Latest News

UCO Bank Reports Decline in Net Profit for Q4 FY24


➡️ Click here to join our Whatsapp Group

State-run UCO Bank has announced a 9.5% decrease in its standalone net profit for the fourth quarter of the last fiscal year. The bank’s net profit fell to ₹525.77 crore, compared to ₹581.24 crore in the same quarter of the previous financial year. The decline in net profit can be attributed to a decrease in operating profit during the period.

Operating Profit and Total Income Figures

UCO Bank’s operating profit for Q4 FY24 was ₹1,272.87 crore, down from ₹1,357.05 crore in Q4 FY23. This data was disclosed in a stock exchange filing. Despite the decline in operating profit, the bank saw a 17.44% increase in total income, which amounted to ₹6,984.61 crore in Q4 FY24, up from ₹5,946.94 crore in the same period last year.

Improvement in Asset Quality and Capital Raising Plan

During the fourth quarter of the last fiscal year, UCO Bank experienced an improvement in its asset quality. The bank’s gross Non-Performing Assets (NPAs) ratio decreased to 3.46% in Q4 FY24, compared to 4.78% in the same quarter of the previous financial year.

To strengthen its capital base, UCO Bank’s board has approved a capital raising plan. This plan involves issuing around 400 crore shares with a face value of ₹10 each through various modes such as Qualified Institutional Placement (QIP) and Follow-on Public Offering (FPO). The capital raising will be done in multiple tranches throughout this fiscal year.

Dividend Recommendation

Additionally, UCO Bank’s board has recommended a dividend of ₹0.28 per share with a face value of ₹10 each for the last financial year. This dividend recommendation is subject to the approval of the bank’s shareholders.

Leave a Reply

Your email address will not be published. Required fields are marked *