UCO Bank surges on targeting 20-22% growth in deposits and advances in FY15

UCO Bank is currently trading at Rs. 76.65, up by 0.85 points or 1.12% from its previous closing of Rs. 75.80 on the BSE. The scrip opened at Rs. 76.00 and has touched a high and low of Rs. 76.80 and Rs. 75.65 respectively. So far 1,36,000 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 84.10 on 16-May-2013 and a 52 week low of Rs. 46.00 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 77.15 and Rs. 72.75 respectively. The current market cap of the company is Rs. 5,772.00 crore. The promoters holding in the company stood at 77.20% while Institutions and Non-Institutions held 13.17% and 9.63% respectively. UCO Bank, a public sector lender is targeting 20-22% growth in its deposits and advances for the financial year 2014-15. The bank's advances were at Rs 141,457 crore at the end of December, 2013, up 16.5% from a year earlier. Total deposits were up by 13.4% from a year ago at Rs 192,406 crore at the end of December, 2013. The bank halved its loan loss provisions from a year earlier to Rs 204 crore in October-December quarter as asset quality improved. Gross non-performing asset (NPA) ratio declined by 33 basis points from a year ago to 5.20%, while net bad loan ratio fell by 26 basis points on a year-on-year basis to 3.06% at the end of the quarter. UCO Bank has reported over three fold jump in its net profit at Rs 314.53 crore for the quarter as compared to Rs 102.47 crore for the same quarter in the previous year. Total income of the bank has increased by 12.80% at Rs 4919.04 crore for quarter under review as compared to Rs 4360.88 crore for the quarter ended December 31, 2012.