Auditor Report of UCO Bank

Mar 31, 2025

The Members of UCO Bank

Report on Audit of the Standalone Financial Statements

Opinion

1.    We have audited the accompanying Standalone Financial Statements of UCO Bank("the Bank"), which comprises the Balance Sheet as at 31^st March, 2025, and the Statement of Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the standalone financial statements including a summary of significant accounting policies and other explanatory information in which are incorporated the returns for the year ended on that date of:

i)    the Head Office, 43 Zones, 21 branches inclusive of 1 treasury branch audited by us

ii)    950 branches (including Service branches) audited by statutory branch auditors

iii)    2 overseas branches audited by overseas local auditors.

The branches audited by us and those audited by other auditors have been selected by the Bank in accordance    with    the

guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit    and    Loss

Account and the Cash Flow Statement are the returns from 2429 branches which have not been subjected to audit. These unaudited branches account for 21.31 % of advances, 46.58% of deposits, 26.31 % of interest income and 48.78% of interest expenses.

2.    In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with accounting principles generally accepted in India and give:

a.    The Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at 31 st March, 2025;

b.    The Profit and Loss Account, read with the notes thereon shows a true balance of profit and

c.    The Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Basis for Opinion

3.    We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the standalone financial statements 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 ethical requirements that are relevant to our audit of the standalone financial statements and we have fulfilled our other ethical responsibilities in accordance with the accounting principles generally accepted in India, including the ICAI Accounting Standards, as amended from time to time subject to Directions/ Guidelines issued by the Reserve Bank of India, and provisions of section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India ('RBI") from time to time these requirements and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

4.    Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the year ended 31st March 2025 These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Key Audit Matters	Auditor's Response to Key Audit Matters
Classification of Advances, Identification and Provisioning	We obtained an understanding of the Bank's Software, circulars,
for non-performing advances	guidelines and directives of the RBI and the Bank's internal
Advances include Bills purchased and discounted, Cash credits, Overdrafts, Loans repayable on demand and Term loans. These are further categorized as secured by Tangible assets (including advances against Book Debts), covered by Bank/ Government Guarantees and Unsecured advances. The advances are classified as performing and non-performing advances (NPA) and provisioning thereon is made in accordance with the prudential norms as prescribed by the Reserve Bank of	instructions and procedures in respect of asset classification and its provisioning and adopted the following audit procedures:
	Â
	We evaluated and tested of the effectiveness of the IT software
	controls and other key internal control mechanisms with respect to the advances monitoring, identification/ classification, including testing of relevant data quality, and review of the data entered in the software.
India (RBI). The classification and provisioning is done by Bank's IT software under its Core Banking Solution (CBS).The extent of	Review of the documentations, operations/ performance and
provisioning of NPA under the prudential norms are mainly based	monitoring of the advance accounts, on test check basis of the
on its ageing and recoverability of the underlined security.	large and stressed advances, to ascertain any overdue unsatisfactory conduct or weakness in any advance account, to verify that its classification is in accordance with the prudential
In the event of any improper application of the prudential norms	norms of RBI. Further, we have also referred many of the reports
or consideration of the incorrect value of the security, as the	of the internal/regulatory inspection, concurrent auditors etc.
valuation of the security involves high degree of estimation and	and evaluated the consequent impact of the observations therein
judgement, the carrying value of the advances could be materially	on the advance portfolio of the Bank.There is scope for further
misstated either individually or collectively, and in view of the significance of the amount of advances in financial statements, the classification of the advances and provisioning thereon has been considered as Key Audit Matter in our audit.	strengthening the automation process.
Classification and Valuation of Investments, Identification	Our audit approach towards Investments with reference to the
of and provisioning for Non-Performing Investments	RBI Circulars/directives included the understanding of internal
Investments include investments made by the Bank in various	controls and substantive audit procedures in relation to valuation, classification, identification of non-performing investments (NPIs),
Government Securities, Bonds, Debentures, Shares, Security receipts and other approved securities.	provisioning/depreciation related to Investments.
These are governed by the circulars and directives of the RBI. These directions of RBI, inter-alia, cover valuation of investments, classification of investments, identification of non-performing investments, the corresponding non-recognition of income and	We evaluated and made an understanding of the Bank's internal control mechanism to comply with relevant RBI directions regarding valuation, classification, identification of NPIs, provisioning/depreciation related to investments;
provision there against.	We also assessed and evaluated the process adopted for collection of information from various sources like FIMMDA rates,
The valuation of each category (type) of the aforesaid securities	rates quoted on BSE/NSE etc., for determining fair value of these
is to be done as per the method prescribed in circulars and directives issued by the RBI which involves collection of data/	investments;
information from various sources such as FIMMDA rates, rates	For the selected sample of investments in hand, we tested
quoted on BSE/NSE, financial statements of unlisted companies	accuracy and compliance with the RBI Master Circulars and
etc. Considering the complexities and extent of judgement involved	directions by re-performing valuation for each category of the
in the valuation, volume of transactions, investments on hand and degree of regulatory focus, this has been determined as a	security.
Key Audit Matter.	We also assessed and evaluated the process of identification of NPIs and corresponding reversal of income and creation of
Accordingly, our audit was focused on valuation of investments, classification, identification of non-performing investments and	provision thereagainst;
provisioning related to investments.	In addition to above, we also carried out substantive audit procedures to re-compute independently the provision to be maintained and depreciation to be provided in accordance with the circulars and directives of the RBI. We also evaluated the presentations of the various investment portfolio related disclosures in terms of RBI directions.There is scope for further strengthening the automation process.

Assessment of Provisions and Contingent liabilities in	Our audit procedure in response to this key Audit Matter included
respect of certain litigations including Direct and Indirect Taxes, various claims filed by other parties not acknowledged as debt	•	Assessment of the process and relevant controls implemented to identify legal and tax litigations, and pending administrative proceedings.
The Bank is involved in a number of taxation and other disputes for which final outcomes cannot be easily predicted and which could potentially result in significant liabilities. The assessment	•	Assessment of assumptions used in the evaluation of potential legal and tax risks performed by the Bank considering the legal precedence and other rulings in similar cases.
of the risks associated with the litigations is based on complex assumptions, which require the use of judgement and such judgement relates, primarily, to the assessment of the uncertainties connected to the prediction of the outcome of the	•	Inquiry with the legal department regarding the status of the most significant disputes and inspection of the key relevant documentation.
proceedings and to the adequacy of the disclosures in the financial statements. Because of the judgement required, the materiality	•	Analysis of opinion received from the experts where ever available.
of such litigations and the complexity of the assessment process, the area was considered a key matter for our audit.	•	Review of the adequacy of the disclosures in the notes to the financial statements.

5.    Other Matters

A)    These standalone financial statements incorporate the relevant returns of 952 branches including 2 foreign branches audited by the other auditors specially appointed for this purpose. These branches audited by other auditors cover 42.24% of advances, 45.98% of deposits and 79.88% of non-performing assets as on 31st March 2025 and 26.28% /25.93% of revenue for the quarter ended 31^st March, 2025/ for the year ended 31^st March 2025. 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.

B)    In conduct of our audit, we have taken note of the unaudited returns in respect of 2429 branches cover 21.31 % of advances, 46.58% of deposits and 15.44% of Non-Performing assets as on 31^st March, 2025 and 17.74%/16.75% of revenue for the quarter ended 31^st March, 2025/ for the year ended 31^st March 2025.

Our opinion is not modified in respect of this matter.

Information other than the Standalone Financial Statements and Auditors' Report thereon

6.    The Bank's Board of Directors is responsible for the other information. The other information primarily comprises the information included in the Management Discussion and Analysis, Director's Report, Pillar 3 Disclosures under Basel III, Leverage Ratio, Liquidity Coverage Ratio, Corporate Governance and Shareholders Information but does not include the financial statements and our auditor's report thereon, which is expected to be made available to us after that date.

Our opinion on the standalone financial statements does not cover the other information and Pillar 3 disclosures under the Basel III disclosure and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditors' report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the other information, including annexures in annual report, if any, thereon, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

7.    The Bank's Board of Directors is responsible with respect to the preparation of this standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India ('RBI') from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

8.    Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 a 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 reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•    Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•    Obtain an understanding of internal control relevant to the audit for expressing our opinion on whether the bank has adequate internal financial controls with reference to financial statements and the operating effectiveness of such control.

•    Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•    Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bank's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements 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 conditions may cause the bank to cease to continue as a going concern.

•    Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

9.    Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of standalone financial statements may be influenced. We consider quantitative materiality 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 misstatements in the standalone financial statements.

10.    We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

11.    We also provide those charged with governance with a statement that we have 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.

12.    From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

13.    The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;

14.    Subject to the limitations of the audit indicated in above paragraphs and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein as required by subsection (3) of section 30 of the Banking Regulation, 1949, we report that:

a)    We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

15.    We further report that:

a)    in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches/ offices not visited by us;

b)    the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us;

c)    the reports on the accounts of the branch offices audited by branch auditors of the Bank as per the provisions under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and

d)    In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

16.    As required by letter No. DOS.ARG.No.6270/08.91.001/2019-20 dated March 17, 2020 on "Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks - Reporting obligations for SCAs from FY 2019-20", read with subsequent communication dated May 19, 2020 issued by the RBI, we further report on the matters as specified in the aforesaid letter as under:

a)    In our opinion, the aforesaid Financial Statements comply with the Accounting Standards issued by ICAI, to the extent they are not inconsistent with the accounting policies prescribed by the RBI.

b)    There are no observations or comments on financial transactions or matters which have any adverse effect on the functioning of the bank.

c)    On the basis of the written representations received from the directors as on March 31, 2025, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of sub-section (2) of Section 164 of the Companies Act, 2013.

d)    There are no qualifications, reservations or adverse remarks relating to the maintenance of accounts and other matters connected therewith.

e)    Our audit report on the operating effectiveness of the internal financial controls over financial reporting of the Bank is given in Annexure A to this report. Our report expresses an unmodified opinion on the operating effectiveness of internal financial controls over financial reporting of the Bank as at 31^st March 2025.

For P S M G & ASSOCIATES    For SANJAY DEEP & ASSOCIATES

Chartered Accountants    Chartered Accountants

FRN 008567C    FRN 015951N

(CA SANDEEP JAIN)    (CA NAKUL MITTAL)

Partner    Partner

MRN 077281    MRN 521742

UDIN:25077281 BMJCFJ9774    UDIN: 25521742BMLMJT2436

FOR P V A R & ASSOCIATES    For H D S G & ASSOCIATES

Chartered Accountants    Chartered Accountants

FRN 005223C    FRN 002871N

(CA RUCHI AGARWAL)    (CA CHARAN JEET)

Partner    Partner

MRN 504134    MRN 515154

UDIN: 25504134BMGZFB7454    UDIN: 25515154BMGIEO7246

Place: Kolkata

Dated : 28-04-2025

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Mar 31, 2024

Report on Audit of the Standalone Financial Statements Opinion

1.    We have audited the accompanying Standalone Financial Statements of UCO Bank ("the Bank"), which comprises the Balance Sheet as at 31st March, 2024, and the Statement of Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the standalone financial statements including a summary of significant accounting policies and other explanatory information in which are incorporated the returns for the year ended on that date of:

i)    the Head Office, 43 Zones, 21 branches inclusive of 1 treasury branch audited by us

ii)    798 branches (including Service branches) audited by statutory branch auditors

iii)    2 overseas branches audited by overseas local auditors.

The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account and the Cash Flow Statement are the returns from 2411 branches which have not been subjected to audit. These unaudited branches account for 21.05% of advances, 50.64% of deposits, 11.27% of interest income and 42.23% of interest expenses.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with accounting principles generally accepted in India and give:

a.    true and fair view in case of the Balance sheet, of the state of affairs of the Bank as at 31st March, 2024;

b.    true balance of profit in case of the Profit and loss account for the year ended on that date; and

c.    true and fair view of cash flows in case of statement of cash flows for the year ended on that date.

Basis for Opinion

2.    We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India(ICAI). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the standalone financial statements 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 ethical requirements that are relevant to our audit of the standalone financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

3.    Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Key Audit Matters

Auditor's Response to Key Audit Matters

Classification of Advances, Identification and Provisioning for non-performing advances Advances include Bills purchased and discounted, Cash credits, Overdrafts, Loans repayable on demand and Term loans. These are further categorized as secured by Tangible assets (including advances against Book Debts), covered by Bank/ Government Guarantees and Unsecured advances. The advances are classified as performing and non-performing advances (NPA) and provisioning thereon is made in accordance

We obtained an understanding of the Bank's Software, circulars, guidelines and directives of the RBI and the Bank's internal instructions and procedures in respect of asset classification and its provisioning and adopted the following audit procedures: We evaluated and tested of the effectiveness of the IT software controls and other key internal control mechanisms with respect to the advances monitoring, identification/ classification, including testing of relevant data quality, and review of the data entered in the software. Review of the documentations, operations/ performance and

Key Audit Matters	Auditor's Response to Key Audit Matters
with the prudential norms as prescribed by the Reserve Bank of	monitoring of the advance accounts, on test check basis of the
India (RBI). The classification and provisioning is done by Bank's	large and stressed advances, to ascertain any overdue
IT software under its Core Banking Solution (CBS).The extent of	unsatisfactory conduct or weakness in any advance account,
provisioning of NPA under the prudential norms are mainly based	to verify that its classification is in accordance with the prudential
on its ageing and recoverability of the underlined security.	norms of RBI. Further, we have also referred many of the reports of the internal/regulatory inspection, concurrent auditors etc. and evaluated the consequent impact of the observations therein
In the event of any improper application of the prudential norms	on the advance portfolio of the Bank.There is scope for further
or consideration of the incorrect value of the security, as the valuation of the security involves high degree of estimation and judgement, the carrying value of the advances could be materially misstated either individually or collectively, and in view of the significance of the amount of advances in financial statements, the classification of the advances and provisioning thereon has been considered as Key Audit Matter in our audit.	strengthening the automation process.
Classification and Valuation of Investments, Identification	Our audit approach towards Investments with reference to the
of and provisioning for Non-Performing Investments	RBI Circulars/directives included the understanding of internal
Investments include investments made by the Bank in various Government Securities, Bonds, Debentures, Shares, Security receipts and other approved securities.	controls and substantive audit procedures in relation to valuation, classification, identification of non-performing investments (NPIs), provisioning/depreciation related to Investments.
These are governed by the circulars and directives of the RBI. These directions of RBI, inter-alia, cover valuation of investments, classification of investments, identification of non-performing investments, the corresponding non-recognition of income and	We evaluated and made an understanding of the Bank's internal control mechanism to comply with relevant RBI directions regarding valuation, classification, identification of NPIs, provisioning/depreciation related to investments;
provision there against.	We also assessed and evaluated the process adopted for
The valuation of each category (type) of the aforesaid securities is to be done as per the method prescribed in circulars and directives issued by the RBI which involves collection of data/	collection of information from various sources like FIMMDA rates, rates quoted on BSE/NSE etc., for determining fair value of these investments;
information from various sources such as FIMMDA rates, rates	For the selected sample of investments in hand, we tested
quoted on BSE/NSE, financial statements of unlisted companies	accuracy and compliance with the RBI Master Circulars and
etc. Considering the complexities and extent of judgement involved	directions by re-performing valuation for each category of the
in the valuation, volume of transactions, investments on hand	security.
and degree of regulatory focus, this has been determined as a Key Audit Matter.	We also assessed and evaluated the process of identification of NPIs and corresponding reversal of income and creation of
Accordingly, our audit was focused on valuation of investments,	provision thereagainst;
classification, identification of non-performing investments and provisioning related to investments.	In addition to above, we also carried out substantive audit procedures to re-compute independently the provision to be maintained and depreciation to be provided in accordance with the circulars and directives of the RBI. We also evaluated the presentations of the various investment portfolio related disclosures in terms of RBI directions.There is scope for further strengthening the automation process.

Assessment of Provisions and Contingent liabilities in	Our audit procedure in response to this key Audit Matter included
respect of certain litigations including Direct and Indirect Taxes, various claims filed by other parties not acknowledged as debt	•	Assessment of the process and relevant controls implemented to identify legal and tax litigations, and pending administrative proceedings.
The Bank is involved in a number of taxation and other disputes for which final outcomes cannot be easily predicted and which could potentially result in significant liabilities. The assessment	•	Assessment of assumptions used in the evaluation of potential legal and tax risks performed by the Bank considering the legal precedence and other rulings in similar cases.
of the risks associated with the litigations is based on complex assumptions, which require the use of judgement and such judgement relates , primarily , to the assessment of the uncertainties connected to the prediction of the outcome of the	•	Inquiry with the legal department regarding the status of the most significant disputes and inspection of the key relevant documentation.
proceedings and to the adequacy of the disclosures in the financial statements. Because of the judgement required, the	•	Analysis of opinion received from the experts where ever available.
materiality of such litigations and the complexity of the assessment process, the area was considered a key matter for our audit.	•	Review of the adequacy of the disclosures in the notes to the financial statements.

4.    Other Matters

A)    These standalone financial statements incorporate the relevant returns of 800 branches including 2 foreign branches audited by the other auditors specially appointed for this purpose. These branches audited by other auditors cover 44.18% of advances, 43.82% of deposits and 84.66% of non-performing assets as on 31st March 2024 and 24.30% / 27.79% of revenue for the quarter ended 31st March, 2024 / for the year ended 31st March 2024. 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.

B)    In conduct of our audit, we have taken note of the unaudited returns in respect of 2411 branches cover 21.05% of advances, 50.64% of deposits and 12.90% of Non- Performing assets as on 31st March, 2024 and 15.52%/ 15.55% of revenue for the quarter ended 31st March, 2024 / for the year ended 31st March 2024.

Our opinion is not modified in respect of this matter.

Information other than the Standalone Financial Statements and Auditors' Report thereon

5.    The Bank's Board of Directors is responsible for the other information. The other information primarily comprises the information included in the Management Discussion and Analysis, Director's Report, Pillar 3 Disclosures under Basel III, Leverage Ratio, Liquidity Coverage Ratio, Corporate Governance and Shareholders Information but does not include the financial statements and our auditor's report thereon, which is expected to be made available to us after that date.

Our opinion on the standalone financial statements does not cover the other information and Pillar 3 disclosures under the Basel III disclosure and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditors' report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the other information, including annexures in annual report, if any, thereon, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

6.    The Bank's Board of Directors is responsible with respect to the preparation of thisstandalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India ('RBI') from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation

and maintenance of adequate 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

7.    Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement, 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 a 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 reasonably be expected to influence the economic decisions of users taken on the basis of thesefinancial statements. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

•    Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•    Obtain an understanding of internal control relevant to the audit for expressing our opinion on whether the bank has adequate internal financial controls with reference to financial statements and the operating effectiveness of such control.

•    Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

•    Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bank's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements 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 conditions may cause the bank to cease to continue as a going concern.

•    Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of standalone financial statements may be influenced. We consider quantitative materiality 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 misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

8.    The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;

9.    Subject to the limitations of the audit indicated in above paragraphs and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein as required by subsection (3) of section 30 of the Banking Regulation, 1949, we report that:

a)    We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

10.    We further report that:

a) in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches/ offices not visited by us;

b)    the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us;

c)    the reports on the accounts of the branch offices audited by branch auditors of the Bank as per the provisions under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and

d)    In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

11.    As required by letter No. DOS.ARG.No.6270/08.91.001/2019-20 dated March 17, 2020 on "Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks - Reporting obligations for SCAs from FY 2019-20", read with subsequent communication dated May 19, 2020 issued by the RBI, we further report on the matters as specified in the aforesaid letter as under:

a)    In our opinion, the aforesaid Financial Statements comply with the Accounting Standards issued by ICAI, to the extent they are not inconsistent with the accounting policies prescribed by the RBI.

b)    There are no observations or comments on financial transactions or matters which have any adverse effect on the functioning of the bank.

c)    On the basis of the written representations received from the directors as on March 31, 2024, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of sub-section (2) of Section 164 of the Companies Act, 2013.

d)    There are no qualifications, reservations or adverse remarks relating to the maintenance of accounts and other matters connected therewith.

e)    Our audit report on the operating effectiveness of the internal financial controls over financial reporting of the Bank is given in Annexure A to this report. Our report expresses an unmodified opinion on the operating effectiveness of internal financial controls over financial reporting of the Bank as at 31st March 2024.

For P S M G & ASSOCIATES    For SANJAY DEEP & ASSOCIATES

Chartered Accountants    Chartered Accountants

FRN 008567C    FRN 015951N

(CA PRABUDDHA GUPTA)    (CA NAKUL MITTAL)

Partner    Partner

MRN 400189    MRN 521742

UDIN:24400189BKFIYS9352    UDIN:24521742BKAPJR3880

For H D S G & ASSOCIATES    FOR P V A R & ASSOCIATES

Chartered Accountants    Chartered Accountants

FRN 002871N    FRN 005223C

(CA CHARAN JEET)    (CA RUCHI AGARWAL)

Partner    Partner

MRN 515154    MRN 504134

UDIN:24515154BKFZGY5893    UDIN: 24504134BKEGTS7802

°ejFT/Place: Ertortt /Kolkata

fnro/Dated : 29-04-2024

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Mar 31, 2019

Report On The Financial Statements Opinion

1. We have audited the accompanying financial statements of UCO Bank(“the Bank”), which comprise the Balance Sheet as at 31st March, 2019, and the Profit and Loss Account and the Cash Flow Statement for the year then ended, and notes to the financial statements including a summary of significant accounting policies and other explanatory information in which are incorporated the returns for the year ended on that date of 21 branches inclusive of one treasury branch audited by us and 1278 branches (including Service branches) audited by statutory branch auditors and 2 overseas branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 1787 branches which have not been subjected to audit. These unaudited branches account for 6.49 per cent of advances, 36.03 per cent of deposits, 13.21 per cent of interest income and 39.01 per cent of interest expenses.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with accounting principles generally accepted in India and give:

a. true and fair view in case of the Balance sheet, of the state of affairs of the Bank as at 31st March, 2019;

b. true balance of loss in case of the Profit and loss account for the year ended on that date; and

c. true and fair view in case of statement of cash flows for the year ended on that date.

Basis for Opinion

2. We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements 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 ethical requirements that are relevant to our audit of the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

3. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Key Audit Matters	Auditor’s Response to Key Audit Matters
Advances- Classification and Provisioning	We obtained an understanding of the Bank’s Software, circulars,
The advances are classified as performing and non-performing	guidelines and directives of the RBI and the Bank’s internal
advances (NPA) and provisioning thereon is made in accordance	instructions and procedures in respect of asset classification and
with the prudential norms as prescribed by the Reserve Bank of	its provisioning and adopted the following audit procedures
India (RBI). The classification and provisioning is done by Bank’s	Evaluation and testing of the effectiveness of the IT software
IT software integrated with its Core Banking Solution (CBS).The	controls and other key internal control mechanisms with respect
extent of provisioning of NPA under the prudential norms are mainly	to the advances monitoring, identification/ classification, including
based on its ageing and recoverability of the underlined security.	testing of relevant data quality, and review of the data entered in
In the event of any improper application of the prudential norms	the software.
or consideration of the incorrect value of the security, as the	Review of the documentations, operations/ performance and
valuation of the security involves high degree of estimation and	monitoring of the advance accounts, on test check basis of the
judgement, the carrying value of the advances could be materially	large and stressed advances, to ascertain any overdue
misstated either individually or collectively, and in view of the	unsatisfactory conduct or weakness in any advance account, to
significance of the amount of advances in financial statements,	verify that its classification is in accordance with the prudential
the classification of the advances and provisioning thereon has	norms of RBI.
been considered as Key Audit Matter in our audit.

Deferred Tax Assets	We assessed and tested the design and operating effectiveness
The Bank reports net deferred tax assets aggregating Rs.8086.37 crores as of 31st March, 2019. Significant assessment/judgment is required in relation to deferred tax assets as their recoverability is dependent on forecasts of future profitability over a number of years.	of the key controls over financial reporting with respect to the valuation of deferred tax assets. This included controls over the recognition and measurement of deferred tax assets, the assessment and approval of assumptions used in projecting the future taxable profits by the management.
Provisions for Contingent Liabilities	Our audit procedure in response to this key Audit Matter included,
The Bank is involved in a number of taxation and other disputes	-	Assessment of the process and relevant controls
for which final outcomes cannot be easily predicted and which		implemented to identify legal and tax litigations, and pending
could potentially result in significant liabilities. The assessment		administrative proceedings.
of the risks associated with the litigations is based on complex assumptions, which require the use of judgement and such judgement relates, primarily, to the assessment of the uncertainties connected to the prediction of the outcome of the proceedings	-	Assessment of assumptions used in the evaluation of potential legal and tax risks performed by the Bank considering the legal precedence and other rulings in similar
and to the adequacy of the disclosures in the financial statements.		cases.
Because of the judgement required, the materiality of such	-	Inquiry with the legal department regarding the status of the
litigations and the complexity of the assessment process, the area		most significant disputes and inspection of the key relevant
was a key matter for our audit.		documentation.
	-	Analysis of opinion received from the experts where available.
	-	Review of the adequacy of the disclosures in the notes to the financial statements.
	We tested the design and operating effectiveness of the Bank IT
IT Systems & Controls	controls over the information systems that are critical to financial
IT systems based on Core Banking Solutions (CBS) and internal	reporting.
controls due to	We also tested IT general controls
(i) the complexity of IT systems architecture with large volume	(a)	Logical Access
of transactions processed in location on daily basis	(b)	Changes Management
(ii) Possibilities of Manual Intervention and control overrides	(c)	Aspects of IT Operational Controls
in various business process undertaken by the CBS like	The above includes testing of user requests for access to systems
Trade Finance, NPA Management, Govt. Business, Forex	whether they were appropriately reviewed and authorized.
Management including interfacing with swift, Treasury	We have also inspected the requests of change to systems for
Operations etc.	appropriate approval and authorization. We have relied on the IS and other related audit reports and obtained inputs from IS experts in selected areas.

Information other than the Financial Statements and Auditors’ Report Thereon

4. The Bank’s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Director’s Report, Pillar 3 Disclosures under Basel III Business Responsibility Report, Leverage Ratio, Liquidity Coverage Ratio, Corporate Governance and Shareholders Information but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditors’ report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

5. The Bank’s Board of Directors is responsible with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India (‘RBI’) from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

6. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 a 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 reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements 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 conditions may cause the bank to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;

8. Subject to the limitations of the audit indicated in paragraphs 5 to 6 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein, we report that:

a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

9. We further report that:

a) in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purpose of our audit have been received from branches not visited by us;

b) the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us;

c) the reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and

d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

For R M LALL & CO For M C BHANDARI & CO

Chartered Accountants Chartered Accountants

Registration No. 000932C Registration No. 303002E

(CA R. P. TEWARI) (CA NEERAJ JAIN)

Partner Partner

Membership No. 071448 Membership No.064393

For V SINGHI & ASSOCIATES For RAMA K GUPTA & CO For RAWLA & CO

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 311017E Registration No. 005005C Registration No. 001661N

(CA DIBYENDU PAL CHOUDHURY) (CA ANKUR GUPTA) (CA RAJA RAM GUPTA)

Partner Partner Partner

Membership No. 016830 Membership No. 429684 Membership No. 081279

Place: Kolkata

Date: 14th May, 2019

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Mar 31, 2018

Report On The Financial Statements

1. We have audited the accompanying financial statements of UCO BANK as at 31st March, 2018, which comprise the Balance Sheet as at 31st March, 2018, and Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 21 branches inclusive of one treasury branch audited by us and 1155 branches (including Service branches) audited by statutory branch auditors and 4 foreign branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 1928 branches which have not been subjected to audit. These unaudited branches account for 8.72 per cent of advances, 43.54 per cent of deposits, 19.49 per cent of interest income and 45.22 per cent of interest expenses.

Management’s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the provisions of section 29 of the Banking Regulation Act, 1949, Reserve Bank of India guidelines from time to time and accounting standards generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion, as shown by books of the bank and to the best of our information and according to the explanations given to us:

(i) The Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at 31st March 2018 in conformity with accounting principles generally accepted in India;

(ii) The Profit and Loss Account, read with the notes thereon shows a true balance of loss, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

(iii) The Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and Profit & Loss Account have drawn up in Form ‘A’and ‘B’respectively of the third schedule to the Banking Regulation Act, 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

(b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

(c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

9. We further report that:

(a) the Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account and returns;

(b) the reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report;

(c) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

For TEJ RAJ & PAL For R M LALL & CO. For M C BHANDARI & CO.

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 304124E Registration No. 000932C Registration No. 303002E

(CA BEERAKA VIJAY) (CA ATUL MOHAN) (CA NEERAJ JAIN)

Partner Partner Partner

Membership No. 214678 Membership No. 070861 Membership No. 064393

For V SINGHI & ASSOCIATES For RAMA K GUPTA & CO

Chartered Accountants Chartered Accountants

Registration No. 311017E Registration No. 005005C

(CA DIBYENDU PAL CHOUDHURY) (CA RAMA KANT GUPTA)

Place : Kolkata Partner Partner

Dated : May, 2018 Membership No. 016830 Membership No. 073853

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Mar 31, 2017

INDEPENDENT AUDITORS’ REPORT

We have audited the accompanying financial statements of UCO Bank (''the Bank'') as at 31st March 2017, which comprise the Balance Sheet as at 31st March 2017, and the Profit and Loss Account, and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 21 branches (inclusive of one treasury branch) audited by us and 1129 branches (including service branches) audited by statutory branch auditors and 4 foreign Branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 1950 branches which have not been subjected to audit. These unaudited branches account for 7.93 percent of advances, 36.72 per cent of deposits, 12.59 per cent of interest income and 34.87 per cent of interest expenses.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements in accordance with Banking Regulation Act 1949, Reserve Bank of India guidelines from time to time and accounting standards generally accepted in India. This responsibility includes design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

/Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, as shown by books of the bank and to the best of our information and according to the explanations given to us:

(a) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at 31st March 2017 in conformity with accounting principles generally accepted in India;

(b) the Profit and Loss Account, read with the notes thereon shows a true balance of loss, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

(c) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act,1949

Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and subject also to the limitations of disclosure required therein, we report that:

(a) We have obtained all the information and explanations, which, to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

(b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

(c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

9. We further report that:

(a) the Balance Sheet and Profit and Loss account dealt with by this report are in agreement with the books of account and returns;

(b) the reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report;

(c) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

For GUHA NANDI & CO. For A. SACHDEV & CO. For NIRUPAM & ASSOCIATES

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 302039E Registration No. 001307C Registration No. 323575E

(CA DR. B. S. KUNDU) (CA MANISH AGARWAL) (CA M. CHAKRABARTI)

Partner, Membership No. 051221 Partner, Membership No. 078628 Partner, Membership No. 059207

For O.P.GARG & CO. For TEJ RAJ & PAL

Chartered Accountants Chartered Accountants

Registration No. 001194N Registration No. 304124E

(CA VIKRAM GARG) (CA P. VENUGOPALA RAO )

Partner, Membership No. 097038 Partner, Membership No. 010905

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Mar 31, 2015

We have audited the accompanying financial statements of UCO BANK as at 31st March, 2015, which comprise the Balance Sheet as at 31st March, 2015, and Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 21 branches inclusive of one treasury branch audited by us and 1011 branches (including Service branches) audited by branch auditors and 4 foreign branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 1989 branches which have not been subjected to audit. These unaudited branches account for 7.51 per cent of advances, 27.04 per cent of deposits, 5.29 per cent of interest income and 31.81 per cent of interest expenses.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 and to disclose the information as may be necessary to conform to forms 'A & B' respectively of the Third Schedule to the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank's preparation and fair presentation of the financial statements 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2015 in conformity with accounting principles generally accepted in India;

The Profit and Loss Account, read with the notes thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

We draw attention to note No.11 in the Notes on Accounts (Schedule 18) disclosing partial compliance of the findings of Annual Financial Inspection of Reserve Bank of India (AFI 2014) in respect of four borrower accounts by way of making necessary provision without declaring those accounts as non-performing, and indicating the uncertainty of the outcome of Bank's representation before appropriate higher authority of RBI for reconsideration and dispensation in those cases. Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

In our opinion, the Balance Sheet and the Profit and Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulation Act, 1949 and is in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949.

Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and subject also to the limitations of disclosure required therein, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory.

(b) The transactions of the Bank, which have come to our notice have been within the powers of the Bank.

(c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.

For A. KAYES & CO For GUHA NANDI & CO. For A. SACHDEV & CO. Chartered Accountants Chartered Accountants Chartered Accountants Registration No.311149E Registration No.302039E Registration No.001307C (CA Amrul Kayes) (CA DR. B S KUNDU) (CA DINESH SINGH) Partner Partner Partner Membership No. 050363 Membership No. 051221 Membership No. 074977

For NIRUPAM & ASSOCIATES For O.P.GARG & CO. Chartered Accountants Chartered Accountants Registration No. 323575E Registration No. 001194N (CA SUDHIR CHANDRA BASU) (CA SALIL GUPTA) Partner Partner Membership No. 006197 Membership No. 097922

Place: Kolkata, Dated : 12th May, 2015

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Mar 31, 2014

1.We have audited the accompanying financial statements of UCO BANK as at 31st March, 2014, which comprise the Balance Sheet as at 31st March, 2014, and Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 21 branches inclusive of one treasury branch audited by us and 914 branches (including Service branches) audited by branch auditors and 4 foreign branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 1956 branches which have not been subjected to audit. These unaudited branches account for 8.70 per cent of advances, 30.30 per cent of deposits, 7.02 per cent of interest income and 32.42 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949 and to disclose the information as may be necessary to conform to forms ''A & B'' respectively of the Third Schedule to the Banking Regulation Act, 1949. These financial statements comply with the Accounting Standards notified under the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank''s preparation and fair presentation of the financial statements 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

6. Emphasis of Matter

Without qualifying our opinion:

a) We draw attention to Note No. 9.2 in Schedule 18 to the financial statements stating changes in accounting policy for accounting of commission earned on Letter of Credit, Guarantee Issued and Interest on Usance Bills from realization basis to accrual basis in compliance with Accounting Standard -9 (AS-9) on Revenue Recognition. Had there been no such change in the said Accounting Policy and uniform accounting policy was followed, the profit of the Bank for the current year would have been increased by Rs.142.88 crores. The Bank as stated, in aforesaid note, that exercise is under process for ascertaining the impact on account of transition to the new system pertaining to the transactions accounted for under the old system and the necessary adjustment, if any, will be carried out as and when the impact is ascertained.

b) We draw attention to Note No. 9.3 in Schedule 18 to the financial statements stating deferment of Pension and Gratuity Liability of the Bank to the extent of Rs.160.07 crores pursuant to the exemption granted by Reserve Bank of India to the Public Sector Banks from application of the provisions of Accounting Standard – 15 (AS-15) on "Employee Benefits" vide its circular No. DBOD.BC/80/ 21.04.018/2010-11 dated 09.02.2011 on reopening of Pension Option to Employees of Public Sector Banks

Opinion

7. In our opinion, as shown by books of the bank, and to the best of our information and according to the explanations given to us:

(i)the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2014 in conformity with accounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the notes thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

8. In our opinion, the Balance Sheet and the Profit and Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulation Act, 1949 and is in accordance with the provisions of Section 29 of the Banking Regulation Act, 1949-read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act, 2013

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and subject also to the limitations of disclosure required therein, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory.

(b) The transactions of the Bank, which have come to our notice have been within the powers of the Bank.

(c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

10. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards.



For SBA Associates. For Ved And Company. For Dass Gupta & Associates. Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 308136E Registration No. 012019N Registration No. 000112N

(CA S Mukhopadhyay) (CA Pooja Gupta) (CA Pankaj Mangal)

Partner Partner Partner

Membership No. 011517 Membership No. 098551 Membership No. 097890

For Gupta Sharma & Associates. For A. Kayes & Co

Chartered Accountants Chartered Accountants

Registration No. 001466N Registration No. 311149E

(CA Kuldip Sharma) (CA Amrul Kayes)

Partner Partner

Membership No. 080109 Membership No. 050363

Place : Kolkata

Dated : 21th May, 2014

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Mar 31, 2013

We issued our audit report dated 7th May 2013 on the Financial Statements, i.e. Balance Sheet as at 31st March 2013, Profit and Loss Account and Cash Flow Statement for the year ended on that date of UCO Bank. These financial statements were revised by the Board of Directors on 24th May 2013 before circulation to members. We draw attention to note no. 10.20 to the financial statements which results in amendment of financial statements due to enhancement of proposed dividend from Rs.283.34 crores to Rs.338.05 crores inclusive of dividend distribution tax thereon. Our audit procedure on subsequent events are restricted solely to the amendment of the financial statements as referred in note no.10.20 to the financial statements. We report on revised Financial Statement of Accounts as under :

1. We have audited the accompanying financial statements of UCO BANK as at 31st March, 2013, which comprise the Balance Sheet as at March 31, 2013, and Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 21 branches inclusive of one treasury branch audited by us and 734 branches (including Service branches) audited by branch auditors and 4 foreign branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 1849 branches which have not been subjected to audit. These unaudited branches account for 10.56 per cent of advances, 34.42 per cent of deposits, 5.41 per cent of interest income and 18.40 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

2. Management is responsible for the preparation of the Balance Sheet and the Profit and Loss Account as per Forms ''A'' and ''B'' respectively of the Third Schedule of the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion

6. In our opinion, as shown by books of bank, and to the best of our information and according to the explanations given to us:

(i) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March 2013 in conformity with accounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the notes thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulation Act, 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein, we report that:

(a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory.

(b) The transactions of the Bank, which have come to our notice have been within the powers of the Bank.

(c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

(d) We are unable to express an opinion on the effect on the accounts if any due to non reconciliation and adjustment of outstanding entries in inter-branch transactions (refer to Note No. 10.16 of Schedule 18)

(e) Accounting of commission earned on letter of credit and guarantee issued is on cash basis which is not in accordance with Accounting Standard -9 on ''Revenue Recognition'' issued by the Institute of Chartered Accountants of India. The quantum of such income has not been ascertained. (Refer Note No. 9.2 of Schedule 18) Capital Adequacy and other Ratios disclosed in Note No. 1.1 of Schedule 18 are subject to the effects of the observations in para (d) and (e) above.

9. In our opinion, subject to our observations in Para 8 (d) to (f) above read with Principal Accounting Policies and Notes on Accounts as per Schedule 17 and 18 respectively, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting standards except to the extent stated in Para 8(e) above.

For BAWEJA & KAUL For SBA ASSOCIATES For VED AND COMPANY

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No. 005834N Registration No. 308136E Registration No. 012019N

(CA SAKSHI KAUL DHAR) (CA NILANJANA SEN) (CA POOJA GUPTA)

Partner Partner Partner

Membership No. 514325 Membership No. 061768 Membership No. 098551

For DASS GUPTA & ASSOCIATES For GUPTA SHARMA & ASSOCIATES For A.KAYES & CO.

Chartered Accountants Chartered Accountants Chartered Accountants

Registration No.000112N Registration No.001466N Registration No.311149E

(CA PANKAJ MANGAL) (CA ASHOK GUPTA) (CA AMRUL KAYES)

Partner Partner Partner

Membership No. 097890 Membership No. 017244 Membership No. 050363

Place: New Delhi

Dated: 24th May, 2013

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Mar 31, 2012

1. We have audited the attached Balance Sheet of UCO Bank as at 31st March, 2012 and also the Profit and Loss Account and the cash flow statement annexed thereto for the year ended on that date in which are incorporated the returns of 20 branches and one Treasury Branch audited by us, 1511 branches (including 5 Service Branches) audited by other auditors and 4 foreign branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued by the Reserve Bank of India. Also, incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 856 branches (including 17 Service Branches). These unaudited branches account for 1.77% of Total Advances, 11.38% of Total Deposits, 1.69% of Interest Income and 10.21% of Total Interest Expenses of the Bank. These financial statements are the responsibility of the bank's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. Subject to limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and subject to the limitation of disclosures required therein, we report

a) The Balance Sheet and the Profit and Loss Account have been drawn up in Forms 'A' and B' respectively of the Third Schedule to the Banking Regulation Act, 1949.

b) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purpose of our audit and have found them to be satisfactory.

c) The transactions of the Bank which have come to our notice have been within the powers of the Bank.

d) The returns received from the Branches/ Controlling and Overseas offices of the Bank have been found adequate for the purpose of our audit.

e) We are unable to express an opinion on the effect on the accounts if any due to non reconciliation and adjustment of outstanding entries in inter-branch transactions (refer to Note No. 10.16 of Schedule 18)

f) Accounting of commission earned on letter of credit and guarantee issued is on cash basis which is not in accordance with Accounting Standard- 9 on 'Revenue Recognition' issued by the Institute of Chartered Accountants of India. The quantum of such income has not been ascertained.

g) Capital Adequacy and Other Ratios disclosed in Note No. 1.1 of Schedule 18 are subject to the effects of the observations in Para (e) and (f) above.

4. Subject to our observations in Para 3 (e ) to (g) above and read with Principal Accounting Policies and Notes on Accounts as per Schedules 17 and 18 respectively, we further report that:

in our opinion and to the best of our information and according to the explanations given to us and as shown by the books of the Bank, the financial statements are in conformity with the accounting principles generally accepted in India except to the extent stated in Para 3 (f) above and :

(i) The Balance Sheet, read with the notes thereon is a true and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as on 31st March, 2012 ;

(ii) The Profit and Loss Account, read with the notes thereon shows a true balance of Profit ; and

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

For Kothari & Co. For Baweja And Kaul For SBA Associates Chartered Accountants Chartered Accountants Chartered Accountants Registration Registration Registration No.301178E No.005834N No.308136E (CA Gautam Banerjee) (CA Samvit K. Gurtoo) (CA S. Mukhopadhyay) Partner Partner Partner Membership No 15289 Membership No. 090758 Membership No. 11517



For Ved And Company For Dass Gupta & Associates For Gupta Sharma & Associates Chartered Accountants Chartered Accountants Chartered Accountants Registration No. 012019N Registration No. 000112N Registration No.001466N (CA Pooja Gupta) (CA Raaja Jindal) (CA Vinay Saraf) Partner Partner Partner Membership No. 098551 Membership No. 504111 Membership No. 087262

Place: Kolkata

Dated: 05th May, 2012

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Mar 31, 2011

We issued our report dated 29.04.2011 on the Financial Statements, i.e. Balance Sheet as at 31st March, 2011; Profit and Loss Account and Cash Flow Statement for the year ended on that date of UCO Bank. These financial statements have been revised by the Board of Directors on 17.5.2011 before circulation to members, wherein the proposed dividend on equity has been enhanced from Rs.146.35 crores to Rs.219.52 crores inclusive of dividend distribution tax thereon. We report on revised Financial Statements of Accounts as under:

1. That we have audited the attached Balance Sheet of UCO Bank as at 31st March, 2011 and also the Profit and Loss Account and the cash flow statement annexed thereto for the year ended on that date in which are incorporated the returns of 20 branches audited by us, 1759 branches (including 9 Service Branches) audited by other auditors and 4 foreign branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued by the Reserve Bank of India. Also, incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 422 branches (including 10 Service Branches) and 2 overseas representative offices which have not been subjected to audit. These unaudited branches account for 0.65% of Total Advances, 4.44% of Total Deposits, 0.64% of Interest Income and 4.34% of Total Interest Expenses of the Bank. These financial statements are the responsibility of the banks management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. Emphasis of Matter

Without qualifying our opinion, we draw attention to Note 9.3 of Schedule 18, which describes deferment of pension and gratuity liability of the bank to the extent of Rs.640.28 crore pursuant to the exemption granted by the Reserve Bank of India to the public sector banks from application of the provisions of Accounting Standard (AS) 15, Employee Benefits vide its circular no. DBOD.BP.BC/80/21.04.018/2010-11 on Reopening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits-Prudential Regulatory Treatment.

4. Subject to limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and subject to the limitation of disclosures required therein, we report that:

a) The Balance Sheet and the Profit and Loss Account have been drawn up in Forms A and B respectively of the Third Schedule to the Banking Regulation Act, 1949.

b) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purpose of our audit and have found them to be satisfactory.

c) The transactions of the Bank which have come to our notice have been within the powers of the Bank.

d) The returns received from the Branches/ Controlling and Overseas offices of the Bank have been found adequate for the purpose of our audit.

e) We are unable to express an opinion on the effect on the accounts if any due to non reconciliation and adjustment of outstanding entries in inter-branch transactions (refer to Note No. 10.16 of Schedule 18)

f ) Accounting of commission earned on letter of credit and guarantee issued is on cash basis which is not in accordance with Accounting Standard- 9 on Revenue Recognition issued by the Institute of Chartered Accountants of India. The quantum of such income has not been ascertained.

g) Capital Adequacy and Other Ratios disclosed in Note No. 1.1 of Schedule 18 are subject to the effects of the observations in para (b) and (c) above.

5. Subject to our observations in Para 4 (e) to (g) above and read with Principal Accounting Policies and Notes on Accounts as per Schedules 17 and 18 respectively, we further report that:

In our opinion and to the best of our information and according to the explanations given to us and as shown by the books of the Bank, the financial statements are in conformity with the accounting principles generally accepted in India except to the extent stated in Para 4 (c) above and :

(i) The Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as on 31st March, 2011 ;

(ii) The Profit and Loss Account, read with the notes thereon shows a true balance of Profit ; and

(iii) The Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.



For Chatterjee & Co. For D.R.Mohnot & Co. Chartered Accountants Chartered Accountants Registration No.302114E Registration No.001388C

(CA S.K. Chatterjee) (CA Saurabh Mohnot) Partner Partner Membership No. 03124 Membership No. 412971

For Bansal & Co. For Kothari & Co. Chartered Accountants Chartered Accountants Registration No.001113N Registration No.301178E

(CA S.K.Bansal) (CA Gautam Banerjee) Partner Partner Membership No. 014301 Membership No. 015289

For Goel Garg & Co. Chartered Accountants Registration No.000397N

(CA J.L.Garg) Partner Membership No. 05406

For Baweja And Kaul Chartered Accountants Registration No. 005834N

(CA Dalip K Kaul) Partner Membership No. 083066

Place: Chennai

Dated: 17th May 2011

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Mar 31, 2010

1. We have audited the attached Balance Sheet of UCO Bank as on 31sl March, 2010 and the Profit and Loss Account for the year ended on that date annexed thereto in which are incorporated the returns of 20 branches and the controlling offices audited by us, 1679 branches (including 4 Service Branches) audited by other auditors and 4 foreign branches audited by overseas local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also, incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 447 branches (including 14 Service Branches) and 2 overseas representative office which have not been subjected to audit.

2. These financial statements are the responsibility of the banks management. Our responsibility is to express an opinion on these financial statements based on our audit.

3. We have conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

4. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms A and B respectively of the Third Schedule to the Banking Regulation Act, 1949.

Subject to limitations of the audit indicated in paragraph 1 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1 970 and subject to the limitation of disclosures required therein, we report that:

we are unable to express an opinion on the effect on the accounts which may arise on reconciliation and adjustment of outstanding entries in inter-branch transactions (refer to Note No. 1 of Schedule 1 7 accounting of certain income on cash basis which is not in accordance with Accounting Standard 9 onRevenue Recognition issued by The Institute of Chartered Accountants of India (refer to Accounting Policy No. 9.2(b) of Schedule 1 8). The quantum of such income has not been ascertained.

Classification of Credit Linked Notes (CLN) as Loans and Advances instead of Investments (Refer Note No. 5 of

Capital Adequacy and Other Ratios disclosed in Note No. 14 (1.1) of Schedule 1 7 are subject to the effects of the observations in para (i) to (iii) above.

5. Subject to our observations in Para 4 (i)to(iv) above and read with Notes on Accounts and Principal Accounting Policies as per Schedules 17 and 18 respectively, we further report that :

a) in our opinion and to the best of our information and according to the explanations given to us and as shown by the books of the Bank, the financial statements are in conformity with the accounting principles generally accepted in India except to the extent stated in Para 4 (ii) above and :

The Balance Sheet, is a full and fair Balance Sheet containing all the necessary particulars and is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as on 3 IsMarch, 2010;

b) We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the

c) The returns received from the Branches/Controlling and Overseas offices of the Bank have been found adequate for the purpose of our audit.

For A.R. & CO. For D. R. MOHNOT & CO. Chartered Accountants Chartered Accountants Registration No 002744C Registration No 001388C

For CHATTERJEE & CO. (CA PRABUDDHA GUPTA) Chartered Accountants Partner Registration No 3021 14E Membership No. 400189