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UCO bank to expand with 200 more new branches in 2022-23 and provide extra digital services to support MSMEs in India, reveals new MD & CEO Soma Sankara Prasad

The pace at Micro, Small and Medium Enterprises (MSME) sector is growing in India, there is enough need for banking services that all the private and public sectors can absorb their share. Quoting this, Soma Sankara Prasad, MD and CEO of UCO bank, addressed a virtual press conference on Monday.
He discussed how UCO bank and other banks are planning to expand and support the Indian economy. “We currently have more than 378 branches of UCO bank across the country and we plan to expand more with 200 branches in the next financial year starting April 1, 2022.” He added that new ATMs would also be launched to cater to cash needs of a customer.
Until now, the bank could not expand its wings because of restrictions enforced under Prompt Corrective Action (PCA) by the Reserve Bank of India. He further discussed various ways in which the banking sector is expected to grow in the next quarter and next fiscal year.
UCO bank is aiming to boost the growth of MSME. “We have several supportive schemes for the sector including MSME and agriculture, but overall, it comes down to service,” Prasad said.
He added that the only key differentiator for banks is the services they provide. “We are improving our services with a special boost to digital banking as services, as that is the need of today,” Prasad said.
Discussing what to expect in the coming quarter, he talked about slippage in some sectors. “Going forward, there would be slippage in agriculture and some MSME that are under stress. March quarter will have more slippage as compared to December. We expect that the things will be in control,” Prasad said.
Executive directors Ajay Vyas and Ishraq Ali Khan were also present for the conference.
HIGHLIGHTS OF PERFORMANCE 
Financial Performance:
  • Bank has made Net Profit of 310.39 Crore during the quarter ended December 2021 as against Net Profit of ` 35.44 Crore in the quarter ended December 2020 registering a growth of 775.87%.
  • Operating Profit of the Bank for the quarter December 2021 stood at 1340.30 Crore as against 1099.65 Crore for the quarter ended December 2020 registering a growth of 21.88%.
  • Net Interest Income of the Bank for the quarter ended December 2021 has increased to 1762.61 Crore from ` 1407.15 Crore for the quarter ended December 2020 registering a growth of 25.26%. This is the highest Net Interest Income earned by the Bank.
  • Total Business of the Bank has increased to 344321.66 Crore as on 31.12.2021 from 319218.28 Crore as on 31.12.2020 registering a growth of 7.86%.
  • Total Deposits of the Bank has increased to 218802.52 Crore as on 31.12.2021 from 202421.04 Crore as on 31.12.2020 registering a growth of 8.09%.
  • CASA of the Bank (Domestic) stood at 38.63% as on 31.12.2021.
  • Savings Deposits of the Bank have increased to 74174.27 Crore as on 31.12.2021 from 68234.74 Crore as on 31.12.2020 registering a growth of 8.70%.
  • Total Advances of the Bank stands at 125519.13 Crore as on 31.12.2021 as against 116797.24 Crore as on 31.12.2020 registering a growth of 7.47%.
  • Gross NPA of the Bank has reduced to 10042.41 Crore (8.00%) as on 31.12.2021 from 11440.47 Crore (9.80%) as on 31.12.2020 and from 10909.79 Crore (8.98%) as on 30.09.2021.
  • Net NPA of the Bank has reduced to 3333.59 Crore (2.81%) as on 31.12.2021 from 3854.33 Crore (3.37%) as on 30.09.2021.
  • Provision Coverage Ratio of the Bank has increased to 91.30% as on 31.12.2021 from 91.22% as on 31.12.2020 and from 90.02% as on 30.09.2021.
  • Capital Adequacy Ratio of the Bank stood at 14.56% and CET-I Ratio at 11.73% as on 31.12.2021 vis-à-vis Capital Adequacy Ratio at 14.31% and CET-I Ratio at 11.37% as on 30.09.2021.

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