Updated July 1, 2024 | 07:57 PM IST
UCO Bank denies media reports of merger with 4 other PSU banks. (Image: Shutterstock/ET Now News)
UCO Bank denied media reports of merger with other 4 PSU banks. The state-owned lender has termed the reports as “factually incorrect”. The media report titled “Merger of 4 PSU banks – UCO Bank, Bank of Maharashtra, Central Bank and Punjab & Sind Bank” claimed that UCO Bank will be merged with these four PSB (public sector banks) banks.
According to an exchange filing by the bank, “UCO is a public sector bank in which the Government of India (GoI) holds 95.39% of the paid-up share capital as on date. All decisions relating to the merger will be under the jurisdiction of the Government of India. The Bank has no role in the decision relating to the merger and as of now, the Bank has not received any information from the Government of India regarding the merger. Hence, the above news item is factually incorrect.”
The bank further said in the press release, “As already stated, the Bank has no information relating to the incident reported by the news channel. As of now, the Bank has not received any communication from the Government of India regarding the merger. Hence, this news is not correct and is not expected to have any material impact on the Bank.”
uco bank share price today
UCO Bank shares opened on a positive note at Rs 54.93 on the BSE on July 1, 2024. On the BSE, the stock traded at an intraday high of Rs 57.50 and an intraday low of Rs 54.33. The PSU bank shares closed at Rs 54.69, down 0.16 per cent from its previous close of Rs 54.78 on the BSE.
UCO Bank reported a standalone net profit of Rs 525.77 crore for the quarter ended March 31, 2024, down 9.5% from Rs 581.24 crore in the corresponding quarter of the previous year. On a sequential basis, it was up 4.5% from Rs 502.83 crore in Q3 FY24. Total income for the reporting quarter stood at Rs 6,984.61 crore, up 17% from Rs 5,946.94 crore in the previous year.