UCO Bank has entered into a memorandum of understanding (MoU) with Tata Motors for financing its range of commercial vehicles. Through this tie-up, the bank will offer loans of up to 85% on Tata Motors commercial vehicles on-road pricing. At very competitive rates starting at 11.50% per annum and tenure of up to 7 years, this facility will be available through all Tata Motors and UCO Bank outlets.
On standalone basis, the bank has reported a rise of 41.01% in its net profit at Rs 511.11 crore for first quarter ended June 30, 2013, as compared to Rs 362.46 crore for the same quarter in the previous year. Total income of the bank has increased by 5.93% to Rs 4668.81 crore for the quarter under review as compared to Rs 4407.39 crore for the quarter ended June 30, 2012.
Gross non-performing assets (NPAs) improved to 5.58% in the April-June quarter as against 3.88% in the same quarter previous year while, net NPAs increased to 3.15%.
