UCO Bank Aims At Rs 1,350 Crore Profit

KOLKATA, INDIA (GaeaTimes.com)- UCO Bank of Kolkata is aiming at a total of Rs.1,350 Crore profit for the current fiscal year. Reportedly, Ajal Kumar who happens to be the executive director of UCO Bank declared the future plans of the bank for the current fiscal year before the media.

The executive director of UCO Bank informed that the bank has plans in store to achieve a profit margin of 19% for both credit as well as for deposits. UCO Bank is aiming for a 2.6% of net interest margin in the first quarter of the current fiscal year. UCO Bank had managed to touch a rewarding figure in the last fiscal year with over 2 crore and a net profit of Rs.1,012 crore. UCO Bank’s executive director is of the opinion that the increment in CASA (current account savings accounts) shares is in accordance to the total deposits which is a significant factor for the bank to keep the funds low. The current stands of CASA deposits in UCO Bank is 24% and if all goes well UCO Bank aims to raise it to 35%.

CASA acts as the base to all banks and offers cheap funds at a higher ratio which helps the financial organizations bring down their costs. UCO Bank’s plan was declared at the seventh annual general meeting where it said that the bank shall only take a step forward in achieving its aim after the government hands over Rs. 375 crore fund infusion. UCO Bank shall soon launch mobile-banking transaction services along with a total of 500 ATM’s all over India.