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Uco first-half net profit jumps 17%

Oct. 25: Uco Bank has registered a 38 per cent growth in operating profit to Rs 272 crore during the first half of its diamond jubilee year over Rs 197 crore in the corresponding period last year.

Net profit during the first half ended September 30 increased by 17 per cent to Rs 159 crore from Rs 136 crore last year.

Uco Bank chief officer (new business) A.K. Maitra said, the growth in profit was made despite making payment of the final instalment of more than Rs 40 crore towards wage arrears, which was scheduled to be paid after October, 2002.

Uco’s total income increased 9 per cent to Rs 1646 crore from Rs 1509 crore whereas net interest income grew by 13.6 per cent to Rs 295 crore in September 2002 from Rs 259 crore in September, 2001.

The bank’s capital adequacy stood at 10 per cent this year against 9.50 per cent last year, Maitra said. The total deposit increased from Rs 23,706 crore to Rs 27,965 crore registering a growth of 18 per cent while total credit increased from Rs 11,679 crore to Rs 14,546 in September 2002 showing a growth of 25 per cent.

Syndicate Bank net up

Syndicate Bank today announced that its net profit has increased from Rs 128.14 crore to Rs 143.54 crore in the first half of 2002-2003 as compared with the corresponding period of last year. The net profit would have been much higher but for the increase in tax provision from Rs 12 crore to Rs 50 crore.

Ashok Leyland sales rise 12.7%

Ashok Leyland’s sales turnover in the second quarter ended September 30 grew 12.7 per cent to touch Rs 718.20 crore, from Rs 637.43 crore a year ago. Net profit also rose 12.5 per cent at Rs 20.84 crore, from Rs 18.52 crore in the September quarter last year. The results come despite higher charges for amortised VRS compensation at Rs 4.64 crore and provision for taxation at Rs 12.21 crore during the quarter.

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