UCO Bank decided to come out from RBI’s prompt corrective action framework:
UCO Bank: It is also known as the United Commercial Bank (UCO) of India located in Kolkata. It provides services in the Banking and Financial sector that includes consumer banking, corporate banking, finance, mortgage loans, and insurance. The bank also provides services in Singapore and Hong Kong. The chief executive officer (CEO) and managing director (MD) of the company is Atul Kumar Geol.
Meanwhile, on Saturday, August 1st, the bank posted its net profit for two consecutive quarters and now it decided to come out from the RBI’s prompt corrective action (PCA) framework. However, the Reserve Bank of India in May 2017, initiated PCA against the bank for high non-performing assets and negative returns.
Besides, the bank ready to approach the central bank to come out from the PCA framework. As the bank already posted its net profit for two consecutive quarters, said the bank officials.
He also mentioned the non-performing assets (NPA) and capital adequacy norms as of June 30th, 2020. While the net NPA of the bank stood at 4.95% in the quarter ended on June 30th. The bank’s capital adequacy ratio stood at 11.65% in this quarter. The bank’s net profit stood at Rs. 21.46 crores in Q1FY21.
However, the shares of UCO Bank reported a bearish trend in the stock market on Friday, July 31st. The bank lost 0.20 points with a 1.41% decrease and reached 14.00 INR. While in BSE, the bank lost 0.11 points with a 0.78% decrease and reached 14.07 INR.
Stock Market July 31st:
On Friday, both Sensex and Nifty reported a bearish trend in the stock market. The Sensex is trading below 37,610 levels and Nifty is trading below 11,100 levels in the stock market. The Sensex lost 129.18 points with a 0.34% decrease and reached a 37,606.89 level. While Nifty lost 28.70 points with a 0.26% decrease and reached 11,073.45 level.
On the other side, the number of coronavirus cases in India reached 16,95,988 as of Saturday, August 1st, and deaths reached 36,511.
In the border market, the S&P BSE Smallcap index reported a bullish trend in the stock market on Friday. It gained 105.49 points with a 0.82% increase and reached a 13,021.76 level. The S&P BSE Midcap index gained 49.39 points with a 0.36% increase and reached a 13,759.11 level. While Nifty Bank lost 6.80 points with a 0.03% decrease and reached 21,640.05 level.
Top Gainers on July 31st: Grasim, Cipla, Sun Pharma, UPL, and JSW Steel are the top gainers in today’s stock market.
Top Losers on July 31st: Eicher Motors, Reliance Industries, HDFC Bank, Asian Paints, and HDFC are the top losers in today’s stock market.