UCO Bank has posted impressive financial performance for the quarter ending December 31, 2024 (Q3 FY25), showcasing substantial growth in profitability and improvements in asset quality.

Key Financial Highlights (Q3 FY25):

Net Profit (PAT):
₹639 crore, up 27% from ₹503 crore in Q3 FY24.
Net Interest Income (NII):
₹2,377 crore, reflecting a 19.6% increase from ₹1,988 crore YoY.
Gross NPA:
Improved to 2.91% from 3.18% in the previous quarter (QoQ).
Net NPA:
Declined to 0.63% from 0.735% QoQ.

Other Financial Metrics:

Total Income:
₹7,405.89 crore, a YoY increase of 15.6% from ₹6,412.71 crore.
Operating Profit:
₹1,585.69 crore, up 42.4% from ₹1,119.14 crore in Q3 FY24.
Interest Earned:
₹6,219.96 crore, reflecting a 12% YoY growth.
Other Income:
₹1,185.93 crore, marking a significant 37.8% increase compared to ₹860.82 crore in Q3 FY24.
Interest Expended:
₹3,842.28 crore, up 13.9% from ₹3,538.02 crore YoY.

Asset Quality:

Gross NPA:
Improved to 2.91%, reflecting better credit quality and effective risk management.
Net NPA:
Declined to 0.63%, highlighting the bank’s focus on reducing stressed assets.

Operational Efficiency:

Provisions and Contingencies:
₹589.51 crore, with ₹263.32 crore allocated for NPAs, showcasing prudent risk management.
Operating Expenses:
Stood at ₹1,977.92 crore, up 14.5% YoY, in line with business expansion.

Conclusion:

UCO Bank’s Q3 FY25 results underline its strong financial fundamentals, marked by robust growth in net profit and NII, coupled with significant improvement in asset quality. The bank’s continued focus on operational efficiency and risk management positions it well for sustained growth in the coming quarters.

Tata Technologies, ICICI Prudential Life Insurance, India Mart, UCO Bank, PNB Housing Finance among others to announce Q3 FY25 earnings today

Aditya Bhagchandani — Tue, 21 Jan 2025 04:28:35 +0000

The earnings season continues to build momentum with multiple companies set to release their financial results for Q3 FY25 on January 21, 2025. Investors are keeping a close eye on the performance of major firms, including Tata Technologies, South Indian Bank, UCO Bank, and Dalmia Bharat. Their results will provide critical insights into the companies’ financial health and operational strategies during the quarter ending December 2024.

Q3 FY25 Earnings Calendar – 21.01.2025

Key companies scheduled to release their results today include:

ABREL
CYIENTDLM
DALBHARAT
EIMCOELECO
ICICIPRULI
INDIACEM
INDIAMART
INDOCO
JSFB
KEI
MANORAMA
PNBHOUSING
ROSSARI
SOUTHBANK
TANLA
TATATECH
UCOBANK

Company-Specific Estimates

ICICI Prudential Life Insurance (YoY)

APE: Expected at ₹2,469 crore (up from ₹1,908 crore).
EBIT: Expected at ₹324 crore (up from ₹183 crore).
EBIT Margin: Estimated at 5.03% (vs. 1.85%).
Net Profit: Expected at ₹351 crore (up from ₹226 crore).

IndiaMART InterMESH (YoY)

Revenue: Expected at ₹353 crore (up from ₹305 crore).
EBITDA: Expected at ₹133 crore (up from ₹85 crore).
EBITDA Margin: Estimated at 37.68% (vs. 28.07%).
Net Profit: Expected at ₹137 crore (up from ₹82 crore).

PNB Housing Finance (QoQ)

NII: Expected at ₹688 crore (up from ₹661 crore).
EBIT: Expected at ₹582 crore (up from ₹559 crore).
EBIT Margin: Estimated at 74.52% (vs. 73.46%).
Net Profit: Expected at ₹482 crore (up from ₹469 crore).

Tata Technologies (QoQ)

Revenue: Expected at ₹1,310 crore (up from ₹1,296 crore).
EBIT: Expected at ₹196 crore (down from ₹205 crore).
EBIT Margin: Estimated at 14.96% (vs. 15.86%).
Net Profit: Expected at ₹161 crore (up from ₹157 crore).

Broader Context

The week ahead is packed with earnings reports, with nearly 250 companies set to release their Q3 FY25 results, including prominent firms like HDFC Bank, ICICI Bank, Hindustan Unilever, BPCL, and UltraTech Cement. These updates will provide a clearer picture of the market outlook and sectoral trends as the fiscal year progresses.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

UCO Bank’s bond rating upgraded to ‘AA/Stable’ by CARE Ratings

Aditya Bhagchandani — Wed, 15 Jan 2025 05:45:07 +0000

UCO Bank has announced an upgrade in its long-term rating on Basel III Tier II Bonds to ‘AA/Stable’ from the earlier ‘AA-/Positive’ by CARE Ratings Ltd. The upgrade reflects the bank’s improved financial metrics and strong outlook.

Key Details of the Rating Action:

ISIN: INE691A08088
Rating Agency: CARE Ratings Ltd.
New Credit Rating: ‘AA/Stable’
Rated Amount: ₹500 crore
Rating Action: Upgrade
Date of Rating: January 14, 2025

The upgraded rating underscores UCO Bank’s robust performance and sound financial management, highlighting its ability to meet long-term financial commitments. The bank’s Basel III Tier II Bonds now carry a stable outlook, reaffirming its credibility and growth potential.

Verification:

The rating has been verified and detailed by CARE Ratings Ltd., with the rationale available through their official communication dated January 14, 2025.

Management’s Statement:

The submission was made in accordance with SEBI’s Listing Obligations and Disclosure Requirements, 2015. The upgrade in ratings is expected to bolster investor confidence and enhance the bank’s market standing.

UCO Bank Q3 Business Update: Total deposits hit Rs 2.8 lakh crore

Matrika Shukla — Fri, 03 Jan 2025 12:09:58 +0000

UCO Bank has posted impressive results for the third quarter of FY 2024, with notable year-on-year (YoY) growth in total business, total deposits, and advances. As per the provisional data released on January 3, 2025, the bank’s total business reached ₹4.88 lakh crore, reflecting a YoY growth of 12.18%.

The bank also reported a steady increase in total deposits, which amounted to ₹2.80 lakh crore, showing a 9.37% rise compared to the same period last year. In terms of total advances, UCO Bank’s lending portfolio grew to ₹2.08 lakh crore, marking a significant 16.20% YoY growth.

Domestic advances, a critical metric for the bank, surged by 18.83% YoY, while domestic deposits saw a moderate growth of 7.29%. The CASA (Current Account Savings Account) ratio for domestic operations was 37.96%, and the CD (Credit Deposit) ratio stood at a healthy 74.55%, indicating efficient utilization of funds.

The results are provisional and are subject to review by the Statutory Central Auditors of the bank, but they highlight UCO Bank’s continued strength in the financial sector.

GOI plans minority stake sale in UCO Bank, Punjab and Sind Bank, Indian Overseas Bank and Central Bank of India: Report

Aman Shukla — Tue, 19 Nov 2024 05:08:28 +0000

The Indian government is considering selling minority stakes in four major state-run banks to comply with the public shareholding norms set by the Securities and Exchange Board of India (SEBI), a government source informed Reuters. The proposal aims to align with SEBI’s regulations that require listed companies, including government-owned firms, to maintain at least 25% public shareholding.

The four banks under consideration for stake dilution are Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank. Currently, the Indian government holds significant stakes in these banks, with ownership figures standing at over 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank, and 98.3% in Punjab and Sind Bank, according to data from the Bombay Stock Exchange (BSE) as of September.

As per Reuters report, the finance ministry plans to seek the approval of the federal cabinet for this proposal in the coming months. The stake sale would likely occur through an offer for sale (OFS) in the open market, allowing investors to buy shares directly from the government.

The Securities and Exchange Board of India (SEBI) requires listed companies to maintain a 25% public ownership, however government-owned companies are exempted from meeting these requirements until August 2026.

The timing and scale of the stake sale will be determined based on the prevailing market environment, the source added, as reported by Reuters.

Top Stocks to Watch Out For on October 21: Kotak Mahindra Bank, HDFC Bank, Tech Mahindra, UCO Bank, and More

Aditya Bhagchandani — Mon, 21 Oct 2024 02:35:30 +0000

The Indian benchmark indices rebounded after a three-day losing streak, closing higher on October 18. The Nifty climbed above the 24,850 mark, while the Sensex gained 218.14 points or 0.27% to close at 81,224.75. The Nifty also rose by 104.20 points or 0.42%, finishing at 24,854.

Here is the list of stocks to keep on your radar for today, October 21 2024 –

Kotak Mahindra Bank: The bank has announced its agreement to acquire Standard Chartered Bank India’s personal loan portfolio, amounting to ₹4,100 crore ($490 million). This acquisition is expected to strengthen its retail lending operations.
HDFC Bank: The private lender posted a 6% YoY increase in consolidated net profit, reaching ₹17,825.91 crore for Q2 FY25. On a standalone basis, HDFC Bank reported a net profit of ₹16,820.97 crore, with a 10% growth in core net interest income to ₹30,010 crore.
Tech Mahindra: The IT services giant saw its Q2 FY25 net profit more than double to ₹1,250 crore, driven by gains from asset sales. Revenue increased by 3.49% to ₹13,313.2 crore.
UCO Bank: The state-owned bank posted an impressive 50% YoY jump in net profit, hitting ₹602 crore for Q2 FY25. Its net interest income also saw a 20% increase, coming in at ₹2,300.4 crore.
JSW Steel: JSW’s subsidiary, Jsquare Electrical Steel Nashik Private Ltd, is set to acquire Thyssenkrupp Electrical Steel India Private Ltd for ₹4,051.40 crore, further expanding its foothold in the electrical steel industry.
Godrej Properties: The company has acquired a 3-acre land parcel in Vastrapur, Ahmedabad, with plans for premium residential developments. The project is expected to generate an estimated booking value of ₹1,300 crore.
ICICI Lombard: The insurance provider posted a strong 20.2% YoY increase in net profit to ₹694 crore, supported by a 10.4% rise in Gross Direct Premium Income (GDPI).
L&T Finance: The company reported a 25% YoY rise in revenue to ₹4,019.34 crore, driven by increased interest and fee income, while net profit grew by 16.8% to ₹695.58 crore.
Jio Financial Services: The financial arm of Reliance Industries recorded a 3.1% YoY increase in net profit at ₹689.1 crore, with revenue from operations rising 14.1% to ₹693.5 crore.
Oberoi Realty: The real estate developer reported a 28% YoY jump in net profit to ₹589.4 crore, with an 8.4% rise in revenue from operations to ₹1,320 crore.

These stocks are worth keeping an eye on as their financial results, acquisitions, and business strategies position them for further movement in the market on October 21.

UCO Bank Q2 Results: Net Profit surges 50% YoY

Aditya Bhagchandani — Sat, 19 Oct 2024 10:15:35 +0000

UCO Bank has posted robust financial results for the second quarter ending September 30, 2024, with a substantial surge in net profit and revenue. The bank reported a net profit of ₹602.74 crore, marking a 50% year-on-year (YoY) increase from ₹401.67 crore in Q2 FY23. On a quarter-on-quarter (QoQ) basis, the net profit rose by 9.4%, up from ₹550.96 crore in the previous quarter (Q1 FY24).

Revenue from operations also demonstrated strong growth, with UCO Bank reporting total income of ₹7,07,143 lakh in Q2 FY24. This reflects a 20.6% YoY increase compared to ₹5,86,561 lakh in Q2 FY23. On a QoQ basis, revenue increased by 3.1% from ₹6,85,942 lakh in Q1 FY24.

Key financial highlights:

Net profit: ₹602.74 crore, compared to ₹401.67 crore in Q2 FY24.

Operating profit: ₹1,431.60 crore in Q2 FY25, up from ₹981.88 crore in Q2 FY24.

Total income: ₹7,071.43 crore, reflecting strong performance across interest and other income streams.

The results highlight UCO Bank’s continued resilience and operational strength, positioning it well for future growth in a competitive financial environment.

UCO Bank calls upon CBI for assistance in Rs. 820 crore transaction fiasco

Vanshika Lodhi — Thu, 16 Nov 2023 11:45:32 +0000

UCO Bank has recently found itself in a predicament involving an accidental transfer of ₹820 crore. The bank has reached out to the Central Bureau of Investigation (CBI) for assistance in resolving this issue.

Due to a technical malfunction, a large number of UCO Bank’s customers found their accounts credited with substantial sums. The bank has since managed to retrieve approximately 79 percent of the erroneously transferred amount and is making concerted efforts to recover the rest.

UCO Bank has previously faced financial controversies. In 2018, the CBI interrogated the bank’s former chairman and managing director, Arun Kaul, in relation to a suspected bank loan fraud case amounting to ₹ 737 crore. Enforcement Directorate registered a money laundering case concerning an alleged ₹621 crore loan fraud involving UCO Bank.

The bank is now channeling its resources towards recouping the remaining amount from the recent transaction debacle. This incident highlights the critical need for secure and reliable banking systems to prevent such mishaps. It also emphasizes the necessity for rigorous checks within the banking sector to protect the interests of customers and stakeholders.

Tenure of UCO Bank’s MD, CEO extended for 2 years by government

Sneha Sengupta — Sat, 28 Aug 2021 15:27:23 +0000

On Saturday, state-owned UCO Bank averred the government has extended the term of its MD and CEO Atul Kumar Goel for two years. The central government, through a notification dated August 26, extended the term of office of Atul Kumar Goel as UCO Bank’s managing director and chief executive officer (MD & CEO), for a period of two years or until further orders, whichever is earlier, the bank added during a regulatory filing.

Atul Goel’s tenure was supposed to end by November 1, 2021. UCO Bank, previously known as United Commercial Bank was founded in 1943, initially situated in Kolkata, later came on to be the most successful nationalised bank, accepted by many. It is under the umbrella of the Ministry of Finance and the Indian Government. The total revenue generated during FY 2020–21 is ₹ 3.24 lakh crore. It is one of the 12 public sector banks in India.

Following this declaration, Punjab National Bank and Bank of Maharashtra had also notified about granting extensions to their MD & CEOs on Friday. The government permitted to increase the work tenure of the two executive directors from Punjab National Bank and Union Bank of India respectively. The authority also gave a nod for extension of the term for an executive director of the Central Bank of India.