Page 5 - Banking Finance June 2024

BANK UPDATE

Banking

UCO Bank lines up Rs. cross-selling opportunities for the for the quarter ended March 31, 2024,
lender. compared with Rs. 1,447 crore in the
1,000 crore to modernise
The lender added that increased IT year-ago quarter, an increase of 55 per
its IT systems spending is not on account of the tech- cent. Operating profit of India Bank
Public sector lender Uco Bank plans to nical glitch in the Immediate Payment stood at Rs. 4,305 crore in Q4FY24 as
spend Rs 1,000 crore in the financial Service (IMPS) which led to an errone- against Rs. 4,016 crore in Q4 of FY23.
year 2024-25 to boost Information ous credit of Rs. 820 crore to account
Technology infrastructure, said Ashwini holders of the bank in November 2023. Home loan outstanding
Kumar, managing director and chief The bank has recovered Rs. 728 crore up by Rs. 10 lakh crore in
executive officer of the bank. from these accounts as of 31 March
The tech spending of the lender was 2023. last 2 years
Rs 700 crore in the financial year 2023- Credit outstanding to the housing sec-
24. Indian Bank posts 55% rise tor rose by nearly Rs 10 lakh crore in
the last two fiscals to reach a record
"We are planning to spend around Rs in Q4 net Rs 27.23 lakh crore in March this year,
1,000 crore on IT wherein we are go- according to RBI's data on 'Sectoral
Indian Bank has shown strong growth
ing for the upgrade of our various serv- Deployment of Bank Credit'.
in its earnings and profit, with a net
ers, virtual market solutions as well as
profit increase of over 50% for the Experts from banking and real estate
technological integration of treasury
March 2024 quarter and the full fiscal sectors attributed this growth in hous-
systems and upgrade of our overseas
year FY24. ing credit outstanding to a strong re-
(core-banking systems) CBS systems. vival in the residential property market
We are bringing new technologies on S L Jain, the Managing Director & CEO post-COVID pandemic on pent-up de-
cyber security and also going to inte- of the bank, credited the substantial mand.
grate our transaction monitoring," increase in net profit to the growth in
said Ashwini Kumar, managing director operating profit, increase in interest According to the data of the Reserve
Bank of India (RBI) on sectoral deploy-
and chief executive officer, Uco Bank. and non-interest income, and reduced
provisions. ment of bank credit for March 2024,
Kumar also said that digitisation of the the credit outstanding to the housing
processes will aid in reducing the cost The Board of the Bank has recom- (including priority sector housing')
of sanction and disbursal of loans. The mended a dividend of Rs. 12 per equity stood at Rs 27,22,720 crore in March
digital transformation will also aid in share (120 per cent) for 2023-24. 2024, up from Rs 19,88,532 crore in
the recovery mechanism and reduce The Chennai-headquartered bank has March 2023, and Rs 17,26,697 crore
the follow-up cost. It will also open up posted a net profit of Rs. 2,247 crore in March 2022.

BANKING FINANCE | JUNE | 2024 | 5