UCO Bank Sept quarter net profit jumps over 79% to `402 crore

New Delhi: State owned UCO Bank on Friday announced its financial results for Q2 FY24 and H1 FY24.

The bank reported net profit for the half year ended September 30, 2023 at Rs 625 crore as against Rs 628 crore for the for the same period in the preceding year on account of higher provisioning. However, the net profit for the quarter ended September 30, 2023 stood at Rs 402 crore as against Rs 223 crore for the quarter ended September 30, 2022 thereby registering a growth by 79.74 per cent.

Net Interest Margin (NIM)-Domestic for the half year ended September 30, 2023 stood at 3.12 per cent as against 2.91 per cent for the half year ended September 30, 2022, registering an improvement of 21 bps.

Gross NPA improved to 4.14 per cent as on September 30, 2023 as against 6.58 per cent as on September 30, 2022, registering an improvement of 244 bps. Bank’s Net NPA also improved to 1.11 per cent as on September 30, 2023 as against 1.99 per cent as on September 30, 2022, registering an improvement of 88 bps.

Provision Coverage Ratio improved to 95.07 per cent as on September 30, 2023 as against 92.90 per cent as on September 30, 2022, registering an improvement of 217 bps.

Capital Adequacy Ratio (CRAR) of the bank improved to 16.83 per cent as on September 30, 2023 as compared to 14.02 per cent on September 30, 2022, with Tier 1 ratio of 14.19 per cent as on September 30, 2023 as against 11.25 per cent as on September 30, 2022, registered an improvement of 281 bps and 294 bps in CRAR and Tier 1 respectively.

Bank’s total business grew by 10.56 per cent y-o-y to Rs 4,17,145 crore as on September 30, 2023 from Rs 3,77,305 crore as on September 30, 2022.

Total Deposits up by 6.07 per cent on y-o-y to Rs 2,49,411 crore as on September 30, 2023 from Rs 2,35,149 crore as on September 30, 2022.

Gross Advances grew 17.99 per cent on y-o-y to Rs 1,67,734 crore as on September 30, 2023 as against Rs 1,42,156 crore as on September 30, 2022.

RAM (Retail, Agri & MSME) business stood at Rs 90,046 crore as on September 30, 2023 as against Rs 76,566 crore as on September 30, 2022, registered an improvement of 17.61 per cent on y-o-y.

Retail Advances stood at Rs 36,362 crore as on September 30, 2023 as against Rs 31,055 crore as on September 30, 2022 registered a growth of 17.09 per cent on y-o-y, fuelled by Home loan and Vehicle loan portfolio which registered a growth of 21.24 per cent and 27.49 per cent respectively.

Agriculture Advances stood at Rs 22,985 crore as on September 30, 2023 as against Rs 20,105 crore as on September 30, 2022, registered a growth of 14.32 per cent on y-o-y.

Advances to MSME sector stood at Rs 30,699 crore as on September 30, 2023 as against Rs 25,406 crore as on September 30, 2022, registered a growth of 20.83 per cent on y-o-y.