UCO Bank hopes to earn Rs 1,500 cr net profit this fiscal: CEO

Kolkata: City-based public sector lender UCO Bank on Tuesday said that it hopes to achieve a net profit of Rs 1,500 crore this fiscal year. MD and CEO of UCO Bank, S S Prasad said that 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 Rupees four lakh crore, he added.

There is a growth of 20% in advances: Prasad

Prasad said that there had been a growth of 20 percent in advances so far, this financial year. He said that deposit growth was 10 percent this fiscal, adding that it would increase following the new tax regime on debt mutual funds. "We are expecting an inflow of debt mutual funds to our term deposits. CASA of the bank is low at 37 percent but it is expected to grow next fiscal," he said.

'Shareholding of govt likely to decrease by 1%'

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 percent 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.

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