UCO Bank Q2FY24 Results: Net Profit Up By 80% The Kolkata-headquartered bank reported a net profit of INR 402 crore for the September quarter of FY24, which is a staggering increase of over 80 per cent on net profit reported in Q2 FY23
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UCO Bank, a public sector bank, on Friday announced the results for the September quarter of FY24. The Kolkata-headquartered bank reported a net profit of INR 402 crore for the September quarter of FY24, which is a staggering increase of over 80 per cent on net profit reported in Q2 FY23. However, compared to FY23, the bank saw a decline from INR 504.52 crore in the same quarter last year.
During the three-month period, the bank's total business touched INR 4,17,145 crore and total deposits touched INR 249,411, increasing by 6.07 per cent y-o-y. Its RAM sectors- Retail, Agriculture & MSME, saw a healthy growth of 17.61 per cent y-o-y to touch INR 90,046 crore.
Retail saw an increase of 17.09 per cent to INR 36,362 crore, Agriculture grew by 14.32 per cent to INR 22,985 crore and MSME advances grew by 20.83 per cent to INR 30,699 crore.
UCO Bank's Gross Non-Performing Assets saw a decline of 4.14 per cent from 6.58 per cent y-o-y, while Net NPA saw a decline of 1.11 per cent from 1.99 per cent y-o-y. Notably, post-pandemic, it continues to hold a contingency provision of INR 530 crore.
Net Interest Income (NII) increased by 10.23% to INR 3,028 crore in the second quarter of the current fiscal as against INR 2,747 crore a year ago. The capital adequacy ratio of the bank increased to 16.83 per cent as compared to 14.02 per cent.
UCO boasts of a network of 3,213 domestic branches and 2 overseas branches; Hong Kong and Singapore, and one Representative office in Iran. Of the domestic branches, 61.78 per cent are in rural and semi-urban areas. It also has 2,472 ATMs and 87,47 BC Points, taking the total number to 14,435 touch points.
