UCO Bank, public sector lender is likely to approach the government for fresh infusion of capital in order to meet Basel-III norms. It has decided to write to the government seeking capital for the bank. The bank is planning to open new branches at South East Asia.
For the year ended March 31, 2013, the bank’s net profit fell by 44.24% at Rs 618.19 crore as compared to Rs 1108.67 crore for the year ended March 31, 2012. However, its total income has increased by 13.50% to Rs 17703.88 crore for the year under the review from Rs 15597.92 crore for the previous year.