UCO Bank hopes to earn Rs 1,500 crore net this fiscal : MD&CEO

KOLKATA : City-based public sector lender UCO Bank on Tuesday said it hopes to achieve a net profit of Rs 1,500 crore this fiscal year.

MD & CEO of UCO Bank S S Prasad said the bank had also doubled market capitalisation in less than a year from Rs 13,000 crore to Rs 28,000 crore thereby increasing the wealth of the shareholders.

Total business of the bank had touched Rs four lakh crore, he told reporters at the sidelines of an event here.

Prasad said there had been a growth of 20 per cent in advances so far this financial year.

The UCO Bank MD and CEO said deposit growth was 10 per cent this fiscal, adding that it would increase following the new tax regime on debt mutual funds.

''We are expecting inflow of debt mutual funds to our term deposits. CASA of the bank is low at 37 per cent but it is expected to grow next fiscal'', he said.

Demand for credit is good for sectors like steel, cement, NBFC, renewable energy and infrastructure is good.

He also indicated shareholding of the government is likely to come down by one per cent by March 2024. Plans are there to raise Rs 1,000 crore from the market, he said.

The bank might issue fresh shares or OFS by the government, Prasad added.