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Uco net at Rs 73 cr in first quarter

Calcutta, Aug. 24 (PTI): Uco Bank today said it has registered a net profit of Rs 73 crore during the quarter ended June compared with Rs 165 crore in the entire previous fiscal.

Operating profit at Rs 140 crore during the quarter was about 90 per cent more than what was recorded during the corresponding period last year, the bank said. “This had a very positive impact on the capital adequacy of the bank which now stands at more than 10 per cent as against 9.64 per cent as on March 31, 2002,” the release said.

According to the release, the performance had come on the back of higher levels of business, which increased by Rs 7,500 crore or 22 per cent crore to Rs 40,600 crore over comparable quarter last fiscal.

The bank’s treasury operation contributed to the extent of Rs 34 crore in profit over and above the level achieved in the corresponding period last year.

Uco’s NPA management also reflected improvement as was evident from the declining ratio and stood at 5.49 per cent. He said the bank was looking forward to continued growth in business in the days to come and would follow customer-oriented approach to achieve its objectives.

Procter net down

Proctor and Gamble Hygiene and Healthcare Ltd (P&G) has posted a 6.84 per cent drop in its net profit at Rs 77.02 crore for the financial year ended June 30, 2002 compared with Rs 82.68 crore for the previous fiscal.

The board has recommended a final dividend of Rs 20 per share for the year ended June 30, the company informed the Bombay Stock Exchange today.

The total income for the period under review was down to Rs 427.95 crore as against Rs 438.1 crore in the previous fiscal.

P&G chairman Bharat Patel said the year under review was affected by slowdown in the Indian economy which seriously impacted consumer spending and the FMCG sector.

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