Uco Bank Q1 results: Net profit jumps 147% to Rs 551 crore, asset quality remains healthy

Public sector lender Uco Bank on July 22 reported a net profit of Rs 551 crore in the April-June quarter of fiscal year 2024, jumping by 147 percent on a year-on-year basis from Rs 223 crore. The gross non-performing asset of the bank stood at 3.32 percent from 4.48 percent. Net NPA of the lender stood at 0.78 percent, improving from 1.18 percent in the period.

Total deposits of the bank grew 7.39 percent to Rs 2.68 lakh crore and advances grew 17.64 percent and stood at Rs 1.93 lakh crore.

The bank's net interest income (NII) for the quarter stood at Rs 2,254 crore
registering a growth of 12 percent compared to Rs 2,002 crore.

Advances in retail, agriculture and MSME segments reached Rs 1.01 lakh crore, a YoY growth of 19 percent.