NEW DELHI, Jan 21: State-owned UCO Bank on Tuesday reported a 27 per cent increase in net profit at Rs 639 crore for the third quarter ended December 2024 helped by both interest and non-interest income.
The Kolkata-based lender had logged a net profit of Rs 503 crore in the same quarter a year ago.
Operating profit also rose to Rs 1,586 crore as against Rs 1,119 crore in the December 2023 quarter.
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Total income increased to Rs 7,406 crore from Rs 6,413 crore in the same period last year, UCO Bank said in a regulatory filing.
Interest income rose to Rs 6,220 crore from Rs 5,552 crore in the same quarter a year ago.
Net Interest Income (NII) during the quarter rose by 20 per cent to Rs 2,378 crore as against Rs 1,988 crore in the same period of the preceding year.
Net Interest Margin (NIM) for the reporting quarter rose to 3.17 per cent as against 2.84 per cent a year ago.
The outlook for NIM is 3-3.10 per cent for the current financial year even though it was higher in third quarter, UCO Bank managing director and CEO Ashwani Kumar told reporters.
Loans are expected to grow at 12-14 per cent while deposits to rise by 8-10 per cent for the current fiscal, he said.
The bank would maintain Current Account and Savings Account (CASA) at 37 per cent of the total deposits.
On the asset quality front, the bank’s gross Non-Performing Assets (NPAs) declined to 2.91 per cent of gross loans by the end of December 2024 from 3.85 per cent a year ago.
Similarly, net NPAs or bad loans came down to 0.63 per cent as compared to 0.98 per cent in 2023.
Provision Coverage Ratio rose to 96.16 per cent as on December 31, 2024.
The capital adequacy ratio rose to 16.25 per cent from 16.01 per cent at the end of the December quarter of the previous fiscal.
Total business of the bank stood at Rs 4,88,911 crore as on December 31, 2024 showing an increase of 12.28 per cent, wherein Gross Advances increased by 16.44 per cent to Rs 2,08,655 crore and the total deposits grew by 9.36 per cent to Rs 2,80,256 crore. (PTI)
