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Uco Bank net vaults 84%

Oct. 28: The city-based Uco Bank has reported an 83.65 per cent rise in net profit to Rs 292 crore net profit for the half-year ended September 30, 2003, as against Rs 159 crore in the corresponding previous quarter.

The operating profit of the bank during the period stood at Rs 490 crore as against Rs 271 crore in the year-ago period.

Chairman and managing director V. P. Shetty said: “The rise in profit is attributable to improvement in several performance areas, including a 36.65 per cent jump in net interest income, 17.69 per cent rise in other income and a drop in total non-interest expenditure by 3.68 per cent.” Out of the Rs 292 crore net profit, about Rs 229 crore has come from the treasury operations.

The bank has been able to bring down its gross non-performing assets from 9.66 per cent in September 2002 to 7.54 per cent as on September 30, 2003. It will introduce a 90-day norm for declaring an asset ‘sticky’ from December this year.

The overseas operations of the bank has improved substantially with the four branches — two in Hong Kong and two in Singapore — registering a net profit of Rs 24 crore as against a net loss of Rs 30 crore last fiscal.

Total advances of the bank have shot up by 18.52 per cent to Rs 17,240 crore (Rs 14,546 crore). Deposit also witnessed a growth of 31.69 per cent to Rs 36,827 crore (Rs 27,965 crore).

Meanwhile, the bank has initiated talks with Rabobank for providing finance to contract farmers. “Rabo will help us in identifying the suitable candidates and provide expertise. The tie-up is expected to take shape in another two months,” he said.

Uco Bank may raise Rs 300-400 crore tier-II capital this fiscal. Shetty said that the bank is currently discussing the issue. Following the IPO of Rs 240 crore the bank’s capital adequacy ratio stands at 12.90 per cent.

DRL net inches up

Pharma major Dr Reddy’s Laboratories (DRL) has reported a flat trend in its financial performance with a net profit of Rs 92.9 crore for the second quarter ended September 30, registering a mere 0.3 per cent rise over the corresponding period last year.

As per the US GAAP consolidated accounts released by DRL today, its total revenues for the reporting quarter stood at Rs 537.7 crore (Rs 492.8 crore).

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