During the current financial year, UCO Bank (a Kolkata-based mid-sized bank) is awaiting to accomplish a credit growth rate of 25%.

In the first quarter, the credit growth of the bank was low at 5%, but in the coming months the demand for credit is likely to be high, as told by Chairman, Mr. S K Goel.

The profitability of bank was higher by 15% in the first quarter as compared to the profits in the same period of the last financial year. It was just due to reducing its dependence on bulk deposits step by step.

This was primarily due to better treasury and non-interest income.

The bank is likely to reduce its deposit rates by 50 basis points. After which, the deposit rate will be at 100 basis points.

The bank is still not completely CBS (Core Banking Solution) enabled, as it has 2,069 subdivisions.

In the coming months, UCO bank is also appearing to be into insurance business.