Coming out of the Reserve Bank of India’s stringent Prompt Corrective Action Framework, and COVID-19 situation, UCO Bank will now focus on consistent and qualitative growth, MD and CEO Soma Sankara Prasad said on Saturday.
“The bank has been earning profits quarter after quarter. We have a 14.56% capital adequacy ratio (bank’s capital with respect to risk exposures) as against the prescribed 11.5%, and the present provision coverage ratio (funds kept aside to cover loan losses) is 91.3%,” he said.
UCO Bank was kept under PCAF by RBI in May 2017 for breach of PCA parameters such as capital, asset quality and leverage, and only in September last year, its performance was reviewed and taken out of the restrictions.
