‘Individual wealth to double in four years’
Total individual wealth in India is expected to double to R179 lakh crore in the next four years from R92.26 lakh crore in 2011-12, says latest India wealth report by Karvy private wealth. According to report, while the direct equity would continue to form the largest asset class, insurance as an asset class is expected to turn an ‘unsung hero’ to share the position of the second biggest asset class along with fixed deposits & bonds. Currently, insurance accounts for about 20% of total wealth in India, taking the third biggest asset class. Direct equity and FD & bonds account for about 25% of the Individual wealth in India.
UCO Bank net down 55% at R103.7 cr in Sept quarter
UCO Bank said on Wednesday its net profit for the second quarter ended September 30 fell by 55% year-on-year to R103.71 crore.
Its net profit in July-September quarter in 2011 stood at R230.75 crore, it said in a filing to BSE. The total income of the bank rose to R4,408.55 crore in the second quarter of 2012-13 from R3,730.79 crore in the same period a year earlier.
Income from retail banking increased to R1,045.11 crore from R668.79 crore. The non-performing assets (NPA) of the bank rose to 2.94% during the quarter from 2.11% in the year-ago period. Shares of the bank were trading at R74.80 a piece on the BSE in afternoon trade, up 1.56% from previous close.