In a bid to meet its growth plans, UCO Bank is seeking capital infusion worth Rs 1,000 crore from the government for the current fiscal. The bank would require Rs 15,000 crore as tier-I capital in the next three years.
Last fiscal, the Kolkata-based bank got capital support worth Rs 200 crore from the government. Moreover, the bank is expecting credit and deposit growth of 15-16 per cent in 2014-15.
The bank reported over five fold jump in its net profit at Rs 284.70 crore for the quarter ended March 31, 2014 as compared to Rs 49.56 crore for the same quarter in the previous year. Total income of the bank increased by 17.27% at Rs 5309.27 crore for quarter under review as compared to Rs 4527.06 crore for the quarter ended March 31, 2013.