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New Delhi, State-owned <keyword id="49007" type="General" weightage="20" keywordseo="UCO-Bank" source="Orion">UCO Bank</keyword> on Friday posted an 80 per cent jump in net profit to Rs 223 crore in the April-June quarter, mainly due to a decline in bad loans. The Kolkata-based lender had posted a net profit of Rs 124 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to Rs 5,857 crore against Rs 3,797 crore, UCO Bank said in a regulatory filing. The lender's interest income also increased to Rs 5,224 crore from Rs 3,851 crore in the same quarter a year ago. On the asset quality side, the bank witnessed improvement with the gross non-performing assets (NPAs) easing to 4.48 per cent of the gross advances by June 2023 from 7.42 per cent a year ago. The net NPA too declined to 1.18 per cent against 2.49 per cent in the same period of the previous year. However, provisions for bad loans increased to Rs 389 crore compared to Rs 268 crore in the same quarter a year ago. Provision Coverage Ratio of the bank increased to 94.88 per cent as of June 2023 against 91.96 per cent at the end of the first quarter of the previous financial year. The capital adequacy ratio of the bank improved to 16.85 per cent at the end of June compared to 14.13 per cent a year ago. During the quarter, the bank made a provision of Rs 90 crore on an ad hoc basis for arrears pursuant to the proposed 12th bipartite settlement due from November 1, 2022.

UCO Bank Q1 2023-24 net profit jumps 80% to Rs 223 crore

State-run <keyword id="49007" type="General" weightage="100" keywordseo="uco-bank" source="Orion">UCO Bank</keyword> on Friday said its net profit for the second quarter of the current fiscal dipped by 20.39% to Rs 402 crore as compared to Rs 505 crore in the year-ago period. The operating profit of the lender during the quarter under review also decreased by 17.47% year-on-year to Rs 982 crore. Net interest income of the bank increased by 8.30% to Rs 1,917 crore during the second quarter as against Rs 1,770 crore in the corresponding period last year, it said in a regulatory filing. The bank's global business grew to Rs 4,17,145 crore at the end of the September quarter as against Rs 3,77,305 crore in the same period previous fiscal. The Kolkaka-headquartered bank said its global deposits stood at Rs 2,49, 411 crore at the end of the quarter, while global advances touched Rs 1,67,734 crore in the same period. Under domestic advances, exposure to retail, agriculture and MSME stood at Rs 90,046 crore at the end of the July-September quarter, representing 63.15% of total domestic loans. The total provisioning of the lender, during the second quarter, stood at Rs 580 crore, lower than Rs 685 crore in the year-ago period. Domestic net interest margin (NIM) of the bank stood at 3.05% at the end of the second quarter, as compared to 2.97% in the previous similar period.

UCO Bank net profit dips over 20% to Rs 402 crore in Q2

New Delhi, As much as Rs 820 crore were credited to account holders of UCO Bank in what the lender described as an erroneous transfer and has initiated a process to reverse the same. The bank has recovered Rs 649 crore or 79 per cent of the amount erroneously credited to some accounts of the bank via Immediate Payment Service (IMPS). By taking various proactive steps, the bank blocked the recipients' accounts and has been able to recover Rs 649 crore out of Rs 820 crore which is about 79 per cent of the amount, UCO Bank said in a regulatory filing on Thursday. The state-owned bank is yet to clarify whether this technical glitch was due to human error or a hacking attempt. It is to be noted that the IMPS platform is operated by National Payments Corporation of India (NPCI). IMPS is a real-time interbank electronic funds transfer system that happens straight without intervention. The bank has initiated requisite actions to recover the balance amount of Rs 171 crore, it said, adding the matter has also been reported to the law enforcement agencies for necessary action. During the period from November 10-13, the bank had observed, due to technical issue in IMPS, certain transaction(s) initiated by holders of other banks have resulted in credit to the account holders in our bank without actual receipt of money from these banks. The bank's shares closed at Rs 39.22 per unit, down 1.53 per cent on the BSE. UCO Bank has reported a 20 per cent decline in its net profit to Rs 402 crore for the quarter ended September 2023 as compared to Rs 505 crore in the corresponding quarter a year ago. Total income of the Kolkata-headquartered lender during the July-September period rose to Rs 5,866 crore from Rs 4,965 crore in the year-ago period. Interest income during Q2 FY24 rose to Rs 5,219 crore as against Rs 4,185 crore.

UCO Bank tech glitch: ₹820 cr erroneously credited to account holders

State-owned <keyword id="6382063" type="General" weightage="20" keywordseo="bank-of-maharashtra" source="Orion">Bank of Maharashtra</keyword> (BoM) retained the top spot among public sector lenders in loan and <keyword id="45841" type="General" weightage="20" keywordseo="deposit" source="Orion">deposit</keyword> growth in percentage terms during the second quarter of the current financial year. The deposit and advances of the Pune-based lender posted an over 20 per cent rise, the highest by any public sector bank during the July-September period. With a growth rate of 23.55 per cent, gross <keyword id="19294888" type="General" weightage="20" keywordseo="domestic-advances" source="Orion">domestic advances</keyword> of the bank rose to Rs 1,83,122 crore at the end of September 2023, according to published quarterly numbers of <keyword id="6355548" type="General" weightage="20" keywordseo="public-sector-banks" source="Orion">public sector banks</keyword> (PSBs). It was followed by Indian Overseas Bank with 20.29 per cent growth, Central Bank of India (17.26 per cent growth) and UCO Bank with 16.53 per cent growth. The country's largest lender <keyword id="6354731" type="General" weightage="20" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (SBI) stood at the seventh spot with 13.21 per cent rise in domestic advances growth. However, SBI's total loans were about 16 times higher at Rs 28,84,007 crore as compared to Rs 1,75,676 crore of BoM in absolute terms. With regard to deposit growth, BoM witnessed 22.18 per cent rise and mobilised Rs 2,39,298 crore at the end of September 2023. Bank of Baroda was in second place with 12 per cent growth in deposits (Rs 10,74,114 crore), while SBI recorded an 11.80 per cent increase at Rs 45,03,340 crore, according to the published data. BoM retained the top position in terms of garnering low-cost Current Account and Savings Account (CASA) deposits at 50.71 per cent followed by Central Bank of India at 49.93 per cent. Helped by high growth in loan and deposits, the bank's total business also recorded the highest growth of 22.77 per cent at Rs 4,22,420 crore, followed by Bank of Baroda at 13.91 per cent growth (Rs 19,08,837 crore) at the end of September 2023. BoM was the top performer among PSBs in terms of deposit, advances, and total business with growth of about 25 per cent during the first quarter as well.

Bank of Maharashtra top among PSU lenders in loan, deposit growth in Q2

New Delhi, Jun 26 () Public sector lender UCO Bank on Friday reported net profit of Rs 16.78 crore for the fourth quarter ended March 31, mainly due to fall in NPA and lower provisioning. The Kolkata-headquartered lender had posted net loss of Rs 1,552.03 crore during January-March quarter of 2018-19. Sequentially also, there was a net loss of Rs 960.17 crore in third quarter of 2019-20. Income during the March quarter increased to 4,511.21 crore, from Rs 4,148.52 crore in same period of preceding fiscal, UCO Bank said in a regulatory filing. Bank's provisioning for bad loans and contingencies fell to Rs 1,199.82 crore during the quarter as against Rs 2,242.58 crore in the year-ago period. For the full FY20, the bank trimmed on its net loss to Rs 2,436.83 crore, compared to Rs 4,321.08 crore loss in FY19. Income for the year increased to Rs 18,005.55 crore as against Rs 15,844.14 crore. On asset front, the lender improved its gross non-performing assets (NPAs) to 16.77 per cent of the gross advances as on March 31, 2020 compared to 25 per cent in March 2019. In absolute value, bank's gross NPAs were stood at Rs 19,281.95 crore as against Rs 29,888.33 crore. Net NPAs came down to 5.45 per cent (Rs 5,510.65 crore) from 9.72 per cent (Rs 9,645.92 crore). UCO Bank said that in terms of the Supreme Court order and necessary guidelines issued by Reserve Bank of India (RBI), it has kept Delhi Airport Metro Express Pvt Ltd "DAMEPL" as standard account. The bank said it has not treated a loan amount of Rs 194.14 crore as NPA against DAMEPL. However, provision of Rs 48.54 crore has been made, as required. On divergence in asset classification and provisioning in terms of Risk Assessment Report (RAR) of the RBI for the year ended March 31, 2019, the bank said there was a gap of Rs 1,217.42 crore in gross NPA reported by it, which was assessed by the RBI. Bank has made full provision against the said divergence, it added. Thus, counting on the divergence, the bank said its net loss for FY19 widened to Rs 5,225.53 crore as against Rs 4,321.09 crore reported earlier. The non-performing loan provisioning coverage ratio is 85.46 per cent as on March 31, 2020 as against 74.93 per cent a year earlier. The bank has reported two loan accounts under Borrowal Fraud category to the RBI in the first quarter of 2020-21, and amount outstanding was Rs 581.59 crore as on March 31, 2020, it said. "The accounts were already under NPA category and provision amounting to Rs 282.64 crore is held in the account as at March 31, 2020. "Bank has made additional provision of Rs 74.73 crore (25 per cent of remaining provision) as on March 31, 2020 and the remaining amount of Rs 224.22 crore has been charged to Reserves and deferred for adjustment in subsequent quarters," UCO Bank said. UCO Bank stock jumped 15.39 per cent at close to Rs 16.12 apiece on the BSE. KPM BAL BAL BAL

UCO Bank Q4 net profit at Rs 16.78 crore

New Delhi, Jun 26 () Shares of UCO Bank on Friday jumped nearly 16 per cent after the company reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31. The stock zoomed 15.53 per cent to close at Rs 16.14 on the BSE. During the day, it jumped 19.97 per cent to Rs 16.76. On the NSE, it increased 15.77 per cent to close at Rs 16.15. In terms of volume, 84.40 lakh shares were traded on the BSE, while 5.19 crore shares changed hands on the NSE during the day. The public sector lender on Friday reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31, mainly due to fall in NPA and lower provisioning. The Kolkata-headquartered lender had posted a net loss of Rs 1,552.03 crore during January-March quarter of 2018-19. The bank's provisioning for bad loans and contingencies fell to Rs 1,199.82 crore during the quarter as against Rs 2,242.58 crore in the year-ago period. On asset front, the lender improved its gross non-performing assets (NPAs) to 16.77 per cent of the gross advances as on March 31, 2020 compared to 25 per cent in March 2019. SUM RVK

UCO Bank shares zoom nearly 16 pc on Q4 net profit  

<ul><li>The US Fed's interest rate decision, quarterly earnings and domestic macroeconomic data will influence trading in the equity market in a holiday-shortened week.</li><li>Foreign funds' trading activity, monthly automobile sales data and global trends would also guide market movement this week.</li><li>Tata Steel, Titan, Hero MotoCorp and HDFC Ltd are the few Nifty 50 companies that will declare their financial results this week.</li></ul>The <keyword id="6356435" type="General" weightage="20" keywordseo="us-federal-reserve" source="Orion">US Federal Reserve</keyword>'s interest rate decision, quarterly earnings of corporates and domestic macroeconomic data will influence trading in the equity market in a holiday-shortened week ahead, analysts said. Foreign funds' trading activity, monthly automobile sales data and global trends would also guide market movement this week, they added. Markets would remain closed on Monday on account of 'Maharashtra Day'. "The global picture is still muddled between more hikes and recession. All eyes are on the Federal Open Market Committee (FOMC) statement, which will be announced on May 3, while the ECB will announce its interest rate decision on May 4. Macroeconomic numbers will keep the market mood subdued in the near term. "Aside from that, the Indian equity markets are constantly receiving funding from FIIs, and Friday's record buying of Rs 3,304 crore in the cash market showed their confidence in the Indian market," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd. In the domestic market, <keyword id="113644" type="General" weightage="20" keywordseo="q4-earnings" source="Orion">Q4 earnings</keyword> and auto sales numbers will drive the movement this week. Tata Steel, Titan, Hero MotoCorp and HDFC Ltd are the few Nifty 50 companies that will declare their financial results this week, Gour added. Among other earnings to be declared this week are from Adani Green Energy, Ambuja Cements, Tata Steel, UCO Bank, Adani Enterprises, Bharat Forge and Federal Bank. "In the domestic market, the release of PMI numbers and quarterly earnings will sway investor sentiment in the upcoming sessions, along with the Fed policy announcement," said Vinod Nair, Head of Research at Geojit Financial services. Purchasing Managers' Index (PMI) data for manufacturing and services sector will influence trading in the market. "While the markets may have run up sharply over the past few sessions due to revival in FII buying interest, relatively better corporate earnings performance so far, and falling crude oil prices, caution may prevail going ahead and profit-taking could come into play," Amol Athawale, Technical Analyst (DVP), Kotak Securities Ltd, said. Last week, the BSE benchmark jumped 1,457.38 points or 2.44 per cent. SEE ALSO: <a href="https://www.businessinsider.in/tech/gadgets/news/oneplus-pad-review-feature-packed-tablet-with-a-sleek-design/articleshow/99848436.cms">OnePlus Pad review: feature-packed tablet with a sleek design</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-19-in-q1-2023-5g-smartphones-share-increases/articleshow/99815120.cms">Three out of five smartphones sold above ₹45,000 in India were iPhones between Jan-March: Counterpoint</a> <a href="https://www.businessinsider.in/business/news/jiocinema-may-soon-launch-premium-subscription-plans-offering-4k-content-starting-at-2-per-day/articleshow/99736111.cms">JioCinema may soon launch premium subscription plans starting at ₹2 per day</a>

Fed interest rate decision, Q4 earnings, macroeconomic data to drive markets this week: Analysts

New Delhi, Feb 6 () Public sector UCO Bank on Thursday said it has marginally narrowed its net loss to Rs 960.17 crore for the third quarter ended December, impacted by elevated levels of bad loans and provisioning. The Kolkata-based bank had reported a net loss of Rs 998.74 crore during the corresponding October-December period of the previous fiscal year. Total income during the third quarter of 2019-20, however, rose to Rs 4,514.21 crore as against Rs 3,585.56 crore earlier, UCO Bank said in a regulatory filing. The bank's bad loans ratio remained fairly high, though significantly lower than last year, at 19.45 per cent of the gross loans at the end of December 2019, from 27.39 per cent in the year ago period. Net NPAs halved to to 6.34 per cent from 12.48 per cent. In value terms, the gross NPAs stood at Rs 22,139.65 crore, down from Rs 31,121.79 crore at December-end, 2018. Net NPAs reduced to Rs 6,199.65 crore from Rs 11,755.61 crore. Provisions for bad loans were trimmed to Rs 1,645.51 crore for the quarter under review, from Rs 2,243.85 crore a year ago. However, the overall provisions and contingencies were higher for the quarter at Rs 2,170.69 crore, compared to Rs 1,399.56 crore. The non-performing loans provisioning coverage ratio stood at 83.71 per cent as on December 31, 2019, UCO Bank said. On divergence of bad loans during 2018-19, the lender said the net loss was adjusted to Rs 5,225.53 crore from the earlier reported Rs 4,321.09 crore. The gross NPAs as on March 31, 2019 as reported by the bank was Rs 29,888.33 crore, while the RBI assessed it at Rs 31,105.75 crore, leading to a divergence of Rs 1,217.42 crore. Net NPA divergence was of Rs 165.05 crore and the divergence on provisioning stood at Rs 1,390.17 crore. "The bank has made full provision against said divergence as at December 31, 2019," it added. Banks are mandated to report the divergence in case additional provisioning for NPAs assessed by RBI exceeds 10 per cent of the reported profit before provisions and contingencies. For additional gross NPAs identified by RBI exceeding 15 per cent of the reported incremental gross NPAs, then too the banks are required to disclose divergence from prudential norms on income recognition, asset classification and provisioning. Stock of UCO Bank jumped 5.65 per cent to close at Rs 15.90 on BSE. KPM ABM

UCO Bank Q3 net loss narrows marginally to Rs 960 cr as bad loans remain elevated

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> edged up in morning trade after a cautious start on Tuesday amid weakness in global markets. </li><li>The morning gains were led by stocks in the energy, metal and IT sectors, while <keyword id="82906" type="General" weightage="20" keywordseo="auto-stocks" source="Orion">auto stocks</keyword> edged slightly lower. </li><li>Both Sensex and Nifty50 were up 0.5% on Tuesday morning, with Sensex at 61,430 and Nifty50 at 18,163 points. </li></ul>India’s benchmark indices Sensex and Nifty50 edged up in morning trade after a cautious start on Tuesday amid weakness in global markets. The morning gains were led by stocks in the energy, metal and IT sectors, while auto stocks edged slightly lower. Both Sensex and Nifty50 were up 0.5% on Tuesday morning, with Sensex at 61,430 and Nifty50 at 18,163 points. <keyword id="6354737" type="General" weightage="20" keywordseo="ongc" source="Orion">ONGC</keyword> emerged as the top gainer after the government slashed windfall tax on crude oil to ₹4,100 per tonne from ₹6,400 earlier. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.80% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.49% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.45% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.69% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.97% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.07% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">L&amp;T </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.93% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UltraTech Cement </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.91% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.66% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.48% </td></tr></tbody></table> Source: NSE, as on May 2, 2023 Earlier last week, both the indices gained 2.3% on the back of healthy earnings of Indian banks. However, weakness in global markets amidst the fall of First Republic Bank in the US will play on investors’ minds this week. Gold and crude oil prices edged up slightly on Tuesday. Gold edged up to ₹59,945 per 10 grams, while Brent crude oil prices inched up to $79.5 per barrel. <cmsannotation type="cmsannotation" annotationid="Mixed global cues" comment="subhead" text="Mixed global cues">Mixed global cues</cmsannotation> Markets in the US ended lower on Monday after First Republic Bank fell and JP Morgan scooped up the former’s deposits. While Dow Jones fell 0.14%, S&amp;P 500 ended 0.04% in the red. The tech-heavy Nasdaq closed 0.11% lower. Markets in Asia were mixed on Tuesday morning, with Shanghai Composite gaining 1.13%, while South Korea’s KOSPI was up 0.76%, followed by Taiwan Weighted which was up 0.3%. However, Nikkei 225 was down 0.06% and Hang Seng was down 0.04%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch"><keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">Stocks to watch</keyword></cmsannotation> UltraTech Cement: The cement maker’s March quarter net profit fell 32% to ₹1,666 crore as compared to ₹2,461 crore in the same quarter last year. Meanwhile, its revenue from operations for the quarter rose 18% to ₹18,662 crore from ₹16,767 crore last year. <keyword id="44883" type="General" weightage="20" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword>: The automaker has sold 1.60 lakh units of passenger vehicles in April as compared to 1.50 lakh during the same period last year. It registered a 7% increase in total wholesalers in April. Tata Motors: The automaker announced a 4% fall in total domestic sales to 68,514 units in April as compared to 71,467 units during the same period last year. Total commercial vehicle sales also dipped 27% to 22,492 units in April from 30,838 units last year. Also, its total wholesales declined 4% to 69,599 units. <keyword id="46013" type="General" weightage="20" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>: The bank reported 26% on year rise in net profit to ₹3,495 crore while its net interest income jumped 35% to ₹6,102 crore. Meanwhile, its non performing assets fell to ₹1,193 crore in Q4 from ₹1,736 crore last year. ONGC, Oil India: The government has slashed windfall tax on crude oil produced in the country to ₹4,100 per tonne from ₹6,400 per tonne effective from Tuesday. Adani Green Energy: The company reported more than four fold rise in March quarter net profit at ₹507 crore as compared to ₹121 crore a year ago. The revenue from operations increased to ₹2,130 crore from ₹1,128 crore a year ago. Earnings today: Tata Steel, Adani Total Gas, Ambuja Cements, Fino Payments Bank, UCO Bank and Varun Beverages among companies to release its quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/godrej-consumer-has-to-double-raymonds-consumer-business-for-it-to-be-earnings-accretive-say-analysts/articleshow/99906464.cms">Godrej Consumer has to double Raymond’s consumer business for it to be earnings accretive, say analysts</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-pump-11631-crore-in-indian-equities-in-april-rupee-appreciation-gives-a-boost/articleshow/99901465.cms">FPIs pump ₹11,631 crore in Indian equities in April, rupee appreciation gives a boost</a> <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-under-pressure-after-reporting-net-loss-in-q4/articleshow/99840323.cms">Axis Bank shares under pressure after Q4 net loss; analysts upbeat on the lender</a>

Sensex, Nifty50 edge up in morning trade led by energy, metal and IT stocks

<keyword id="1397102" type="General" weightage="20" keywordseo="Public-sector-bank-stocks" source="Orion">Public sector bank stocks</keyword> have rallied more than 25 per cent post their stellar Q2 financial results with net profit jumping by 50 per cent. Union Bank of India stock price is up by 60.8 per cent over the last month among the PSU bank stocks. Bank of India is up by 56.1 per cent during the month while UCO Bank is up by 32.4 per cent. The Nifty PSU Bank index made a new 52-week high on Friday. The index was up by 21.35 per cent last month. Amber Pabreja, Founder and CEO of Trendlyne, said the Nifty PSU Bank index has rallied more than 25 per cent after public sector banks delivered strong Q2 results - a sign of investor confidence. Loan growth has jumped by double digits. "We should keep in mind, however, that interest rates are on the rise, and deposits are growing relatively slowly. This means more expensive loans and lower net interest margin growth in the coming quarters. It will be a riskier environment for the banks," he said. "Overall, PSU banks will need to keep a close eye on their asset quality, especially as we head into FY24. And investors will have to become more selective with their picks. I expect major banks to stay resilient. State Bank of India (SBI), for example, reported a net NPA ratio of less than 1 per cent (.8 per cent for September 2022 quarter), and its earnings are expected to grow by 33 per cent in FY23 as per Trendlyne's consensus estimates," Pabreja said. S&amp;P Global Market Intelligence said in a report that Indian banks will gain from tailwind of rising rates as credit growth stays steady. Rising interest rates will continue to help Indian banks in the rest of the fiscal year ending March 31, 2023, after high credit growth and stronger margins helped propel earnings. Five of the six biggest banks by assets in India reported an increase in net income for the fiscal second quarter ended September 30, the report said. Vinod Nair, Head of Research at Geojit Financial Services, said, "The rally of PSBs was triggered by the strong earnings growth announced in Q2 results. It provided a good set of number with high provision coverage and improvements in asset quality. Combined net profit of 12 PSBs is up by 50 per cent on a Y-o-Y basis to Rs 25,685 crore. " Nair said the upgrade in outlook demanded improvement in valuation. There was a strong arbitrage opportunity due to heavy disparity between the valuation of private and public sector banks. However, due to sharp rally, P/B ratio has increased to 0.9x from 0.5x, narrowing the valuation gaps and limiting the performance on a short to medium-term. Banks took advantage of the higher interest rate environment to bolster their net interest margins, while previous efforts to reduce their nonperforming assets resulted in lesser loan loss provisions, their recently released earnings reports showed, S&amp;P Global Market Intelligence said. The second quarter results of private sector, as well as public sector banks, were "picture perfect", said Tusharika Aggarwal, research analyst, Asia-Pacific dividend forecasting at S&amp;P Global Market Intelligence. "I remain fairly confident in the banks' earnings for rest of the year. The interest rate hikes, although the quantum will decline, would still benefit Indian banks. And because credit growth is increasing, so despite high-interest rates, net interest income will grow," Aggarwal said. While lending rates have increased on aggregate with growing demand, interest rates offered to depositors have risen more slowly, Aggarwal said, adding that the gap, along with lower credit loss provisions, has resulted in better return on assets for banks. Ajit Kabi, Banking Analyst at LKP Securities, said, "The outperformance of public banks was evident as the fundamentals are getting stronger. The recapitalisation had improved the capital requirement which led the banks to grow the balance sheet. The credit growth reported was the highest in the decade. The deposit growth was also above the market growth rate. The large public banks (SBI, BoB, Canara Bank) have gained market share." On the asset quality front, the GNPA/NNPA level reduced significantly with ample provision buffers. The contingent provision for the bank seems adequate and above regulatory requirements against the restructured pool. The outperformance across yardsticks and inexpensive valuation has driven the rally in recent times. The rally is likely to continue for public banks as their balance sheet is at a sweet spot to grow with minimum asset quality hiccups, Kabi said. S&amp;P Global Market Intelligence said bank credit growth picked up for both public and private sector banks in the first half of fiscal 2022-2023, according to Reserve Bank of India data released in September. Private sector banks' credit growth for the fiscal first half came to 20.4 per cent, compared to 13.9 per cent for public sector banks. The central bank expects gross domestic product growth at 7 per cent in the current fiscal year ending March 31, 2023, and to ease to 6.5 per cent in the next fiscal year, dampened by further monetary tightening in the central bank's fight to control inflation. Manoj Kumar Dalmia, Founder and Director, Proficient Equities, said PSU bank stocks have been in a rally recently pertaining to good quarters and increased credit uptakes due to festive demand. The banks are also poised well, having improved asset quality. Despite the rally, many PSU banks are available at a reasonable valuation ranging from 0.5-1.0 Price/BV and investors can accumulate them with a long-term perspective. Some PSU banks to look for could be Canara Bank and Union Bank of India. Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares and Stock Brokers, said, "With robust credit growth, improving net interest margin (typical during the early phase of a rate hiking cycle), adequate coverage ratios, and no major signs of asset quality deterioration, we are fundamentally positive on the banking sector. "However, with the overstretched credit-to-deposit ratio, either the credit growth rate or the net interest margin of the private sector banks are likely to deteriorate. With very significant excess investment in government securities over statutory requirements, public sector banks are better off which explains the recent strong rally." After a sharp fall in deposit and credit shares to private banks, there are signs that PSUs may get back a part of it. There has been relative improvements in the return ratios as well. Meanwhile, large valuation differences continue. These factors also seem to be driving the rally, he added. S&amp;P Global Market Intelligence said the key surprise in banks' fiscal second quarter results was a 25-basis-point quarter-over-quarter expansion in NIM. It added, however, that even as this trend is working favourably now, it will increase the procyclical nature of earnings and will be a concern later when rates begin declining. Most banks reported faster credit growth as they ride on rising demand for loans. However, deposit growth is lagging and may push up funding costs later, Nikita Anand, associate director at S&amp;P Global Ratings, said. "We note that deposit growth is lagging credit growth, leading to higher loans-to-deposit ratios, which is positive for margins. However, with higher term deposit rates, there is likely to be some movement of funds from savings deposits to terms deposits. This could lead to some rise in cost of funds," Anand said. Some bank chiefs said they have started looking at ways to keep NIMs intact. Dinesh Khara, chairman of State Bank of India, said the bank will continue to open more savings bank accounts to attract low-cost funds and offer remunerative rates on term deposits to customers. "We are very mindful in terms of increasing our interest rates on the term deposits. So, I think, hopefully our effort will be to sustain the NIM," Khara said during the bank's November 5 earnings call. State Bank of India reported a rise in fiscal second-quarter net profit to Rs 147.52 billion from Rs 88.89 billion, while Bank of Baroda's net profit for the period rose 56.8 per cent year-over-year to Rs 34 billion from Rs 21.68 billion. Punjab National Bank, however, reported that its net profit for the quarter fell 55.3 per cent to Rs 4.94 billion as the state-run lender increased provisions for nonperforming assets by 30.9 per cent year-over-year to Rs 35.33 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-post-negative-returns-this-week-as-autos-drag-psu-banks-surge/articleshow/95607400.cms" style="">Sensex, Nifty50 post negative returns this week as autos drag – PSU banks surge</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/three-out-of-seven-companies-out-from-trillion-dollar-club/slidelist/95607217.cms">Three out of seven companies out from trillion dollar club</a>

You Searched For "UCO Bank q1 resul" and got 10 results

UCO Bank Q1 2023-24 net profit jumps 80% to Rs 223 crore

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Fed interest rate decision, Q4 earnings, macroeconomic data to drive markets this week: Analysts

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Sensex, Nifty50 edge up in morning trade led by energy, metal and IT stocks

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