About
UCO Bank
UCO Bank is a commercial bank and a Government of India Undertaking. The Bank offers a host of value added banking solutions to their customers, which includes international banking services, services for NRIs, loan schemes, deposit schemes and value added e-banking solutions. They also possess a host of branches authorized for direct tax collection in India. The Bank has 34 regional offices and 230 branches as on 31st March, 2023 spread all over India.
UCO bank head office is located in Kolkata. The Bank has 34 Regional Offices spread all over India. The bank has international presence with four overseas branches in two important financial centers in Singapore and Hong Kong and representative offices at Kuala Lumpur, Malaysia and Guangzhou in China. The bank also has a NRI corner to offer specialized services to its international customers.
UCO Bank was incorporated in the year 1943 as The United Commercial Bank Limited. In July 1969, the Bank was nationalized and 100 per cent ownership was taken over by the Government of India. Thereafter the Bank expanded rapidly. In December 30, 1985 the name of the Bank was changed to UCO Bank. During the year 2001-02, the Bank opened 1 new branch in Pune, and 5 new extension counters.
During the year 2004-05, the Bank opened 4 new branches and upgraded 7 extension counters into full fledged branches. They also opened 6 new extension counters. During the year, one branch was merged and one extension counter was closed. The company also introduced Gold Card Scheme for exporters to facilitate easy availability of export credit at remuneration terms.
During the year 2005-06, the Bank opened 9 new branches and upgraded 8 extension counters into full fledged branches. They opened 2 new extension counters and closed 5 extension counters. The Bank also opened one representative office in Kuala Lumpur in Malaysia. During the year, in terms of the Government directive the Bank had effected merger of three Regional Rural Banks in Bihar on September 9, 2005, two Regional Rural Banks in Orissa on January 2, 2006 and two Regional Rural Banks in Rajasthan on January 27, 2006.
During the year 2006-07, the Bank opened 57 new branches, upgraded 53 extension counters into full fledged branches and merged the 15 extension counters with the base branches. They also started 4 flagship corporate branches and 9 mid corporate branches. In February 26, 2007, three Regional Rural Banks in the state of West Bengal were amalgamated and form a single entity named as Paschim Banga Gramin Bank.
During the year 2007-08, the Bank opened 95 branches in which 66 branches were opened on January 6, 2008 to commemorate the 65th Foundation Day of the Bank. The Bank opened 40 new branches, 12 mid corporate branches, upgraded 55 extension counters into full fledged branches and merged the 13 extension counters with the base branches.
During the year, the company converted two of their existing branches at Kolkata and New Delhi exclusively for catering to needs of senior citizens and named these branches as 'Senior Citizen branches'. In April 4, 2007, the Bank opened one representative office at Guangzhou in China.
As at March 31, 2008 the Bank has 1957 branches, two representative offices, 21 mid corporate branches and 19 extension counters.
With the opening of 100 new branches and upgradation of 8 Extension Counters to full-fledged Branches and no closure of branches, the total number of domestic branches as at the end of 31st March, 2009 stood at 2065. Taking these four overseas branches, the global network of branches of the Bank as at the end of 31st March, 2009 stood at 2069. With upgradation of 8 extension counters into full-fledged branches, the total number of Extension Counters as at the end of 31st March, 2009 stood at 11.
As of 31st March, 2011, total number of domestic branches stood at 2202. With four overseas branches, two each in Singapore and Hong Kong, the global network of the Bank stood at 2206. The Bank added a network of 130 thereby reaching a total of 608 as of 31st March, 2011.
As of March, 2012, Bank had 8 Circle Offices, 36 Zones and 2394 branches, which include 4 overseas branches, 2 each in Singapore and Hong Kong. The Bank had 3 extension counters as of March, 2012. It closed two Representative Offices, at Malaysia and China, during the year 2011-12. It strengthened pan-India network by opening 188 branches during the year 2011-12. The Bank had added one more zone, namely Pune zone, in the year 2011-12 which takes the total number of Zones of the Bank from 35 in March, 2011 to 36 in March,, 2012. Apart from this, another major development during the year 2011- 12 was the transfer of eight branches in Goa, from Bangalore
Zone to Mumbai Zone. Five new Asset Management Branches were opened, at Bhubaneswar, Bhopal, Chandigarh, Lucknow and Patna, during the year 2011-12. It opened 256 ATMs during the year 2011-12, thereby reaching a total of 864 as of 31st March, 2012.
As of March, 2013, Bank had 10 Circle Offices,, 41 Zones and 2614 branches which include 4 overseas branches, 2 each in Singapore and Hong Kong. The Bank has 3 Extension Counters as of March, 2013. It strengthened its PAN-India network by opening 220 branches during the year 2012-13. It opened 497 ATM network during the year 2012-13.
As of 31 March, 2014, Bank has 10 Circle Offices, 45 Zones and 2894 branches, including 4 overseas branches (2 each in Singapore and HongKong), and 2 Extension Counters. It opened a network of 280 branches during the year 2014-15. It had 2085 ATMs during the year.
As of 31 March, 2015, Bank has 10 Circle Offices, 48 Zones and 3020 branches, including 4 overseas branches (2 each in Singapore and HongKong), and 2 Extension Counters. It opened a network of 126 branches during the year 2014-15. It had 2096 ATMs during the year.
As of 31 March, 2016, Bank has 8 Circle Offices, 42 Zones and 3100 domestic branches and 4 overseas branches (2 each in Singapore and HongKong), and 2 Extension Counters. It opened a network of 57 branches during the year 2015-16. It had 2564 ATMs during the year.
As of 31 March, 2023, Bank has 43 Zones and 3205 domestic branches and 2 overseas branches (1 each in Singapore and HongKong). . In FY2022-23, Bank opened new 131 branches.
UCO Bank
Chairman Speech
Dear Shareholders,
It is great pleasure for me to place before you the Annual Report of your Bank along
with highlights of performance and initiatives taken up by the Bank during the year
2022-23. During the year, Bank has celebrated its 80th year of its glorious journey by
clocking business over Rs.4,00,000 crores and registering all time high net profit.
Despite withdrawal of pandemic-related fiscal support measures and hike in policy rates to
rein in inflation, Bank showed its resilience and continued to post profits consistently
in all the quarters.
Economic Overview:
During the year 2022-23 global economies confronted with the economic aftereffects of
pandemic and the war in Ukraine. Almost all the countries witnessed skyrocketing
inflation. Central Banks resorted to rapid normalization of monetary policies to rein in
inflation which has ushered into a low-growth, low-investment era. Global financial
markets in advanced economies remain highly volatile. Most emerging market economies
continued to witness significant capital outflows. IMF has projected Global growth to slow
from 3.4 percent in 2022 and to 2.8 percent in 2023.
Domestic economy continues to be resilient despite some signs of moderation in growth.
The growth in real GDP during 2022-23 is estimated at 7.00% as compared to 8.7% in
2021-22. Growth was underpinned by strong investment activity bolstered by the
government's capex push and buoyant private consumption.
Retail inflation has crossed the upper limit of RBI's tolerance band during FY 2022-23.
Inflation remained high, averaging around 6.7 percent in FY22-23 but the current-account
deficit narrowed in Q3 on the back of strong growth in service exports and easing global
commodity prices. Sensing a serious risk to price stability, RBI implemented the monetary
tightening cycle with periodical hikes in repo rate which led to increase of lending and
deposit rates.
While the global tightening cycle has contributed to a dampened global outlook, the
domestic appetite for credit has been on an upswing. Non-food credit offtake by scheduled
Commercial Banks (SCBs) has been growing in double digits since April 2022, with the
increase being broad-based.
Bank's Performance:
Global Business of the Bank has stood at Rs. 4,10,967 Crore as on 31.03.2023 against
Rs. 3,53,850 Crore as on 31.03.2022 registering a growth of 16.14% as a result of well
executed focussed strategy.
Total Deposits of the Bank increased to Rs.2,49,338 Crore as on 31.03.2023 from Rs.
2,24,073 Crore as on 31.03.2022 registering a growth of 11.28%. CASA of the Bank
(Domestic) stood at 37.82% to domestic deposits of the Bank as on 31.03.2023. Savings
Deposits (Domestic) of the Bank has increased to Rs.81,017 Crore as on 31.03.2023 from
Rs.77,037 Crore as on 31.03.2022 registering a growth of 5.17%. Total Advances of the Bank
stood at Rs 1,61,629 Crore as on 31.03.2023 as against Rs 1,29,777 Crore as on 31.03.2022
registering a growth of 24.54%.
Bank has made Net Profit of Rs.1862 Crore during the year ended 31.03.2023 as against
Rs. 930 Crore for the year ended 31.03.2022 registering a growth of 100.30%. Operating
Profit of the Bank for the year ended 31.03.2023 stood at Rs 4341 Crore.
Net Interest Income of the Bank for the year ended 31.03.2023 has increased to Rs.7343
Crore from Rs 6473 Crore for the year ended 31.03.2022 registering a growth of 13.44%.
Gross NPA of the Bank has reduced to Rs 7726 Crore (4.78 %) as on 31.03.2023 from Rs.
10,237 Crore (7.89%) as on 31.03.2022. Net NPA of the Bank has reduced to Rs 2018 Crore
(1.29%) as on 31.03.2023 from Rs 3316 Crore (2.70%) as on 31.03.2022. Provision Coverage
Ratio of the Bank has increased to 94.50% as on 31.03.2023 from 91.44% as on 31.03.2022.
Capital Adequacy Ratio of the Bank stood at 16.51 % and CET-I Ratio at 13.51% as on
31.03.2023 vis- -vis Capital Adequacy Ratio of 13.74 % and CET-I Ratio of 10.97% as on
31.03.2022. Bank raised AT-1 Bonds aggregating to Rs.500 crores on 17th March, 2023 to
strengthen capital adequacy.
Initiatives taken up in FY 2022-23: Enhancing Digital Capabilities:
As a part of Digital transformation, Bank added several features to extend digital
services to the customers with more convenient and seamless banking experiences. Mobile
banking app has been enriched with the features like integration of travels, E-market
places etc., Bank has taken several technological initiatives to improve its products and
processes to cope up with customer preferences.
Partnering with Fintech companies facilitates the Bank to tap new customers, saving on
costs and broadens retail network through enhancing digital capabilities. Bank has on
boarded Fintech companies to facilitate initiatives viz Digital Merchant Onboarding,
UPI123, E-commerce market place, etc. Bank is in the process of development of End-to-End
Digital Lead Management system from customer to processing center.
End-to-End Digital Lending Platform, in which applying for loan, KYC validation,
eligibility-based check on the scheme guidelines, sanction, digital document execution
(e-stamping & e-signing) and disbursement of the loan happens with minimum manual
intervention.
Boosting Retail Segment
Features of retail products were enhanced to meet the customer preferences. Opening of
Retail Loan hubs at strategic locations, increasing sanctioning powers for branch heads,
linking rate of interest to risk profile of customers, waiver of processing charges on
special occasions are few of the measures taken to make the retail products more
competitive.
Bank has entered into co-lending tie ups with Muthoot Fincorp Ltd., Aadhar Housing
Finance Ltd, IIFL Finance Ltd and Capri Global Housing Finance Ltd., for expanding retail
segment. In order to augment gold loan portfolio, Bank had identified 35 branches as Gold
Boutiques. Special focus was placed upon branding, safety & security, seating
arrangement for customers and Turn Around Time for availing Gold Loans in Gold Boutiques.
Accomplishing National Priorities
Bank accords utmost importance to meet various goals under national priorities. Total
Priority Sector Advance is Rs.63,803.53 Crore which constitutes 51.35 % of Adjusted Net
Bank Credit (ANBC) against 40% norm in lending to total priority. Total Agriculture
Advances of the Bank is Rs.25,317 Cr which constitutes 20.37 % of ANBC against 18% norm in
lending to agriculture. Advances to Weaker Section stood at Rs.17730 Cr as of 31st March
2023 consisting 14.27% of ANBC against 12 % norm in lending to weaker section.
"Agriculture Business Camp", "Agri Fest" Campaign, "Krishi
Shakti 2.0", "Mission Lakshya", "BEST" Campaign are the major
Campaigns held during FY 2022-23 to boost agricultural related advances.
Lending to MSME
MSME Lending is another thrust area, as the sector supports employment generation and
export growth. Bank has introduced customized new MSME Products namely UCO GST Mitra,
Modified PMEGP Scheme, UCO MSME Gold Loan, UCO Contractor Scheme and MSME Property Loan
during the FY 2022-23 to cater emerging requirements of MSMEs. Bank has simplified the
processes by introduction of end-to-end digitalization for availing Shishu Mudra Loan up
to Rs.50,000 which facilitates small borrowers to avail quick loans from bank without
visiting Branch. Twenty-One MSME Schemes integrated in Loan Processing System (LPS)
thereby enabling better credit underwriting and fast processing of MSME loans and also
implemented auto renewal of MSME cash credit account up to Rs.10.00 Lacs.
TReDS is an institutional mechanism set up to improve cash flows for MSMEs through
invoice discounting of trade receivables of MSMEs from corporate buyers. Bank business on
TReDS platforms has increased manifold from Rs. 50.61 Crores as on 31.03.2022 to Rs.
413.62 Cr as on 31.03.2023 registering a Growth of 717.26%.
Milestones & Awards
Bank has celebrated completion of 80 years of its journey during the year. Several
programs has been organized at all of its branches. Hon'ble President of India, Smt.
Draupadi Murmu graced the celebrations held at Kolkata on 28th March, 2023. On the
occasion, Hon'ble President virtually inaugurated 50 new branches of the Bank.
UCO Bank has continued its Journey towards winning of "Rajbhasha Kirti
Puraskar" - First Prize for the year 2021-22, which is the highest award given by
Government of India in the field of official language for implementation of Official
Language in the Bank.
UCO Bank was conferred "THE EASTERN INDIA BEST EMPLOYER BRAND AWARDS 2022"
organized by EIILM-Kolkata Times Ascent on 08th September, 2022 and Shri Manish Kumar,
General Manager, HRM, Training, PSD & OL was awarded "The Eastern India Top Most
HR Leaders"
Way forward
Bank has continued to show improvised performance during the FY 2022-23. Bank has
recorded robust growth of 100.30% in net profit touching record level of Rs. 1862 Crore.
Going forward, our focus will be to improve margins by garnering the resources of low-cost
deposits with particular focus on current deposits. On lending front, thrust will be on
increased lending to RAM & Mid corporate segment.
Bank has introduced several MSME products during the current year to cater emerging
requirements of MSMEs. Bank is upgrading its processes for end-to-end digitalized lending
of most of its MSME and Retail products. Bank is in the process to partnership with
Fintech companies to leverage technology for Agri Lending.
Though asset quality showed significant improvement during the FY 2022-23, focus
continued to remain to arrest fresh slippages by strengthening monitoring and collection
mechanism along with intensifying recovery measures and popularizing simplified OTS
schemes.
Bank has laid specific focus on performance management System and Talent Management for
sustained profitability through HR transformation initiatives.
The Bank's management is highly confident about continuing growth momentum across all
business segments by leveraging the digital technology in financial year 2023-24 and
beyond.
Acknowledgments
I thank all members of the Board for their valuable support and guidance to the
Management in our endeavors. I also thank the Department of Financial Services, Ministry
of Finance and Reserve Bank of India for their support and guidance from time to time. I
would also like to acknowledge the unstinted support of our loyal customers, our dedicated
workforce, our valuable stakeholders for their continued confidence and support to the
bank in all its endeavors.
| With best wishes, |
| (Soma Sankara Prasad) |
| Managing Director & CEO |
  Â
UCO Bank
Company History
UCO Bank is a commercial bank and a Government of India Undertaking. The Bank offers a host of value added banking solutions to their customers, which includes international banking services, services for NRIs, loan schemes, deposit schemes and value added e-banking solutions. They also possess a host of branches authorized for direct tax collection in India. The Bank has 34 regional offices and 230 branches as on 31st March, 2023 spread all over India.
UCO bank head office is located in Kolkata. The Bank has 34 Regional Offices spread all over India. The bank has international presence with four overseas branches in two important financial centers in Singapore and Hong Kong and representative offices at Kuala Lumpur, Malaysia and Guangzhou in China. The bank also has a NRI corner to offer specialized services to its international customers.
UCO Bank was incorporated in the year 1943 as The United Commercial Bank Limited. In July 1969, the Bank was nationalized and 100 per cent ownership was taken over by the Government of India. Thereafter the Bank expanded rapidly. In December 30, 1985 the name of the Bank was changed to UCO Bank. During the year 2001-02, the Bank opened 1 new branch in Pune, and 5 new extension counters.
During the year 2004-05, the Bank opened 4 new branches and upgraded 7 extension counters into full fledged branches. They also opened 6 new extension counters. During the year, one branch was merged and one extension counter was closed. The company also introduced Gold Card Scheme for exporters to facilitate easy availability of export credit at remuneration terms.
During the year 2005-06, the Bank opened 9 new branches and upgraded 8 extension counters into full fledged branches. They opened 2 new extension counters and closed 5 extension counters. The Bank also opened one representative office in Kuala Lumpur in Malaysia. During the year, in terms of the Government directive the Bank had effected merger of three Regional Rural Banks in Bihar on September 9, 2005, two Regional Rural Banks in Orissa on January 2, 2006 and two Regional Rural Banks in Rajasthan on January 27, 2006.
During the year 2006-07, the Bank opened 57 new branches, upgraded 53 extension counters into full fledged branches and merged the 15 extension counters with the base branches. They also started 4 flagship corporate branches and 9 mid corporate branches. In February 26, 2007, three Regional Rural Banks in the state of West Bengal were amalgamated and form a single entity named as Paschim Banga Gramin Bank.
During the year 2007-08, the Bank opened 95 branches in which 66 branches were opened on January 6, 2008 to commemorate the 65th Foundation Day of the Bank. The Bank opened 40 new branches, 12 mid corporate branches, upgraded 55 extension counters into full fledged branches and merged the 13 extension counters with the base branches.
During the year, the company converted two of their existing branches at Kolkata and New Delhi exclusively for catering to needs of senior citizens and named these branches as 'Senior Citizen branches'. In April 4, 2007, the Bank opened one representative office at Guangzhou in China.
As at March 31, 2008 the Bank has 1957 branches, two representative offices, 21 mid corporate branches and 19 extension counters.
With the opening of 100 new branches and upgradation of 8 Extension Counters to full-fledged Branches and no closure of branches, the total number of domestic branches as at the end of 31st March, 2009 stood at 2065. Taking these four overseas branches, the global network of branches of the Bank as at the end of 31st March, 2009 stood at 2069. With upgradation of 8 extension counters into full-fledged branches, the total number of Extension Counters as at the end of 31st March, 2009 stood at 11.
As of 31st March, 2011, total number of domestic branches stood at 2202. With four overseas branches, two each in Singapore and Hong Kong, the global network of the Bank stood at 2206. The Bank added a network of 130 thereby reaching a total of 608 as of 31st March, 2011.
As of March, 2012, Bank had 8 Circle Offices, 36 Zones and 2394 branches, which include 4 overseas branches, 2 each in Singapore and Hong Kong. The Bank had 3 extension counters as of March, 2012. It closed two Representative Offices, at Malaysia and China, during the year 2011-12. It strengthened pan-India network by opening 188 branches during the year 2011-12. The Bank had added one more zone, namely Pune zone, in the year 2011-12 which takes the total number of Zones of the Bank from 35 in March, 2011 to 36 in March,, 2012. Apart from this, another major development during the year 2011- 12 was the transfer of eight branches in Goa, from Bangalore
Zone to Mumbai Zone. Five new Asset Management Branches were opened, at Bhubaneswar, Bhopal, Chandigarh, Lucknow and Patna, during the year 2011-12. It opened 256 ATMs during the year 2011-12, thereby reaching a total of 864 as of 31st March, 2012.
As of March, 2013, Bank had 10 Circle Offices,, 41 Zones and 2614 branches which include 4 overseas branches, 2 each in Singapore and Hong Kong. The Bank has 3 Extension Counters as of March, 2013. It strengthened its PAN-India network by opening 220 branches during the year 2012-13. It opened 497 ATM network during the year 2012-13.
As of 31 March, 2014, Bank has 10 Circle Offices, 45 Zones and 2894 branches, including 4 overseas branches (2 each in Singapore and HongKong), and 2 Extension Counters. It opened a network of 280 branches during the year 2014-15. It had 2085 ATMs during the year.
As of 31 March, 2015, Bank has 10 Circle Offices, 48 Zones and 3020 branches, including 4 overseas branches (2 each in Singapore and HongKong), and 2 Extension Counters. It opened a network of 126 branches during the year 2014-15. It had 2096 ATMs during the year.
As of 31 March, 2016, Bank has 8 Circle Offices, 42 Zones and 3100 domestic branches and 4 overseas branches (2 each in Singapore and HongKong), and 2 Extension Counters. It opened a network of 57 branches during the year 2015-16. It had 2564 ATMs during the year.
As of 31 March, 2023, Bank has 43 Zones and 3205 domestic branches and 2 overseas branches (1 each in Singapore and HongKong). . In FY2022-23, Bank opened new 131 branches.