1. Home >
  2. Export Import News >
  3. Import Business News >
  4. Iran oil imports help Uco Bank cut losses >
  5. Iran oil imports help Uco Bank cut losses

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Iran oil imports help Uco Bank cut losses.

Date: 15-05-2019
Subject: Iran oil imports help Uco Bank cut losses
Kolkata: India's oil import from Iran has helped state-owned Uco BankNSE -3.08 % cut losses by 27% in the fourth quarter as the bank gained Rs 13000-Rs 14000 crore of interest free floating fund from Indian oil refiners. 

Uco has been one of the designated banks for settling payments for India's oil imports from Iran under US sanction. 

The floating fund helped the bank's low cost current and savings accounts (CASA) rise to 43.5% at the end of March 31 from 35.5% a year back and cost deposit fall 31 basis points to 4.87% on quarterly basis. 

"Iran (oil import) has contributed to Uco's good performance," bank's executive director Charan Singh said. 

Under US sanction, Indian oil refiners used to make payment to the designated rupee-account at Uco for importing oil from Iran. The Kolkata-based lender, in turn, made payments to Iranian exporters for exporting goods to India. 

But now India has stopped purchases of Iranian oil in the wake of renewed US sanctions. "We aim to substitute the floating fund by normal deposits," Uco's chief executive director AK Goel said, after announcing the financial results. 

Uco has curtailed the fourth quarter loss to Rs 1552 crore from Rs 2134 crore. This was the bank's 14th consecutive quarterly loss. 

"But I promise you FY20 will be a wonderful year for Uco Bank and we expect to be back in black in fourth quarter and get out of prompt corrective action this fiscal," 

Its operating profit grew over six times at Rs 691 crore from Rs 112 crore while net interest margin improved to 1.84% for the fourth quarter from 1.32% in the year ago period. 

The lender's gross non performing assets shrunk to Rs 29888 crore (25%) as against Rs 31122 crore (27.4%) a quarter back. Net NPA ratio improved to 9.7% from 12.5% on a quarter-to-quarter basis. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 27-05-2020
Notification No. 9/2020-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of 'Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR and in supersession of the notification No. 24/2015- Customs (ADD), dated the 29th May, 2015.

Date: 22-05-2020
Notification No. 47/2020-CUSTOMS (N.T.)
Appointment of CAA in case of in case of M/s Satnam Steels, Rajkot.

Date: 22-05-2020
PUBLIC NOTICE No. 06/2015-2020
Inclusion of Gopalpur Port, Odisha as a Port of Registration under Para 4.37 of Handbook of Procedures, 2015-2020.

Date: 22-05-2020
TRADE NOTICE NO. 12/2020-2021
Issuance of Preferential Certificate of Origin for India’s exports to Thailand and Vietnam under ASEAN-India FTA

Date: 21-05-2020
Notification No. 24/2020 - Customs
Seeks to amend notification No. 56/2000-Customs dated 05.05.2000, No. 57/2000-Customs dated 08.05.2000 and No. 40/2015-Customs dated 21.07.2015 providing for extension of last date of export by six months, for those cases where the last date of export falls between 01.2.2020 and 31.7.2020 due to the outbreak of COVID-19 pandemic.

Date: 21-05-2020
Notification No. 25/2020 - Customs
Inclusion of Gopalpur Port [INGPR1] as notified port for getting benefits under AA/ EPCG schemes and other export incentive schemes like MEIS/SEIS and other such schemes.

Date: 21-05-2020
Notification No.46/2020 - Customs (N.T.)
Exchange Rates Notification No.46/2020-Custom (NT) dated 21.05.2020.

Date: 21-05-2020
Notification No.10/2020-Customs (ADD)
Seeks to amend notification No. 27/2015-Customs (ADD) dated 1st June, 2015 to extend the levy of Anti-Dumping duty on acrylic fibres originating in or exported from Thailand for a further period of 6 months.

Date: 20-05-2020
Instruction No. 06/2020-Customs
Instruction Number 06 - Customs on Requirement of Veterinary Certificate

Date: 19-05-2020
Notification No. 45/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001