UCO Bank has reported a record-high annual net profit of ₹1,862.34 crore ($248 million) for the financial year ending on March 31, 2023.
The profit doubled compared to the previous year. The bank’s net profit for the fourth quarter of FY23 rose 86.2% to ₹581.24 crore ($77.5 million). UCO Bank also reported the highest-ever net interest income, which increased by 13.4% to ₹7,343.13 crore ($978 million).
The bank’s gross non-performing assets (NPAs) decreased to 4.78% from 7.89%, while net NPAs fell to 1.29% from 2.70%. The bank’s global deposits also grew to ₹2,49,337.74 crore ($33.2 billion), a YoY growth of 11.3%.
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