UCO Bank Q2 Results Show 20.3% Fall in Net Profit to Rs 401.67 Crore

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UCO Bank, a public sector lender, reported a 20.3% drop in net profit to Rs 401.67 crore for the July-September quarter of FY23-24, compared to Rs 504.52 crore in the same period last year.

The Kolkata-headquartered bank’s asset quality improved, with gross non-performing assets (GNPAs) declining to 4.14% from 4.48% and net non-performing assets (NNPAs) falling to 1.11% from 1.18% in the year-ago period.

Total business grew 10.56% to Rs 4,17,145 crore, with gross advances up 17.99% to Rs 1,67,734 crore and total deposits up 6.07% to Rs 2,49,411 crore on a year-on-year basis.

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Capital adequacy ratio (CRAR) improved to 16.83% as of September 30, 2023, from 14.02% a year ago, with Tier 1 ratio at 14.19%, up from 11.25% in September 2022.

UCO Bank has a network of 3,213 domestic branches, two overseas branches in Hong Kong and Singapore, and one representative office in Iran. Out of the total branches, 61.78% (1,985 branches) are in rural and semi-urban areas. The bank also has 2,472 ATMs and 8,747 BC (business correspondents) points, for a total of 14,435 touch points as of September 30, 2023.

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