State-owned UCO Bank on Friday posted a 22 per cent rise in its net profit at Rs 123.61 crore for the first quarter ended June 30, helped by fall in bad loans.
The bank had reported a net profit of Rs 101.81 crore in the same quarter of financial year 2021-22.
However, the total income declined to Rs 3,796.59 crore, as against Rs 4,539.08 crore in first quarter of the previous fiscal, UCO Bank said in a regulatory filing. Interest income during the quarter under review increased to Rs 3,851.07 crore, from Rs 3,569.57 a year ago.
The Kolkata-headquartered lender trimmed its gross non-performing assets (NPAs or bad loans) to 7.42 per cent of the gross advances as of June 30, 2022, as against 9.37 per cent in the first quarter of FY 2021-22. In value terms, the gross NPAs fell to Rs 9,739.65 crore from Rs 11,321.76 crore.
Net NPAs too declined to 2.4 per cent in the quarter under review, from 3.85 per cent a year ago. The bank’s provisions for bad loans and contingencies came down to Rs 246.83 crore in the reported quarter, from Rs 1,127.11 crore in the year-ago period. The bank’s provisions for bad loans and contingencies came down to Rs 246.83 crore in the reported quarter, from Rs 1,127.11 crore in the year-ago period. Of this, the provisions for NPAs also decreased to Rs 267.56 crore in the first quarter of this fiscal, from Rs 844.76 crore a year-ago.