UCO Bank Q2 net more than doubles to Rs 504.52 crore

State-owned UCO Bank on Thursday reported a more than two-fold jump in its net profit at Rs 504.52 crore for the quarter ended September 2022 as fall in bad loans resulted in lesser provisioning requirement.

The bank had reported a net profit of Rs 205.39 crore in the corresponding quarter a year ago.

Total income of the Kolkata-headquartered lender during July-September rose to Rs 4,964.84 crore from Rs 4,655.86 crore in the same period of 2021-22, UCO Bank said in a regulatory filing.

Interest income during Q2 FY23 rose to Rs 4,184.89 crore from Rs 3,719.79 crore.

There was improvement in the bank's asset quality as the gross NPAs dipped to 6.58 per cent of the gross advances as of end-September 2022 from 8.98 per cent a year ago.

Net NPAs too came down to 1.99 per cent from 3.37 per cent.

The bank's total provisioning for the quarter stood at Rs 405.76 crore, down from Rs 1,018.62 crore earlier.

Stock of UCO Bank closed at Rs 14.44 apiece on BSE, up 5.25 per cent from its previous close.