Public sector lender UCO Bank delivered mixed third quarter numbers. Its profits rose 10% while net interest income (NII) declined 3% year-on-year (Y-o-Y) on an quarter on quarter basis (Q-o-Q) it was flat.
Its non performing assets (NPAs) in the quarter were to the tune of Rs 567 crore, but Arun Kaul, chairman of UCO Bank is hopeful that the bank's recoveries will be more than slippages. In an interview to CNBC-TV18 Kaul said," In the last six-seven quarters, the trend was of continuous slippage and recovery was lower, but we are arresting the trend." UCO Bank's loan book grew by 18%, it expects to maintain this trend in the current quarter also. The bank is hopeful of improving its global net interest margins (NIMs) from 2.89% to 3% by March. Below is the edited transcript of KaulDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
