MVP Colony, Visakhapatnam – The Managing Director and CEO of UCO Bank, Soma Sankara Prasad, marked the grand opening of a new branch at MVP Colony on Saturday. During his speech at the inauguration ceremony, Mr. Prasad expressed the bank’s commitment to expanding its presence by opening additional branches. In a conversation with reporters, he highlighted the bank’s consistent profitability over the past six to seven quarters.
UCO Bank achieved a remarkable milestone in its history, recording a profit of ₹1,862 crore for the fiscal year 2022-2023, the highest ever reported by the institution. Furthermore, the bank’s business saw significant growth, reaching ₹4,10,961.19 crore. Mr. Prasad also emphasized the bank’s comfortable capital adequacy ratio, which stands at 16.51%.
The CEO outlined the bank’s strategic focus on the Retail Agriculture and MSME (RAM) sectors. He stated that UCO Bank will prioritize home loans, car loans, professional loans, and loans for MSMEs. With a starting interest rate of 8.45% on home loans, the bank offers one of the most competitive rates in the industry.
When asked about future expansion plans, Mr. Prasad revealed that UCO Bank currently operates 86 branches and is actively planning to further expand its reach in Andhra Pradesh and Telangana states. This expansion will bring the bank’s services closer to a larger customer base and strengthen its presence in the region.
The inauguration ceremony was attended by notable figures such as Zonal Manager and DGM N. Srikanth, MVP Colony Branch Manager N. Devi, and other distinguished guests. UCO Bank’s expansion plans and impressive financial performance demonstrate its commitment to serving customers and fostering economic growth in the region.