UCO Bank — Audit Report / Information 2021

May 27, 2021

^TRrrr 3Tn% ^

Honours Your Trust

HO/Finance/Share/40/2021-22

Dote: 27.05.2021

National Stock Exchange of India Ltd.

"Exchange Plozo" Plot no. C/1,G Block Bondro-Kurla Complex, Bondro (E) Mumbai-400 051 NSE Scrip Symbol: UCOBANK

BSE Limited Phiroze Jeejeebhoy Towers Dolol Street,Fort, MumbGi-400 001 BSE Scrip Code: 532505

Modom/DearSir

Declaration under Regulation 33(3){d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 33(3) (d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is declared ttiat the Auditors' Report on the Financial Results of the Bonk tor the year ended 31.03.2021, as approved by the Bank's Board in the meeting held on 27.05.2021, contains unmodified opinion.

Yours faithfully.

(Shbshi Kant Kumar) Chief Financial Officer

M/s Rawla & Co.Chartered Accouiitants5041 SuryaKJ ran,lOites^tiaGaiidhl Mar&Newpelhl-iioobi	M/s R Gopai & AssodatcsChartered Accountants1/lA, Vansittart Row, 1st floorQpp. Telephone Bhawan,BBD Bai^,Koikata'7nnnni		M/s Khandelwal Kakanf & Co.Chartered Accountants8, Johari Place, 1st floor,51MG Road.lndore-452001
M/s > K Agrawal and Co Chartered Accountants LLP		M/s Ghoshal & Gliosal
Chartered Accountants		Chartered Accountants
Suite nol's 606 to 608, The Chambers,		IS, India &cchange Place, 5th Floor,
1865 Rajdan^ Main Road,		Blrla Brothers Building,
Kasb'a, Kolkata-700107		KoIkata-700001

Independenf. AudHprfs Report on Financial Results for ftie quarter and year ended SI" March, 2021 of UCO Bank pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements] Regulations, 2015

,} Independent Auditor's Report

TO THE BOARD OF DIRECTORS OF UCO BANK

Report on the Audit of the Financial Results

Opinion

We have audited the accompanying quarterly Financial Results of UCO Bank ("the B^nfc'!] forthe quarter ended 3].' March, 2021 and the year to date Financial Results for he penod frons l'< April, 2020 to 31" March, 2021 attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the SEBI (Usfing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations") er^ept for the disclosures relating to Pillar 3 as at 31" March, 2021, Including leverage ratip anp liquidity coverage ratio under Basel III Capital Regulations as have been disclosed; on the Bank's website and in respect of which a link has been provided In the Rnandal Results and have not been audited by us.

The Rnandal Statements induded returns/results forthe year ended on that dale of:

• ij 21 branches,inclusive of one treasury branch audited by us
• L529 branehBs (including Servlce branches) audited by statutory branch auditors
• lii) 2'oyerseas branches audited by overseas local auditors

The branches audited by us and those audited by other auditors hove been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank Of Indla.^Also Incorporated In the Balance Sheet and the Profit and Loss Account and ■the Cash Row Statement are the retu.ms from 1419 branches which hove not been subjected to audit. These unaudited branches account for 8.06 % of advances 27 09 % of deposits, 10.42 % of interest income and 28.37 % of interest expenses.

Our opinion on the Firianclal Results is not modified in respecf of the above matter.

In our opinion and to ttie best of our information and according to the expianations given to us, these Financial Results:

• i. ore presented In accordance with the requirements of Regulation 33 of the Usfing Regyldtions in ttiis regard except for the disclosures relating to Pillar 3 disclosure as gt 31'.' March, 2021. including leverage ratio and liquidity coverage ratio under Basel III 6apHal Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided In the Rnancial Results and have not been audited by us; and
• "■ conformity with the recognition and measurement Bnncipies iqid apwn in the appiicable Accounting Standard issued by the institute of Chartefed .Acebuhtdnts of India, the relevahf provisions of the Banking Regulafjoti Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (R6i) from time to time ("RBI Guidelines") and other accounting pnncipies generally accepted in India of the net profit and other financial information qudrter ended 31" March, 2021 and the year lo dale Rnancio! Results tor the period from 1" April. 2020 to31" March, 2021.

Basis for Qpinfon

We .coriducfed our audit in accordance with the Standards on Auditing (SAs) issued by the Instrtute of Chartered Accountants ol India. Our responsibilities under those Standards are further described in the Auditor's ResponsibiHties tor the Audit of the Rr^anciol Results section of our report. We are independent of the Bank in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Financial Results, and we tiave tuiniled our other ethical responsibilities in accordance with these requirements, and the Code of Ethics: We believe that the audit evidence we hove obtained is suftiqient and appropriate to provide a basis tor our opinion.

Emphasis of'Maffer

1. We draw attention to Note no. 16 of notes to the Financial Result regarding impact of COVID-19 pandemic. The situation continues to be uncertain, and Bank's financial peTformance is dependent on future development- Bonk is evaluating the situation on an ongding basis with respect to. the challenges faced.

Our opinion is not modified in respect of the above matter.

Board of Directors' Responsibility tor the Financial Results

These Financial Results have been compiled from the related audited annual Financial 6tQiemenrs. The Bank's Board of Directors ore responsible for ihe preporoiion of ihese Financial Results that give a true and fair view of the net profit and other financial information in accordance with the recognition and measurement principles laid down in .Accountlng.Standard 25 {AS 25j issued by the Institute of Chartered Accountants of

relevant .[icovisipns of the Banking Regulation Acl, 1949, the circulars guidelines and directions issued by the Reserve Bank ot India |RBI) from time to time ("RBI Guide^nes") and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Usting Regulations. This responsibility also Includes maintenance ot adequate accounting records in accordance with the provisions of the Banking Regulations Act, 1949 tor safeguarding ot the assets of the Bank and tor preyenting and detecting frauds and other irregularities; selection and application of appropnafe aecounting policies: making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance ot odequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Results that give a true and fair view and are free from material mfsstqtement, whether due to fraud or error.

of Directors ore responsible forasses^ng the Bank s ability to continue as a going concern, disclosing, as applicable, matters related m going concern ana using the going concem basis ot accounting unless the Board ot Directors either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

me lodrd of Blrecfors are also responsible for overseeing the Bank's financial reporting pfocess.

Auditor's Responsibilities for the Audit of the Financial Results

Our ob^Gtives are to obtain reasonable assurance about whether the Rnancial Results qs q whole ore free from material misstotement, whether due to fraud or error and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance^ but is not o guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonabV be expected to influence the economic decisions of users taken on the basis of these Financial Results. As port ot an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit We also:

• identity and assess the risks of material misstatement of the Financial Results, whether ®"® perform audit procedures responsive io those risks, and obtain audit •evidence that is sufficient and appropriate io provide a basis for lOur opinion. The.risk of not detecting 0 material misstatement resulting from fraud is higher than for one resulting from enoi, as fraud may involve collusion, fotgeiy, intentional omissions, misrepresentations, or the override of internal control.
• Obtain on understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank's Internal control.

• Evqluate th© appropriateness of accounting policies used and the reasonableness of aedbynting estimafes and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether o matetiai uncertainty exists related to events or conditions that may cast significant Bank's ability to continue as a going concern. If we conclude that a rhdferidi uncertainty exists, we are required to draw attention In our auditor's report --eldted disclosures in the Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or condifioris may cause the Bonk to cease to continue as a going concern.
• . Evaluate the overall presentation, structure and content of the Financial Results, includlhg the disclosures, and whether the Financial results represent the underlying fransactions and events in a manner that achieves fair presentotlon.

Materiality is the magnitude of misstalements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably khowledgeabie user of the financial statements may be Influenced. We consider quanfltdfive materianty and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of ■ any identified missfatemenfs in the financial stotements.

We communicate wltb those charged with governance regarding, among other maitere, the planned scope and timing of the audit end significant audit findings. Including any significant deficiencies in internal control thof we identify during our audit.

W.e also provide those charged with governance with a statement that we hove complied- with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our Independence, and where applicable, related safeguards.

Other Matter

• t. The ;st,atement includes Financial Results for the quarter ended 31^* March, 2021 being the balancing figures between the audited figures in respect of year ended 31'' March 2021 and the published year to date figures up to 3h' December 2020, being the date of the third quarter of the current financial year, which were subjecl' to limited review.
• 2; Thes^FihqhcidfRes^ the relevant returns of )631 branches including 2 foreign branches audited by the other auditors specially appointed for this purpose. These branches audited by other auditors cover 47.26 % of advances, 66.51 % of deposits and 63.98 % of Non-performing assets as on 31 March 2021 and 25.03 % / 26.74 % of revenue for the quarter ended 31 March, 2021/ for the period h' April 2G20 toots' March 2021. The financial statements/ Information of these branches

have been audited by the Statutory Branch Auditors whose reports have been furnished to us, and in our opinion in so far as it relates to the amounts and disclosures included in respect of branches, are based solely on the report of such branch auditors.

1. In conduct of our audit, we have taken note of the unaudited returns in respect of 1419 branches cover 8.06 % of advances, 27.09 % of deposits and 10.11 % of Non-Performing assets as on 31st March, 2021 and 5.20 % / 5.24 % of revenue for the quarter ended 31 March, 2021/ for the period 1st April 2020 to 31st March 2021.

Our opinion on the financial results is not modified in respect of above matters.

UDIN: 21058553AAAABH5076

Place: Kolkata Date: 27.05.2021